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CGI Inc Class A GIB

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Morningstar’s Analysis

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CGI Posts Strong Bookings Growth Amid Underwhelming Third-Quarter Results; Maintain CAD 104 FVE

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Narrow-moat CGI reported top- and bottom-line results narrowly below our expectations to close out the third quarter of fiscal 2021. Despite the narrow miss, we view CGI’s business pipeline as healthy--an observation underscored by a book/bill ratio well above 100% and strong year-over-year bookings growth. As a result, we have confidence in the company’s medium- to long-term growth prospects, and with that in mind, we are maintaining our CAD 104 fair value estimate. With shares trading around CAD 114, we consider the company’s shares to be fairly valued.

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Company Profile

Business Description

CGI Inc. is a Canada-based IT-services provider with an embedded position in North America and Europe. The company generates more than CAD 12 billion in annual revenue, employs over 76,000 personnel, and operates across 400 offices in 40 countries. CGI offers a broad portfolio of services such as consulting, systems integration, application maintenance, and business process services (BPS). The company's largest vertical market is government, which contributes around 33% of group revenue.

1350 Rene-Levesque Boulevard West, 25th Floor
Montreal, QC, H3G 1T4, Canada
T +1 514 841-3200
Sector Technology
Industry Information Technology Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type
Employees 78,000