Analyst Note
| Brian Colello, CPA |CGI reported solid fiscal second-quarter results given the backdrop of a business world disrupted by COVID-19. Management believes less than half the business will be seriously affected by the pandemic-induced downturn and even managed to announce a $300 million deal win before they reported quarterly results. We are maintaining our CAD 82 fair value estimate ($59 for the U.S. ADR with updated exchange rates) for narrow-moat CGI, and would recommend waiting for a pullback before investing.