Solid Flows Offset Market Losses in IGM Financial's Q1; No Change to FVE at CAD 53 per Share

There was little in narrow-moat IGM Financial's first-quarter results that would alter our long-term view of the firm. We are leaving our CAD 53 per share fair value estimate in place. IGM Financial closed out the March quarter with CAD 237.1 billion in managed assets, down 3.3% sequentially but up 7.0% on a year-over-year basis. The firm also had CAD 31.2 billion in assets under advisement at the end of the first quarter. Consolidated net inflows of CAD 2.1 billion during the March quarter were reflective of a 3.4% annualized rate of organic AUM growth, at the upper end of our five-year forecast calling for low-single-digit organic AUM growth on average annually during 2022-26.