Work Location:

Toronto, Ontario, Canada

Hours:

37.5

Line of Business:

TD Securities

Pay Details:

$110,000 - $135,000 CAD

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role.

The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

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Equity Research provides institutional investors worldwide with independent, in-depth analysis of publicly traded companies across sectors and geographies. Our team produces differentiated financial models, valuation analysis, and published research that informs investment decisions. The department works closely with institutional Sales and Trading and other partners across the firm.

Job Responsibilities:

Financial Analysis and Modelling

- Build and maintain detailed financial models, including income statements, balance sheets, cash flow statements, segment-level forecasts, and product-line or capacity-based operating models.
- Update forecasts following earnings releases, company disclosures, commodity price movements, and changes in industry conditions.
- Maintain commodity price decks, foreign exchange assumptions, supply and demand frameworks, and other key earnings inputs.
- Prepare comparable-company analysis, peer benchmarking,



and through-the-cycle valuation work using methodologies such as EV/EBITDA, mid-cycle earnings, discounted cash flow, and replacement cost, where applicable.
- Analyze company capital allocation, balance sheet capacity, free cash flow, dividends, share repurchases, acquisitions, and major capital projects.
- Ensure models, databases, charts, and published figures are accurate, current, and internally consistent.

Company and Industry Research

Monitor weekly and monthly industry data and translate it into concise, decision-useful updates for the Senior Analyst and Senior Associate.
- Track lumber, OSB, pulp, paper, packaging, and related commodity markets, including pricing, inventories, operating rates, capacity changes, mill curtailments, and supply and demand developments.
- Follow U.S. housing, repair and remodel activity, building materials demand, fibre availability, transportation costs, and other relevant macroeconomic and industry indicators.
- Monitor softwood lumber duties, tariffs, trade policy, and regulatory developments and assess their potential impact on companies under coverage.
- Review company filings, MD&A;, investor presentations, earnings call transcripts, and other disclosures closely, identifying material changes, inconsistencies, risks, and emerging themes.
- Maintain company and industry databases and help identify trends, catalysts, and differentiated research ideas.

Research Publications and Investment Insights





- Contribute to earnings previews and reviews, company updates, industry notes, thematic research, and initiation reports.
- Prepare the underlying analysis, exhibits, valuation support, and written commentary for research publications.
- Develop explicit and supportable investment conclusions based on company fundamentals, industry conditions, valuation, and identifiable catalysts.
- Assist in generating and testing differentiated research ideas, including scenario analysis and sensitivity work.
- Over time, assume responsibility for first drafts of research notes and selected recurring publications.
- Work within established research, supervisory, disclosure, and compliance requirements throughout the research publication process.

Earnings and Event Coverage

- Prepare for quarterly earnings by updating estimates, identifying key investor questions, reviewing consensus expectations, and developing areas of focus.
- Analyze reported results promptly, reconcile actual results against estimates and expectations, and identify the key drivers of variances.
- Participate in company earnings calls, investor days, conferences, site visits, and other relevant industry events.
- Support rapid and accurate communication of material developments to the Senior Analyst, Senior Associate, institutional Sales, and clients.

Client, Sales, and Team Support

- Prepare presentation materials, company summaries, industry data, and talking points for client meetings, non-deal roadshows, conferences, and other marketing activities.
- Respond to questions from institutional clients and Sales, initially with guidance from the Senior Analyst and Senior Associate and with increasing independence as sector knowledge develops.
- Help communicate the team's investment views, ear

📌 Equity Research Associate, Paper & Forest Products (Toronto)
🏢 TD Bank
📍 Toronto