Outflows and Market Losses Mar IGM Financial's Q3 Results; Expect to Lower FVE to CAD 42 Per Share

While there was little in narrow-moat IGM Financial's third-quarter results that would alter our long-term view of the firm, we expect to lower our fair value estimate to CAD 42 per share from CAD 45 after updating our near-term assumptions about assets under management, revenue, and profitability. The company closed out September 2022 with CAD 208.7 billion in consolidated managed assets, down 2.1% sequentially and 11.6% on a year-over-year basis. The firm also had CAD 29.4 billion in assets under advisement at the end of the third quarter.