CGI Finishes Off the First Half of Fiscal-Year 2022 With a Strong Showing; Maintaining CAD 110 FVE

We are maintaining our CAD 110 fair value estimate for CGI after the firm reported a strong second quarter of fiscal 2022, marginally above our estimates. We continue to have a favorable view of the firm's business pipeline and fundamentals. Our outlook is reinforced by CGI's broad-based strength across its verticals and a book-to-bill ratio above 100%. In addition, we believe CGI's narrow economic moat, based on its sticky product portfolio and intangible assets, will allow the firm to deliver continued shareholder value. We continue to view the firm's shares as fairly valued.