After a three-year climb of nearly 144%, Bank of Montreal's stock has arrived at a resting place that most valuation frameworks recognize as fair — neither a bargain nor a burden. The rally that rewarded patient holders has, in doing so, narrowed the door for those arriving late, as intrinsic value models and earnings multiples converge on a price that leaves little margin for error. What remains is not a question of past performance but of future discipline: whether the bank can sustain earnings quality and absorb credit stress in a softening Canadian economy. The story has moved from momentu