CI Financial Corp.

TSX:CIX Stock Report

Market Cap: CA$4.4b

CI Financial Valuation

Is CIX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CIX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CIX (CA$31.22) is trading above our estimate of fair value (CA$12.11)

Significantly Below Fair Value: CIX is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CIX?

Key metric: As CIX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CIX. This is calculated by dividing CIX's market cap by their current revenue.
What is CIX's PS Ratio?
PS Ratio1.2x
SalesCA$3.59b
Market CapCA$4.43b

Price to Sales Ratio vs Peers

How does CIX's PS Ratio compare to its peers?

The above table shows the PS ratio for CIX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average18.7x
FIH.U Fairfax India Holdings
6.7xn/aUS$2.1b
SII Sprott
5.6x-3.8%CA$1.5b
PVF.UN Partners Value Investments
59.3xn/aCA$9.1b
GCG.A Guardian Capital Group
3.3x17.0%CA$945.9m
CIX CI Financial
1.2x-3.2%CA$4.4b

Price-To-Sales vs Peers: CIX is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (15.6x).

Price to Sales Ratio vs Industry

How does CIX's PS Ratio compare vs other companies in the CA Capital Markets Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
CF Canaccord Genuity Group
0.7x11.2%US$724.17m
RCG RF Capital Group
0.3x13.7%US$81.21m
VOYG Voyager Digital
0.1x13.0%US$49.65m
VST Victory Square Technologies
0.9xn/aUS$7.83m
CIX 1.2xIndustry Avg. 2.2xNo. of Companies10PS03.67.210.814.418+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CIX is good value based on its Price-To-Sales Ratio (1.2x) compared to the Canadian Capital Markets industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is CIX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CIX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio3.1x

Price-To-Sales vs Fair Ratio: CIX is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (3.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CIX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$31.22
CA$27.17
-13.0%
16.2%CA$32.00CA$20.00n/a6
Nov ’25CA$22.96
CA$22.75
-0.9%
14.2%CA$27.00CA$16.00n/a8
Oct ’25CA$18.50
CA$19.25
+4.1%
10.9%CA$22.00CA$16.00n/a8
Sep ’25CA$17.44
CA$19.25
+10.4%
10.9%CA$22.00CA$16.00n/a8
Aug ’25CA$16.29
CA$19.11
+17.3%
9.7%CA$21.00CA$16.00n/a9
Jul ’25CA$14.40
CA$19.00
+31.9%
10.2%CA$21.00CA$16.00n/a9
Jun ’25CA$14.63
CA$19.00
+29.9%
10.2%CA$21.00CA$16.00n/a9
May ’25CA$16.41
CA$19.83
+20.9%
10.2%CA$23.00CA$16.00n/a9
Apr ’25CA$17.21
CA$19.28
+12.0%
10.3%CA$23.00CA$16.00n/a9
Mar ’25CA$16.93
CA$19.28
+13.9%
10.3%CA$23.00CA$16.00n/a9
Feb ’25CA$16.40
CA$18.07
+10.2%
8.2%CA$21.00CA$16.00n/a7
Jan ’25CA$14.86
CA$17.43
+17.3%
11.0%CA$21.00CA$15.00n/a7
Dec ’24CA$14.26
CA$17.29
+21.2%
9.6%CA$20.00CA$15.00n/a7
Nov ’24CA$12.95
CA$17.36
+34.0%
9.6%CA$20.00CA$15.00CA$22.967
Oct ’24CA$15.46
CA$19.29
+24.7%
9.9%CA$22.00CA$16.00CA$18.507
Sep ’24CA$17.48
CA$19.25
+10.1%
9.3%CA$22.00CA$16.00CA$17.448
Aug ’24CA$16.41
CA$19.56
+19.2%
11.6%CA$24.00CA$16.00CA$16.299
Jul ’24CA$15.04
CA$18.61
+23.7%
15.9%CA$23.00CA$13.50CA$14.409
Jun ’24CA$13.31
CA$18.61
+39.8%
15.9%CA$23.00CA$13.50CA$14.639
May ’24CA$13.41
CA$19.00
+41.7%
9.8%CA$22.50CA$16.00CA$16.419
Apr ’24CA$12.78
CA$19.22
+50.4%
10.8%CA$23.50CA$16.00CA$17.219
Mar ’24CA$15.20
CA$19.22
+26.5%
10.8%CA$23.50CA$16.00CA$16.939
Feb ’24CA$16.45
CA$18.94
+15.2%
11.0%CA$23.00CA$16.00CA$16.409
Jan ’24CA$13.51
CA$18.11
+34.1%
11.8%CA$22.00CA$16.00CA$14.869
Dec ’23CA$14.56
CA$18.11
+24.4%
11.8%CA$22.00CA$16.00CA$14.269
Nov ’23CA$13.80
CA$18.28
+32.4%
12.3%CA$22.00CA$15.00CA$12.959

Analyst Forecast: Target price is lower than the current share price.

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