IGM Financial Inc

IGM: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 98.00	Phncb	Pkcmkscpl

IGM Financial Earnings: Sale of Great-West Lifeco Stake Overcomes Weaker Asset-Management Results

Greggory Warren

May 4, 2023

While there was little in narrow-moat IGM Financial's first-quarter results that would alter our long-term view of the firm, we do expect to raise our CAD 42 fair value estimate slightly to account for higher levels of assets under management than we were forecasting for the firm at this point in the cycle. Even so, the share will still only be slightly undervalued relative to our revised fair value estimate.

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