Live News • Jun 05
Power Corporation Commits US$150 Million to Sagard AI Fund for Global Technology Growth Power Corporation of Canada, Great-West Lifeco and IGM Financial have jointly committed US$150 million to the Sagard AI Fund LP, a closed-end fund focused on AI companies.
The Sagard AI Fund plans to back businesses that support AI adoption across financial services and other sectors worldwide.
Management has flagged AI as a core technology priority aimed at supporting long-term growth, productivity, talent development and client experience across the group.
The investment indicates that Power Corporation is seeking to build exposure to AI through an external fund structure rather than relying solely on internal development. This approach can broaden its access to emerging AI opportunities connected to financial services.
Closed-end AI funds can involve concentrated exposure to early-stage technologies, so outcomes may be uncertain and time horizons for potential results could be long. Recent Insider Transactions Derivative • Jun 03
Executive Vice-President exercised options and sold CA$3.9m worth of stock On the 29th of May, Claude Généreux exercised 80k options at a strike price of around CA$34.23 and sold these shares for an average price of CA$83.03 per share. This trade did not impact their existing holding. Since September 2025, Claude's direct individual holding has increased from 28.25k shares to 30.34k. Company insiders have collectively sold CA$128m more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 23
Power Corporation of Canada, Great-West Lifeco Inc. and IGM Financial Inc. Announce Joint Investment in Sagard AI Fund Power Corporation of Canada, Great-West Lifeco Inc., and IGM Financial Inc. announced a combined USD 150 million investment in the newly established Sagard AI Fund LP. The Fund is a closed-end investment vehicle focused on backing leading artificial intelligence companies that are accelerating the adoption of AI across financial services and other key sectors globally. This investment forms part of a broader approach across the Power group to engage early and meaningfully with AI as a foundational technology supporting long-term growth, productivity gains, talent development, and enhanced client and advisor experiences. AI is increasingly expected to play a transformational role across insurance, wealth management, asset management, and retirement services. Through this investment, Power Corporation of Canada, Great-West Lifeco Inc., and IGM Financial Inc. are strengthening their ability to remain informed and proactive as AI continues to evolve rapidly, while creating practical pathways to deploy AI-driven solutions across their respective businesses. The Fund has been established to provide the Power group with access to global AI market intelligence, including insight into leading AI-first companies across sectors and geographies, structured strategic engagement enabling commercial partnerships, pilot initiatives, and real-world application opportunities across the group, potential for incremental investment opportunities in companies demonstrating strong strategic alignment, and attractive long-term return potential, supported by a disciplined and diversified AI investment approach. Leveraging Sagard's expertise investing in transformative companies globally, the Fund is designed to combine capital deployment with active engagement, providing the Power group with early exposure to innovative AI companies while supporting thoughtful and responsible integration of AI capabilities within their operating businesses. The Power group expects AI to meaningfully enhance decision-making, operational efficiency, and the delivery of financial advice and solutions over time. Recent Insider Transactions Derivative • May 17
Executive Vice-President exercised options and sold CA$1.4m worth of stock On the 14th of May, Claude Généreux exercised 30k options at a strike price of around CA$34.23 and sold these shares for an average price of CA$80.55 per share. This trade did not impact their existing holding. Since September 2025, Claude's direct individual holding has increased from 28.25k shares to 30.34k. Company insiders have collectively sold CA$168m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 17
First quarter dividend of CA$0.67 announced Shareholders will receive a dividend of CA$0.67. Ex-date: 30th June 2026 Payment date: 31st July 2026 Dividend yield will be 3.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 14
Price target increased by 10% to CA$81.33 Up from CA$73.78, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of CA$80.72. Stock is up 62% over the past year. The company is forecast to post earnings per share of CA$6.00 for next year compared to CA$4.01 last year. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 88% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: CA$1.29 (vs CA$1.07 in 1Q 2025) First quarter 2026 results: EPS: CA$1.29 (up from CA$1.07 in 1Q 2025). Revenue: CA$10.1b (up 7.4% from 1Q 2025). Net income: CA$840.0m (up 22% from 1Q 2025). Profit margin: 8.4% (up from 7.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 28
Power Corporation of Canada to Report Q1, 2026 Results on May 12, 2026 Power Corporation of Canada announced that they will report Q1, 2026 results on May 12, 2026 Buy Or Sell Opportunity • Mar 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to CA$66.82. The fair value is estimated to be CA$84.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Announcement • Mar 25
Power Corporation of Canada announces Quarterly dividend, payable on May 01, 2026 Power Corporation of Canada announced Quarterly dividend of CAD 0.6675 per share payable on May 01, 2026, ex-date on March 31, 2026 and record date on March 31, 2026. Reported Earnings • Mar 19
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CA$4.01 (down from CA$4.34 in FY 2024). Revenue: CA$38.8b (up 6.6% from FY 2024). Net income: CA$2.63b (down 6.6% from FY 2024). Profit margin: 6.8% (down from 7.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 24
Power Corporation of Canada, Annual General Meeting, May 13, 2026 Power Corporation of Canada, Annual General Meeting, May 13, 2026. Location: quebec, montreal Canada Recent Insider Transactions Derivative • Dec 27
Executive Vice-President exercised options and sold CA$1.1m worth of stock On the 23rd of December, Claude Genereux exercised 25k options at a strike price of around CA$31.12 and sold these shares for an average price of CA$73.66 per share. This trade did not impact their existing holding. Since December 2024, Claude's direct individual holding has decreased from 29.61k shares to 27.95k. Company insiders have collectively sold CA$168m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 26
Executive Vice-President recently sold CA$1.5m worth of stock On the 22nd of December, Claude Genereux sold around 20k shares on-market at roughly CA$73.35 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$7.2m. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.61 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 30 January 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (2.8%). Recent Insider Transactions Derivative • Dec 23
Executive Vice-President exercised options and sold CA$1.3m worth of stock On the 15th of December, Claude Genereux exercised 31k options at a strike price of around CA$31.84 and sold these shares for an average price of CA$74.00 per share. This trade did not impact their existing holding. Since December 2024, Claude's direct individual holding has decreased from 29.61k shares to 27.95k. Company insiders have collectively sold CA$166m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 22
Executive Vice-President exercised options and sold CA$1.3m worth of stock On the 15th of December, Claude Genereux exercised 31k options at a strike price of around CA$31.84 and sold these shares for an average price of CA$74.00 per share. This trade did not impact their existing holding. Since December 2024, Claude's direct individual holding has decreased from 29.61k shares to 27.95k. Company insiders have collectively sold CA$166m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 19
Executive Vice-President exercised options and sold CA$1.3m worth of stock On the 15th of December, Claude Genereux exercised 31k options at a strike price of around CA$31.84 and sold these shares for an average price of CA$74.00 per share. This trade did not impact their existing holding. Since December 2024, Claude's direct individual holding has decreased from 29.61k shares to 27.95k. Company insiders have collectively sold CA$166m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 21% to CA$70.43. The fair value is estimated to be CA$88.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period. Recent Insider Transactions • Nov 25
President recently sold CA$7.2m worth of stock On the 20th of November, Robert Orr sold around 105k shares on-market at roughly CA$68.42 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$9.9m. Robert has been a net seller over the last 12 months, reducing personal holdings by CA$19m. Announcement • Nov 19
Power Corporation of Canada to Report Q4, 2025 Results on Mar 18, 2026 Power Corporation of Canada announced that they will report Q4, 2025 results on Mar 18, 2026 Recent Insider Transactions Derivative • Nov 19
Executive Vice-President exercised options and sold CA$2.7m worth of stock On the 14th of November, Claude Genereux exercised 65k options at a strike price of around CA$28.51 and sold these shares for an average price of CA$69.57 per share. This trade did not impact their existing holding. Since December 2024, Claude's direct individual holding has decreased from 29.61k shares to 28.25k. Company insiders have collectively sold CA$188m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Nov 16
Third quarter dividend of CA$0.61 announced Shareholders will receive a dividend of CA$0.61. Ex-date: 31st December 2025 Payment date: 30th January 2026 Dividend yield will be 3.5%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 14
Power Corporation of Canada announces Quarterly dividend, payable on January 30, 2026 Power Corporation of Canada announced Quarterly dividend of CAD 0.6125 per share payable on January 30, 2026, ex-date on December 31, 2025 and record date on December 31, 2025. Price Target Changed • Nov 14
Price target increased by 11% to CA$67.71 Up from CA$61.13, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CA$70.50. Stock is up 55% over the past year. The company is forecast to post earnings per share of CA$4.70 for next year compared to CA$4.34 last year. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: CA$1.10 (vs CA$0.57 in 3Q 2024) Third quarter 2025 results: EPS: CA$1.10 (up from CA$0.57 in 3Q 2024). Revenue: CA$9.89b (up 13% from 3Q 2024). Net income: CA$716.0m (up 93% from 3Q 2024). Profit margin: 7.2% (up from 4.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.61 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 31 October 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (3.1%). Announcement • Sep 16
Power Corporation of Canada has filed a Follow-on Equity Offering in the amount of $150 million. Power Corporation of Canada has filed a Follow-on Equity Offering in the amount of $150 million.
Security Name: Series H Preferred Shares
Security Type: Preferred Stock
Securities Offered: 6,000,000
Price\Range: $25 Recent Insider Transactions Derivative • Sep 08
President exercised options and sold CA$94m worth of stock On the 4th of September, Robert Orr exercised 7.62m options at around CA$30.27, then sold 8m of the shares acquired at an average of CA$42.55 per share and kept the remainder. For the year to December 2018, Robert's total compensation was 31% salary and 69% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Robert's direct individual holding has increased from 750.21k shares to 1.15m. Company insiders have collectively sold CA$187m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 08
President recently sold CA$9.9m worth of stock On the 4th of September, Robert Orr sold around 170k shares on-market at roughly CA$58.38 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Robert has been a net seller over the last 12 months, reducing personal holdings by CA$21m. Declared Dividend • Aug 13
Second quarter dividend of CA$0.61 announced Shareholders will receive a dividend of CA$0.61. Ex-date: 29th September 2025 Payment date: 31st October 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 12
Power Corporation of Canada announces Quarterly dividend, payable on October 31, 2025 Power Corporation of Canada announced Quarterly dividend of CAD 0.6125 per share payable on October 31, 2025, ex-date on September 29, 2025 and record date on September 29, 2025. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: CA$1.20 (vs CA$1.12 in 2Q 2024) Second quarter 2025 results: EPS: CA$1.20 (up from CA$1.12 in 2Q 2024). Revenue: CA$9.50b (up 5.4% from 2Q 2024). Net income: CA$785.0m (up 7.5% from 2Q 2024). Profit margin: 8.3% (up from 8.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$210m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 23
Upcoming dividend of CA$0.61 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 01 August 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (3.2%). Recent Insider Transactions • May 26
President recently sold CA$2.2m worth of stock On the 20th of May, Robert Orr sold around 43k shares on-market at roughly CA$50.57 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Robert has been a net seller over the last 12 months, reducing personal holdings by CA$10m. Declared Dividend • May 18
First quarter dividend of CA$0.61 announced Shareholders will receive a dividend of CA$0.61. Ex-date: 30th June 2025 Payment date: 1st August 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: CA$1.07 (vs CA$1.20 in 1Q 2024) First quarter 2025 results: EPS: CA$1.07 (down from CA$1.20 in 1Q 2024). Revenue: CA$9.36b (up 4.3% from 1Q 2024). Net income: CA$702.0m (down 10.0% from 1Q 2024). Profit margin: 7.5% (down from 8.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 05
Power Corporation of Canada to Report Q2, 2025 Results on Aug 07, 2025 Power Corporation of Canada announced that they will report Q2, 2025 results on Aug 07, 2025 Recent Insider Transactions • Mar 30
President recently bought CA$2.6m worth of stock On the 27th of March, Robert Orr bought around 50k shares on-market at roughly CA$51.08 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Robert has been a net seller over the last 12 months, reducing personal holdings by CA$7.8m. Declared Dividend • Mar 24
Fourth quarter dividend increased to CA$0.61 Dividend of CA$0.61 is 8.9% higher than last year. Ex-date: 31st March 2025 Payment date: 1st May 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 23
Power Corporation of Canada announces Quarterly dividend, payable on May 01, 2025 Power Corporation of Canada announced Quarterly dividend of CAD 0.6125 per share payable on May 01, 2025, ex-date on March 31, 2025 and record date on March 31, 2025. Reported Earnings • Mar 20
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: CA$36.4b (up 12% from FY 2023). Net income: CA$2.87b (up 24% from FY 2023). Profit margin: 7.9% (up from 7.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 36%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Canada. Recent Insider Transactions • Feb 12
Executive Vice-President recently sold CA$1.1m worth of stock On the 10th of February, Claude Genereux sold around 23k shares on-market at roughly CA$47.73 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$9.3m. Insiders have been net sellers, collectively disposing of CA$11m more than they bought in the last 12 months. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 31 January 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (3.2%). Recent Insider Transactions Derivative • Dec 08
President exercised options and sold CA$15m worth of stock On the 3rd of December, Robert Orr exercised 2m options at a strike price of around CA$30.02 and sold these shares for an average price of CA$38.62 per share. This trade did not impact their existing holding. For the year to December 2017, Robert's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Robert's direct individual holding has increased from 650.21k shares to 800.21k. Company insiders have collectively sold CA$28m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 08
President recently sold CA$2.4m worth of stock On the 2nd of December, Robert Orr sold around 50k shares on-market at roughly CA$47.33 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$9.3m. Robert has been a net seller over the last 12 months, reducing personal holdings by CA$9.3m. Recent Insider Transactions Derivative • Nov 28
Senior Vice-President exercised options and sold CA$3.4m worth of stock On the 22nd of November, Olivier Desmarais exercised 224k options at a strike price of around CA$28.50 and sold these shares for an average price of CA$43.89 per share. This trade did not impact their existing holding. Since December 2023, Olivier's direct individual holding has decreased from 15.37k shares to 14.34k. Company insiders have collectively sold CA$10m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 21
President recently sold CA$9.3m worth of stock On the 18th of November, Robert Orr sold around 204k shares on-market at roughly CA$45.65 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Robert has been a net seller over the last 12 months, reducing personal holdings by CA$7.0m. Declared Dividend • Nov 15
Third quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 31st December 2024 Payment date: 31st January 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 13
Price target increased by 8.6% to CA$49.00 Up from CA$45.13, the current price target is an average from 8 analysts. New target price is 8.8% above last closing price of CA$45.02. Stock is up 24% over the past year. The company is forecast to post earnings per share of CA$4.59 for next year compared to CA$3.50 last year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: CA$0.58 (vs CA$1.52 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.58 (down from CA$1.52 in 3Q 2023). Revenue: CA$8.78b (down 7.1% from 3Q 2023). Net income: CA$384.0m (down 62% from 3Q 2023). Profit margin: 4.4% (down from 11% in 3Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 13
Now 22% undervalued Over the last 90 days, the stock has risen 16% to CA$45.02. The fair value is estimated to be CA$58.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 31% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 8.8% per annum over the same time period. Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 01 November 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (3.5%). Recent Insider Transactions Derivative • Sep 15
President exercised options and sold CA$1.2m worth of stock On the 11th of September, Robert Orr exercised 125k options at a strike price of around CA$31.79 and sold these shares for an average price of CA$41.52 per share. This trade did not impact their existing holding. For the year to December 2017, Robert's total compensation was 32% salary and 68% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Robert's direct individual holding has increased from 625.21k shares to 750.21k. Company insiders have collectively sold CA$4.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 20
President recently bought CA$970k worth of stock On the 16th of August, Robert Orr bought around 25k shares on-market at roughly CA$38.82 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of CA$3.2m worth in shares. Declared Dividend • Aug 14
Second quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 27th September 2024 Payment date: 1st November 2024 Dividend yield will be 5.8%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CA$9.01b (flat on 2Q 2023). Net income: CA$730.0m (up 28% from 2Q 2023). Profit margin: 8.1% (up from 6.3% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Insurance industry in Canada. Announcement • May 19
Power Corporation of Canada to Report Q3, 2024 Results on Nov 12, 2024 Power Corporation of Canada announced that they will report Q3, 2024 results on Nov 12, 2024 Recent Insider Transactions Derivative • May 14
Executive Vice-President exercised options and sold CA$1.1m worth of stock On the 10th of May, Claude Genereux exercised options to acquire 208k shares at no cost and sold these for an average price of CA$5.08 per share. This trade did not impact their existing holding. Since December 2023, Claude has owned 31.87k shares directly. Company insiders have collectively sold CA$4.2m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 13
First quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 28th June 2024 Payment date: 1st August 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: CA$1.20 (vs CA$0.50 in 1Q 2023) First quarter 2024 results: EPS: CA$1.20 (up from CA$0.50 in 1Q 2023). Revenue: CA$8.97b (up 4.3% from 1Q 2023). Net income: CA$793.0m (up 139% from 1Q 2023). Profit margin: 8.8% (up from 3.9% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 25
President recently bought CA$968k worth of stock On the 22nd of March, Robert Orr bought around 25k shares on-market at roughly CA$38.72 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of CA$2.7m worth in shares. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: CA$3.45 (vs CA$2.85 in FY 2022) Full year 2023 results: EPS: CA$3.45 (up from CA$2.85 in FY 2022). Revenue: CA$32.6b (down 33% from FY 2022). Net income: CA$2.32b (up 21% from FY 2022). Profit margin: 7.1% (up from 3.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Insurance industry in Canada. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 23
Power Corporation of Canada, Annual General Meeting, May 09, 2024 Power Corporation of Canada, Annual General Meeting, May 09, 2024. Announcement • Feb 15
Power Corporation of Canada and Power Financial Corporation Announce Chief Financial Officer Changes Power Corporation of Canada announced that its Board of Directors has approved the appointment of Mr. Jake Lawrence as Chief Financial Officer, effective March 18, 2024. Mr. Lawrence has an extensive background in financial services, having worked at Scotiabank for the past 22 years in progressively senior roles in both Canada and the United States. Mr. Lawrence was most recently CEO and Group Head, Global Banking and Markets with responsibility for Scotiabank's corporate and investment banking as well as capital markets globally. He is a member of the Advisory Council for Women in Capital Markets and Chair of the Canadian Advisory Board for Right To Play, and previously has served as the Chair of the Ontario Housing Affordability Task Force. He holds an Honours Bachelor of Arts degree from Lakehead University and a Master of Business Administration degree from Wilfrid Laurier School of Business and Economics. Mr. Lawrence will replace Mr. Gregory D. Tretiak, who joined Power Corporation in 2012 as Chief Financial Officer. Mr. Tretiak made an immense contribution to the Power group of companies over 40 years, including 28 years at IGM Financial. Mr. Lawrence will also serve as Chief Financial Officer of Power Financial Corporation, a subsidiary of the Corporation. Announcement • Feb 14
Power Corporation of Canada and Power Financial Corporation Announce Executive Changes Power Corporation of Canada announced that its Board of Directors has approved the appointment of Mr. Jake Lawrence as Executive Vice-President, effective March 18, 2024. Mr. Lawrence has an extensive background in financial services, having worked at Scotiabank for the past 22 years in progressively senior roles in both Canada and the United States. Mr. Lawrence was most recently CEO and Group Head, Global Banking and Markets with responsibility for Scotiabank's corporate and investment banking as well as capital markets globally. He is a member of the Advisory Council for Women in Capital Markets and Chair of the Canadian Advisory Board for Right To Play, and previously has served as the Chair of the Ontario Housing Affordability Task Force. He holds an Honours Bachelor of Arts degree from Lakehead University and a Master of Business Administration degree from Wilfrid Laurier School of Business and Economics. Mr. Lawrence will replace Mr. Gregory D. Tretiak, who joined Power Corporation in 2012 as Chief Financial Officer. Mr. Tretiak made an immense contribution to the Power group of companies over 40 years, including 28 years at IGM Financial. Mr. Lawrence will also serve as Executive Vice-President of Power Financial Corporation, a subsidiary of the Corporation. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.53 per share at 5.6% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 February 2024. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 5.6%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.9%). Major Estimate Revision • Nov 20
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CA$3.59 to CA$4.27. Revenue forecast steady at CA$70.6b. Net income forecast to grow 75% next year vs 3.0% growth forecast for Insurance industry in Canada. Consensus price target broadly unchanged at CA$39.88. Share price rose 7.5% to CA$36.63 over the past week. New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.4% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (107% cash payout ratio). Profit margins are more than 30% lower than last year (3.4% net profit margin). Recent Insider Transactions • Nov 18
President recently bought CA$905k worth of stock On the 15th of November, Robert Orr bought around 25k shares on-market at roughly CA$36.20 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of CA$1.8m worth in shares. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CA$8.49b (down 37% from 3Q 2022). Net income: CA$1.02b (up 142% from 3Q 2022). Profit margin: 12% (up from 3.1% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in Canada. Announcement • Sep 29
Power Corporation's Chief Financial Officer to Take a Medical Leave of Absence Power Corporation of Canada announced that Gregory D. Tretiak, Chief Financial Officer of the Corporation, has been admitted to the hospital for a significant health issue and will take a medical leave of absence for an undetermined period of time, effective immediately. Mr. Denis Le Vasseur, Vice-President and Controller, who has been with the Corporation since 1992, will take responsibility for the management of Power Corporation's Finance function and will act as principal financial officer on an interim basis. Announcement • Sep 28
Power Corporation's Executive Vice-President, Gregory D. Tretiak to Take a Medical Leave of Absence Power Corporation of Canada announced that Gregory D. Tretiak, Executive Vice-President of the Corporation, has been admitted to the hospital for a significant health issue and will take a medical leave of absence for an undetermined period of time, effective immediately. 
