They are really delivering, and are stealing some shares from Amazon. Management is good. It's a huge success story in Canada. As a conservative investor, he would need to see higher growth continue for many years to justify its current valuation. He can see reason to be bullish but he would not personally buy it right now. He prefers stocks with a larger margin of safety.
They have less diversification compared to TD Bank, but he is not too worried on credit losses. Their dividend is sustainable and the capital ratio is alright. He would be accumulating around these levels.