IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, and Canada Life. IGM has two main operating divisions—asset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management subsidiary)—that provide investment management products and services. IGM had CAD 215.3 billion in assets under management, or AUM, and CAD 35.0 billion in assets under advisement, or AUA, at the end of October 2023. Investment Planning Counsel is now being accounted for as a discontinued operation, having been sold earlier this year, with the deal closed in November 2023.

Financial Strength

4/10

Name	Current	Vs Industry
Cash-To-Debt	0.17
Equity-to-Asset	0.36
Debt-to-Equity	1.09
Debt-to-EBITDA	5.73
Interest Coverage	8.1
Piotroski F-Score	4/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	1.6	Distress Grey Safe
Beneish M-Score	-2.38	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

2/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	0.4
	3-Year EBITDA Growth Rate	8.1
	3-Year EPS without NRI Growth Rate	4.3
	3-Year FCF Growth Rate	2.8
	3-Year Book Growth Rate	10.1

Momentum Rank

7/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	68.24
	9-Day RSI	53.9
	14-Day RSI	48.36
	6-1 Month Momentum %	12.37
	12-1 Month Momentum %	-15.15

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	3.46
	Quick Ratio	3.46
	Cash Ratio	0.43
	Days Sales Outstanding	39.73
	Days Payable	99.52

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	6.59
	Dividend Payout Ratio	0.47
	3-Year Dividend Growth Rate	-9.1
	Forward Dividend Yield %	6.59
	5-Year Yield-on-Cost %	5.37
	Shareholder Yield %	1.47

Profitability Rank

8/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	48.65
	Operating Margin %	31.32
	Net Margin %	36.06
	FCF Margin %	21.45
	ROE %	18.2
	ROA %	6.04
	ROIC %	4.66
	ROC (Joel Greenblatt) %	30
	ROCE %	7.85
	Years of Profitability over Past 10-Year	10

GF Value Rank

7/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	6.97
	Forward PE Ratio	9.2
	PE Ratio without NRI	9.32
	Shiller PE Ratio	8.6
	Price-to-Owner-Earnings	6.92
	PEG Ratio	1.83
	PS Ratio	2.51
	PB Ratio	1.2
	Price-to-Tangible-Book	2.92
	Price-to-Free-Cash-Flow	11.72
	Price-to-Operating-Cash-Flow	9.57
	EV-to-EBIT	11.12
	EV-to-Forward-EBIT	11.66
	EV-to-EBITDA	11.12
	EV-to-Forward-EBITDA	10.91
	EV-to-Revenue	4.42
	EV-to-Forward-Revenue	4.41
	EV-to-FCF	20.47
	Price-to-Projected-FCF	0.68
	Price-to-DCF (Earnings Based)	0.76
	Price-to-DCF (FCF Based)	0.95
	Price-to-Median-PS-Value	0.83
	Price-to-Peter-Lynch-Fair-Value	1.61
	Price-to-Graham-Number	1.11
	Earnings Yield (Greenblatt) %	9
	FCF Yield %	8.43
	Forward Rate of Return (Yacktman) %	14.38

GF Value: C$40.36

TSX:IGM

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