IGM Financial Inc.

TSX:IGM Stock Report

Market Cap: CA$11.0b

IGM Financial Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: IGM (CA$46.99) is trading below our estimate of fair value (CA$72.36)

Significantly Below Fair Value: IGM is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As IGM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IGM. This is calculated by dividing IGM's market cap by their current earnings.
What is IGM's PE Ratio?
PE Ratio12.7x
EarningsCA$878.63m
Market CapCA$10.98b

Price to Earnings Ratio vs Peers

How does IGM's PE Ratio compare to its peers?

The above table shows the PE ratio for IGM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average40.8x
GLXY Galaxy Digital Holdings
5.2x36.6%CA$9.3b
ONEX Onex
8.6xn/aCA$8.2b
PVF.UN Partners Value Investments
133xn/aCA$9.1b
FIH.U Fairfax India Holdings
16.4xn/aUS$2.1b
IGM IGM Financial
12.7x-0.2%CA$11.0b

Price-To-Earnings vs Peers: IGM is good value based on its Price-To-Earnings Ratio (12.7x) compared to the peer average (33.3x).

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MAR.UN Marwest Apartment Real Estate Investment Trust
0.8xn/aUS$11.02m
INXD INX Digital Company
0.2xn/aUS$10.98m
CSOC.A Canso Select Opportunities
2.3xn/aUS$9.61m
ZC Zimtu Capital
2.3xn/aUS$1.59m
IGM 12.7xIndustry Avg. 11.6xNo. of Companies9PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IGM is expensive based on its Price-To-Earnings Ratio (12.7x) compared to the Canadian Capital Markets industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

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

IGM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.7x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: IGM is good value based on its Price-To-Earnings Ratio (12.7x) compared to the estimated Fair Price-To-Earnings Ratio (13x).

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 IGM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$46.99
CA$49.00
+4.3%
8.5%CA$56.00CA$42.00n/a7
Nov ’25CA$42.25
CA$45.71
+8.2%
9.8%CA$53.00CA$39.00n/a7
Oct ’25CA$40.83
CA$43.00
+5.3%
6.9%CA$47.00CA$39.00n/a7
Sep ’25CA$39.68
CA$43.00
+8.4%
6.9%CA$47.00CA$39.00n/a7
Aug ’25CA$38.67
CA$43.50
+12.5%
6.4%CA$47.00CA$39.00n/a8
Jul ’25CA$37.77
CA$43.00
+13.8%
6.2%CA$46.00CA$38.00n/a8
Jun ’25CA$36.41
CA$42.50
+16.7%
7.3%CA$46.00CA$38.00n/a8
May ’25CA$34.83
CA$41.63
+19.5%
7.5%CA$46.00CA$37.00n/a8
Apr ’25CA$34.63
CA$41.25
+19.1%
7.5%CA$46.00CA$37.00n/a8
Mar ’25CA$35.52
CA$41.25
+16.1%
7.5%CA$46.00CA$37.00n/a8
Feb ’25CA$36.75
CA$41.00
+11.6%
6.5%CA$44.00CA$38.00n/a7
Jan ’25CA$35.01
CA$40.00
+14.3%
6.5%CA$44.00CA$36.00n/a7
Dec ’24CA$34.20
CA$39.86
+16.5%
6.9%CA$44.00CA$36.00n/a7
Nov ’24CA$31.80
CA$41.14
+29.4%
7.8%CA$45.00CA$35.00CA$42.257
Oct ’24CA$34.45
CA$46.00
+33.5%
5.9%CA$50.00CA$42.00CA$40.837
Sep ’24CA$38.71
CA$45.13
+16.6%
7.6%CA$50.00CA$39.00CA$39.688
Aug ’24CA$41.21
CA$46.00
+11.6%
7.4%CA$50.00CA$39.00CA$38.679
Jul ’24CA$40.33
CA$45.78
+13.5%
7.4%CA$50.00CA$39.00CA$37.779
Jun ’24CA$39.45
CA$45.78
+16.0%
7.4%CA$50.00CA$39.00CA$36.419
May ’24CA$41.34
CA$46.67
+12.9%
7.6%CA$50.00CA$39.00CA$34.839
Apr ’24CA$40.39
CA$45.22
+12.0%
6.8%CA$50.00CA$39.00CA$34.639
Mar ’24CA$41.99
CA$45.22
+7.7%
6.8%CA$50.00CA$39.00CA$35.529
Feb ’24CA$41.85
CA$43.67
+4.3%
6.8%CA$50.00CA$38.00CA$36.759
Jan ’24CA$37.80
CA$41.63
+10.1%
6.6%CA$45.00CA$36.00CA$35.018
Dec ’23CA$39.94
CA$41.63
+4.2%
6.6%CA$45.00CA$36.00CA$34.208
Nov ’23CA$36.68
CA$42.00
+14.5%
5.8%CA$45.00CA$38.00CA$31.808

Analyst Forecast: Target price is less than 20% higher than the current share price.

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