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CGI Inc Class A GIB

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Morningstar’s Analysis

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Economic Moat




CGI Prepared for COVID-19 Downturn, Eager to Grow Aggressively on the Rebound; Maintain CAD 82 FVE

Brian Colello, CPA Sector Director

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.

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Company Profile

Business Description

CGI Group 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 77,000 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 outsourcing. 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 Mar 31, 2020
Fiscal Year End Sep 30, 2020
Stock Type
Employees 78,000