Outflows and Market Losses Mar IGM Financial's Q2 Results; Expect to Lower FVE to CAD 45 per Share

While there was little in narrow-moat IGM Financial's second-quarter results that would alter our long-term view of the firm, we expect to lower our fair value estimate to CAD 45 per share from CAD 48 after updating our near-term assumptions about assets under management, revenue, and profitability. The company closed out June 2022 with CAD 212.8 billion in managed assets, down 10.1% sequentially and 8.8% on a year-over-year basis. The firm also had CAD 29.0 billion in assets under advisement at the end of the second quarter.