EQB Inc. (EQB) ran 5% yesterday on an interview where CEO Chadwick Westlake reiterated his conviction in the company’s transformation, as it charts its course towards a 15% ROE…

… by pulling back in some areas (equipment finance), doubling down in others (insured mortgages), and adding entirely new lines of business through its $800M acquisition of PC Financial.

There’s likely more pain ahead near-term, with the bank expecting elevated provisioning activity to start 2026…

… but if EQB’s ROE trajectory (y-axis) lines up with street expectations, his claim that the bank is heavily discounted on a book value basis (x-axis) could prove true.