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CGI Inc Class A GIB.A

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Morningstar’s Analysis

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Slow and Steady, CGI Finishes off Fiscal 2021 With Strong Margins; Raise FVE to CAD 110

Analyst Note

| Malik Ahmed Khan |

Narrow-moat CGI reported top line results largely in line with our expectations to finish off fiscal 2021. We continue to view the firm’s business pipeline as healthy, an observation underscored by the company’s continued strength across verticals and an annual book/bill ratio well above 100%. As a result, we reiterate our confidence in the company’s medium- to long-term growth prospects. With our strong near-term growth assumptions and the time value of money following our valuation model roll, we are raising our fair value estimate to CAD 110 per share from CAD 104 per share and view the shares as 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, or BPS. The company's largest vertical market is government, which contributes more than a third 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 Sep 30, 2021
Fiscal Year End Sep 30, 2022
Stock Type
Employees 80,000