I started a position in the Canadian bank, Bank of Nova Scotia (BNS) at around $47.50 during a steep sell off back in August, 2007. For my comments on the bank, please see my 'bought some BNS' post.
Today I added to my BNS position by doubling my stake in the internationally oriented bank. I paid $47.39/share today; therefore before fees I bought the bank at a yield of 4.0%, and a P/E of 11.7x earnings. My models suggest that Scotia is very undervalued at it's current price. The stock is currently priced for anemic growth going forward. I believe it offers compelling value down here at its current level.
Bank of Nova Scotia has a superb earnings growth record, is very efficient, and is diversified between domestic operations and significant non-U.S. assets. They have also proven themselves as a swift grower of dividends over the long term.