2 High-Yield Canadian stocks to get you through retirement

BNS & ENB: Two Dividend Giants for Long-Term Investors

Dividend stocks remain a cornerstone of many investment portfolios, offering both income stability and long-term growth. The Bank of Nova Scotia (BNS) and Enbridge Inc. (ENB) are two of Canada’s most recognized dividend-paying stocks, consistently delivering strong yields and financial performance.

• BNS is a top-tier Canadian bank with a 6.4% dividend yield, backed by international expansion and a solid banking foundation.

• ENB is an energy infrastructure leader with a 7.3% dividend yield, offering steady cash flow from its extensive pipeline and energy assets.

Both companies have strong balance sheets, resilient earnings, and consistent dividend increases, making them reliable choices for investors seeking passive income and long-term capital appreciation.

Bank of Nova Scotia (TSE: BNS): A Top Dividend Bank with Growth Potential

The Bank of Nova Scotia (BNS) is one of Canada’s largest banks, offering personal and commercial banking, wealth management, and investment services. The company has a significant presence in Canada, Latin America, and the Caribbean, making it one of the most internationally diversified banks among its Canadian peers.

1. Core Banking Services – Personal and business banking, credit cards, mortgages, and investment solutions.

2. International Banking Strength – Market leader in Mexico, Peru, Chile, and Colombia.

3. Wealth Management Growth – Strong focus on asset management and private banking services.

Key Products and Services

1. Personal & Commercial Banking

• Offers chequing and savings accounts, mortgages, loans, and credit cards.

• Strong customer base in Canada and key international markets.

2. Wealth & Asset Management

• Provides investment advisory, mutual funds, and private banking services.

• Expansion into digital wealth management solutions.

3. Corporate & Investment Banking

• Offers financial services to businesses, corporations, and institutional clients.

• Expertise in capital markets, treasury, and advisory services.

Bank of Nova Scotia (TSX: BNS): Above Key SMAs

BNS stock has remained resilient, benefiting from its strong dividend yield (6.4%) and growth in international markets. Investors remain optimistic about its long-term financial stability and strategic expansions.

Why BNS Stock is Performing Well

1. Strong Dividend Yield – BNS consistently pays a high dividend, currently yielding 6.4%.

2. International Expansion – Growth in Latin America and the Caribbean strengthens its market position.

3. Stable Financial Performance – The bank has a trailing P/E of 12.69, making it attractively valued.

4. Robust Loan Growth – Demand for mortgages and commercial loans remains high.

5. Stock Buybacks – BNS continues to repurchase shares, improving shareholder returns.

Stock Performance Analysis: Bank of Nova Scotia (TSX: BNS)

Metric	Value
1-Year Stock Growth	+18.2%
Dividend Yield	6.4%
Forward P/E	10.54x
Price/Book	1.26x

Peer Comparison: Bank of Nova Scotia (BNS) vs. Competitors

Code	Name	GIC Sector	Market Cap	Beta	52-Week High	52-Week Low	50-Day MA	200-Day MA	Shares Short	Short Ratio	Short Percent
RY	Royal Bank of Canada	Financials	249.22B	0.842	179.37	123.36	174.44	158.79	11,140,399	1.80	0.0084
TD	Toronto Dominion Bank	Financials	144.61B	0.822	85.79	70.87	77.92	78.86	54,514,061	6.73	0.032
BN	Brookfield Corporation	Financials	132.14B	1.753	87.75	51.27	82.93	68.74	8,471,410	5.03	--
BMO	Bank of Montreal	Financials	105.77B	1.16	147.54	107.72	138.39	125.51	15,587,779	3.99	0.019
BNS	Bank of Nova Scotia	Financials	101.95B	0.978	79.04	57.92	76.91	69.38	36,094,824	8.69	0.0374
CM	Canadian Imperial Bank	Financials	85.94B	1.128	94.48	56.72	91.31	77.88	24,238,186	8.90	0.0448
MFC	Manulife Financial Corp	Financials	75.93B	1.06	46.13	28.05	44.46	38.75	44,214,551	10.20	0.0306
SLF	Sun Life Financial Inc.	Financials	48.56B	0.939	88.54	63.05	85.22	75.34	12,451,918	8.24	0.0347
IFC	Intact Financial Corporation	Financials	45.72B	0.577	274.57	202.44	263.41	247.92	708,286	3.73	0.0039
FFH	Fairfax Financial Holdings	Financials	45.54B	0.825	2,071.49	1,213.01	1,981.73	1,698.21	201,354	1.59	0.0103

This peer comparison table highlights key financial metrics of major financial institutions in Canada, including market capitalization, stock performance over the past 52 weeks, moving averages, and short interest. Bank of Nova Scotia (BNS) is compared against top competitors such as RBC, TD, and BMO.

Valuation Measures: Bank of Nova Scotia (BNS.TO)

Metric	Current	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023
Market Cap	92.70B	89.21B	79.77B	77.66B	76.84B	68.17B
Trailing P/E	12.69	12.56	10.73	10.34	10.88	8.79
Forward P/E	10.54	10.26	9.20	9.61	9.55	7.71
Price/Sales	2.73	2.65	2.40	2.37	2.38	2.11
Price/Book	1.26	1.23	1.13	1.11	1.12	1.00
Enterprise Value/Revenue	11.96	12.03	12.00	12.17	12.54	12.65

This table presents key valuation metrics for Bank of Nova Scotia (BNS.TO) over multiple quarters, highlighting changes in market capitalization, P/E ratios, and price-to-sales/book values. These figures reflect the bank's financial standing and investor sentiment over time.

Enbridge Inc. (TSE: ENB): A High-Yield Energy Infrastructure Leader

Enbridge Inc. (ENB) is one of North America’s largest pipeline and energy infrastructure companies, responsible for transporting crude oil, natural gas, and renewable energy. It is a top dividend-paying stock in the energy sector, with a 7.3% yield.

1. Oil & Gas Pipelines – Operates a vast network of pipelines across Canada and the U.S.

2. Natural Gas Storage & Transmission – Key supplier to residential and industrial customers.

3. Renewable Energy Expansion – Investing in wind, solar, and alternative energy projects.

Key Business Segments

1. Liquids Pipelines

• Operates one of the largest crude oil pipelines in North America.

• Transports oil from Alberta to the U.S. Midwest and Gulf Coast.

2. Natural Gas Distribution & Storage

• Provides gas utility services to residential, commercial, and industrial users.

• Expanding LNG infrastructure for global energy needs.

3. Renewable Energy Investments

• Developing offshore wind and solar power projects.

• Committed to achieving net-zero emissions by 2050.

Enbridge Inc. (TSX: ENB): Strong Dividend & Growth Potential

ENB has maintained one of the highest dividend yields in Canada, making it a strong defensive stock for income investors.

Why ENB Stock is Performing Well

1. 7.3% Dividend Yield – Enbridge continues to increase dividends annually.

2. Stable Pipeline Revenue – Generates long-term cash flow from regulated contracts.

3. Expanding Renewables – Investing in solar, wind, and natural gas infrastructure.

4. Strategic Acquisitions – Acquiring U.S. natural gas utilities, boosting revenue.

5. Resilient Business Model – Demand for energy infrastructure remains high.

Stock Performance Analysis: Enbridge Inc. (TSX: ENB)

Metric	Value
1-Year Stock Growth	+12.5%
Dividend Yield	7.3%
Forward P/E	21.37x
Price/Book	2.39x

Peer Comparison: Enbridge Inc. (ENB.TO)

Code	Name	GIC Sector	Market Cap	Beta	52-Week High	52-Week Low	50-Day MA	200-Day MA	Shares Short	Short Ratio	Short Percent
ENB	Enbridge Inc	Energy	139.93B	0.91	65.62	42.66	61.21	54.34	39,760,801	6.07	0.0183
CNQ	Canadian Natural Resources Ltd	Energy	94.10B	1.878	54.50	37.79	45.80	48.26	21,608,163	2.99	0.0106
SU	Suncor Energy Inc	Energy	70.06B	1.464	58.58	41.13	54.60	53.41	17,138,507	2.37	0.0191
TRP	TC Energy Corp	Energy	68.19B	0.816	70.05	41.74	67.73	57.06	31,107,067	3.87	0.0419
IMO	Imperial Oil Ltd	Energy	52.62B	1.768	108.44	74.15	98.57	97.35	5,759,111	5.20	0.0383
CVE	Cenovus Energy Inc	Energy	38.72B	2.623	29.11	20.24	21.78	24.76	16,750,443	5.44	0.0143
PPL	Pembina Pipeline Corp	Energy	30.64B	1.473	59.68	41.45	55.04	53.44	22,001,318	4.43	0.0386
CCO	Cameco Corp	Energy	29.71B	0.886	88.18	48.65	77.92	69.12	3,400,648	3.02	0.0143

This table provides a peer comparison for Enbridge Inc. (ENB.TO), highlighting its market capitalization, recent stock performance, and short interest. Enbridge remains one of the largest energy companies in Canada, with a strong valuation relative to its industry peers.

Valuation Metrics: Enbridge Inc. (ENB.TO)

Valuation Measures	Current	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Market Cap	140.70B	119.63B	103.48B	104.05B	101.39B	95.76B
Enterprise Value	240.94B	214.95B	196.66B	186.16B	183.11B	181.01B
Trailing P/E	21.97	21.13	18.37	17.24	31.80	23.96
Forward P/E	21.37	18.08	16.72	17.24	17.42	16.64
Price/Sales	2.85	2.66	2.38	2.31	2.12	1.92
Price/Book	2.39	1.98	1.84	1.90	1.74	1.78
Enterprise Value/Revenue	4.96	4.94	4.62	4.26	4.00	3.81
Enterprise Value/EBITDA	13.33	13.01	12.31	11.39	13.78	12.90

This table highlights Enbridge Inc.'s (ENB.TO) key valuation metrics over recent quarters, showcasing its market capitalization, price-to-earnings ratios, and enterprise value trends. The company has demonstrated strong valuation growth while maintaining a stable financial position

Final Thoughts

Both BNS and ENB remain strong investment choices for dividend-seeking investors. Scotiabank’s global banking presence and Enbridge’s infrastructure dominance make them reliable long-term holdings. Investors looking for stable income and steady growth may find these two stocks attractive.