There was little in narrow-moat IGM Financial's first-quarter results that would alter our long-term view of the firm. We are leaving our CAD 38 per share fair value estimate in place. We view the shares as being fairly valued right now.
With CAD 215.3 billion in AUM at the end of October 2023, IGM Financial is the largest non-bank-affiliated domestic asset manager in the Canadian market.
The largest Canadian banks and insurance companies have expanded the depth of their asset-management offerings and are taking share from purer-play asset managers like IGM Financial.
|
Metric
|
IGM
|
IVZ
|
AGF.B
|
|---|---|---|---|
Price/Earnings (Normalized) | 10.82 | 10.68 | 6.54 |
Price/Book Value | 1.33 | 0.67 | 0.48 |
Price/Sales | 2.82 | 1.23 | 1.24 |
Price/Cash Flow | 10.98 | 4.91 | 6.74 |
|
Metric
|
IGM
|
IVZ
|
AGF.B
|
|---|---|---|---|
Quick Ratio | 2.25 | 1.78 | 1.69 |
Current Ratio | 3.38 | 1.78 | 1.73 |
Interest Coverage | 8.80 | −2.54 | 26.22 |
|
Metric
|
IGM
|
IVZ
|
AGF.B
|
|---|---|---|---|
Return on Assets (Normalized) | 4.53% | 2.28% | 5.22% |
Return on Equity (Normalized) | 13.28% | 6.04% | 6.80% |
Return on Invested Capital (Normalized) | 6.91% | 2.71% | 6.43% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BLK
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KKR
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BK
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AMP
| Ameriprise Financial Inc | Ycykqbsb | Nrytgng | $42.2 Bil | |
TROW
| T. Rowe Price Group Inc | Kzxtvfpzp | Bzwlc | $24.9 Bil | |
STT
| State Street Corporation | Tlhrgmj | Bdjgd | $23.1 Bil | |
NTRS
| Northern Trust Corp | Vrzgskwk | Qywkn | $17.8 Bil | |
CG
| The Carlyle Group Inc | Nbsqdtdf | Rkljpwr | $15.2 Bil | |
BEN
| Franklin Resources Inc | Zndvjjck | Vpqmxc | $12.4 Bil |
