To look at 'returns' in different sectors, it can depend on sentiment, but for factors that are less subjective, it usually comes down to expected growth and current valuation. BNS is very cheap at 9X earnings with a solid dividend, but over 36 months not a huge amount of growth is expected. NTR is 8X earnings, but in a more cyclical business. Its EPS is expected to decline over the next two years. X still has an 'almost' monopoly in its business. As such it is way more expensive at 20X earnings. But, after a dip this year, EPS is expected to rise 10% in 2024 and perhaps 15% in 2025. Considering the above, and with NTR and BNS perhaps more vulnerable in a recession, we would prefer X, if investors are OK with its much smaller size than the other two.
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