IGM Financial Inc

IGM: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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IGM Financial: Raising Fair Value Estimate on Improved Flow and Profitability Expectations

Greggory Warren

Nov 27, 2024

We've increased our fair value estimate for no-moat-rated IGM Financial to CAD 47 per share from CAD 42 to account for revised near-term expectations for AUM, revenue, and profitability since our last update. IGM closed out September 2024 with CAD 249.3 billion in combined assets under management, or AUM, up 13.9% year over year. Consolidated net outflows of CAD 288 million during the quarter were reflective of a negative 0.5% annualized rate of organic AUM growth, at the upper end of our forecast range of negative 3% to 0% for average annual organic AUM growth during 2024-28.

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IGM Financial Inc

IGM Financial: Raising Fair Value Estimate on Improved Flow and Profitability Expectations

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