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. Declared Dividend • May 21
First quarter dividend of CA$0.62 announced Shareholders will receive a dividend of CA$0.62. Ex-date: 29th June 2026 Payment date: 31st July 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased 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 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 12
IGM Financial Inc. announces Quarterly dividend, payable on July 31, 2026 IGM Financial Inc. announced Quarterly dividend of CAD 0.6200 per share payable on July 31, 2026, ex-date on June 29, 2026 and record date on June 29, 2026. Announcement • May 11
Igm Financial Inc. Appoints Beth Wilson as Director IGM Financial Inc. at its AGM held on Annual Meeting of Shareholders appointed Beth Wilson as director. Announcement • Mar 25
IGM Financial Inc. to Report Q1, 2026 Results on May 07, 2026 IGM Financial Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 07, 2026 Announcement • Feb 16
IGM Financial Inc., Annual General Meeting, May 08, 2026 IGM Financial Inc., Annual General Meeting, May 08, 2026. Location: manitoba, winnipeg Canada Announcement • Feb 13
IGM Financial Inc. Declares Quarterly Dividend, Payable on April 30, 2026 The Board of Directors of IGM Financial Inc. has declared an increase of 10% per share in the quarterly dividend from 56.25 cents to 62 cents per share on the Company's common shares which is payable on April 30, 2026 to shareholders of record on March 31, 2026. Announcement • Dec 15
IGM Financial Inc. to Report Q4, 2025 Results on Feb 12, 2026 IGM Financial Inc. announced that they will report Q4, 2025 results After-Market on Feb 12, 2026 Announcement • Nov 08
IGM Financial Inc. Declares Dividend on the Company's Common Shares Payable on January 30, 2026 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on January 30, 2026 to shareholders of record on December 30, 2025. Announcement • Oct 15
IGM Financial Inc. (TSX:IGM) agreed to acquire an additional unknown minority stake in Rockefeller Capital Management Insurance Services LLC in a transaction valued at $1.1 billion. IGM Financial Inc. (TSX:IGM) agreed to acquire an additional unknown minority stake in Rockefeller Capital Management Insurance Services LLC in a transaction valued at $1.1 billion on October 14, 2025.
The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of customary closing conditions.
Ardea Partners LP acted as financial advisor for IGM Financial Inc. Eversheds Sutherland LLP acted as legal advisor for IGM Financial Inc. Announcement • Sep 11
IGM Financial Inc. to Report Q3, 2025 Results on Nov 06, 2025 IGM Financial Inc. announced that they will report Q3, 2025 results After-Market on Nov 06, 2025 Announcement • Aug 08
IGM Financial Inc. Declares Dividend on the Company's Common Shares Payable on October 31, 2025 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on October 31, 2025 to shareholders of record on September 26, 2025. Announcement • Jun 26
IGM Financial Inc. to Report Q2, 2025 Results on Aug 06, 2025 IGM Financial Inc. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Announcement • May 12
IGM Financial Inc. Approves Board Appointments IGM Financial Inc. held its Annual Meeting of Shareholders on May 9, 2025, approved appointment of Andra Bolotin and Betsey Chung to its board of directors. Announcement • May 09
IGM Financial Inc. Declares Dividend on its Common Shares, Payable on July 31, 2025 IGM Financial Inc. announced the Board of Directors has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on July 31, 2025 to shareholders of record on June 30, 2025. Announcement • Mar 25
IGM Financial Inc. to Report Q1, 2025 Results on May 08, 2025 IGM Financial Inc. announced that they will report Q1, 2025 results After-Market on May 08, 2025 Announcement • Feb 11
IGM Financial Inc., Annual General Meeting, May 09, 2025 IGM Financial Inc., Annual General Meeting, May 09, 2025. Location: ontario, toronto Canada Announcement • Feb 07
IGM Financial Inc. Declares Dividend, Payable on April 30, 2025 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on April 30, 2025 to shareholders of record on March 31, 2025. Announcement • Dec 16
IGM Financial Inc. to Report Q4, 2024 Results on Feb 06, 2025 IGM Financial Inc. announced that they will report Q4, 2024 results After-Market on Feb 06, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: CA$1.01 (vs CA$0.89 in 3Q 2023) Third quarter 2024 results: EPS: CA$1.01 (up from CA$0.89 in 3Q 2023). Revenue: CA$935.9m (up 10% from 3Q 2023). Net income: CA$239.2m (up 13% from 3Q 2023). Profit margin: 26% (in line with 3Q 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Announcement • Nov 08
IGM Financial Inc. Declares Dividend, Payable on January 31, 2025 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on January 31, 2025 to shareholders of record on December 31, 2024. Announcement • Oct 01
IGM Financial Inc. to Report Q3, 2024 Results on Nov 07, 2024 IGM Financial Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 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: 31 October 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.7%). Declared Dividend • Aug 12
Second quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 27th September 2024 Payment date: 31st October 2024 Dividend yield will be 7.3%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased 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 4.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: CA$0.91 (vs CA$0.57 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.91 (up from CA$0.57 in 2Q 2023). Revenue: CA$897.4m (up 5.4% from 2Q 2023). Net income: CA$216.2m (up 59% from 2Q 2023). Profit margin: 24% (up from 16% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Announcement • Aug 08
IGM Financial Inc. Declares Dividend on Common Shares, Payable on October 31, 2024 IGM Financial Inc.'s Board of Directors has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on October 31, 2024 to shareholders of record on September 30, 2024. Upcoming Dividend • Jun 21
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 69% and the cash payout ratio is 75%. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.8%). Announcement • Jun 18
IGM Financial Inc. to Report Q2, 2024 Results on Aug 07, 2024 IGM Financial Inc. announced that they will report Q2, 2024 results After-Market on Aug 07, 2024 Declared Dividend • May 08
First quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 28th June 2024 Payment date: 31st July 2024 Dividend yield will be 6.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased 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 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: CA$0.94 (vs CA$1.59 in 1Q 2023) First quarter 2024 results: EPS: CA$0.94 (down from CA$1.59 in 1Q 2023). Revenue: CA$891.8m (down 12% from 1Q 2023). Net income: CA$223.4m (down 41% from 1Q 2023). Profit margin: 25% (down from 37% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 22
IGM Financial Inc. to Report Q1, 2024 Results on May 02, 2024 IGM Financial Inc. announced that they will report Q1, 2024 results After-Market on May 02, 2024 Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 58% and the cash payout ratio is 78%. Trailing yield: 6.4%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.9%). Announcement • Mar 18
IGM Financial Inc.(TSX:IGM) dropped from FTSE All-World Index (USD) IGM Financial Inc.(TSX:IGM) dropped from FTSE All-World Index (USD) Declared Dividend • Feb 26
Fourth quarter dividend of CA$0.56 announced Shareholders will receive a dividend of CA$0.56. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 7.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased 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 decline by 2.8% over the next 3 years. However, it would need to fall by 36% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 17
IGM Financial Inc., Annual General Meeting, May 03, 2024 IGM Financial Inc., Annual General Meeting, May 03, 2024. Announcement • Feb 16
IGM Financial Inc Declares Dividend, Payable on April 30, 2024 The Board of Directors has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on April 30, 2024 to shareholders of record on March 28, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: CA$3.89 (vs CA$3.64 in FY 2022) Full year 2023 results: EPS: CA$3.89 (up from CA$3.64 in FY 2022). Revenue: CA$3.56b (down 5.6% from FY 2022). Net income: CA$925.8m (up 6.7% from FY 2022). Profit margin: 26% (up from 23% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.56 per share at 6.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 31 January 2024. Payout ratio is a comfortable 56% and the cash payout ratio is 79%. Trailing yield: 6.4%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.8%). Announcement • Dec 15
IGM Financial Inc. to Report Q4, 2023 Results on Feb 15, 2024 IGM Financial Inc. announced that they will report Q4, 2023 results After-Market on Feb 15, 2024 Announcement • Nov 30
The Canada Life Assurance Company completed the acquisition of Investment Planning Counsel Inc. from IGM Financial Inc. The Canada Life Assurance Company entered into an agreement to acquire Investment Planning Counsel Inc. from IGM Financial Inc. for approximately CAD 580 million on April 3, 2023. Canada Life will acquire IPC for a total cash consideration of CAD 575 million, subject to adjustments. The Canada Life Assurance Company expect to fund the transaction with available cash on hand. Post-acquisition, the IPC team will be moving over to Canada Life and continue to be part of the Power Corporation of Canada group of companies. The transaction is subject to customary closing conditions including regulatory approvals. The board of directors of each of Great-West Lifeco Inc. and Canada Life unanimously approved the transaction. The transaction is expected to be completed by the end of 2023. The transaction is expected to be modestly accretive after two years. RBC Capital Markets acted as fairness opinion provider to The Canada Life Assurance and Investment Planning Counsel.
The Canada Life Assurance Company completed the acquisition of Investment Planning Counsel Inc. from IGM Financial Inc. on November 30, 2023. Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CA$849.5m (down 5.6% from 3Q 2022). Net income: CA$211.3m (down 2.2% from 3Q 2022). Profit margin: 25% (in line with 3Q 2022). Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
IGM Financial Inc Declares Dividend, Payable on January 31, 2024 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on January 31, 2024 to shareholders of record on December 29, 2023. Announcement • Sep 30
IGM Financial Inc. to Report Q3, 2023 Results on Nov 01, 2023 IGM Financial Inc. announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.56 per share at 6.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 31 October 2023. Payout ratio is a comfortable 56% and the cash payout ratio is 77%. Trailing yield: 6.1%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.0%). Announcement • Aug 04
IGM Financial Inc Declares Dividend, Payable on October 31, 2023 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on October 31, 2023 to shareholders of record on September 29, 2023. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: CA$0.57 (vs CA$0.87 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.57 (down from CA$0.87 in 2Q 2022). Revenue: CA$851.1m (down 5.7% from 2Q 2022). Net income: CA$136.4m (down 34% from 2Q 2022). Profit margin: 16% (down from 23% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.56 per share at 5.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 52% and the cash payout ratio is 84%. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.0%). Announcement • Jun 20
IGM Financial Inc. to Report Q2, 2023 Results on Aug 02, 2023 IGM Financial Inc. announced that they will report Q2, 2023 results on Aug 02, 2023 Reported Earnings • May 05
First quarter 2023 earnings released: EPS: CA$1.59 (vs CA$0.92 in 1Q 2022) First quarter 2023 results: EPS: CA$1.59 (up from CA$0.92 in 1Q 2022). Revenue: CA$1.01b (up 7.4% from 1Q 2022). Net income: CA$378.2m (up 72% from 1Q 2022). Profit margin: 37% (up from 23% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 3.5% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • May 04
IGM Financial Inc. Declares a Dividend, Payable on July 31, 2023 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on July 31, 2023 to shareholders of record on June 30, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.56 per share at 5.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 62% and the cash payout ratio is 91%. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: CA$3.64 (vs CA$4.10 in FY 2021) Full year 2022 results: EPS: CA$3.64 (down from CA$4.10 in FY 2021). Revenue: CA$3.77b (down 3.2% from FY 2021). Net income: CA$867.2m (down 11% from FY 2021). Profit margin: 23% (down from 25% in FY 2021). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 10
IGM Financial Inc. Declares Cash Dividend, Payable on April 28, 2023 The Board of Directors of IGM Financial Inc. has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on April 28, 2023 to shareholders of record on March 31, 2023. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 January 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.9%). Announcement • Dec 20
IGM Financial Inc. to Report Q4, 2022 Results on Feb 09, 2023 IGM Financial Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 09, 2023 Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: CA$0.91 (vs CA$1.13 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.91 (down from CA$1.13 in 3Q 2021). Revenue: CA$900.2m (down 7.8% from 3Q 2021). Net income: CA$216.1m (down 20% from 3Q 2021). Profit margin: 24% (down from 28% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 31 October 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: CA$0.87 (vs CA$0.99 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.87 (down from CA$0.99 in 2Q 2021). Revenue: CA$902.1m (down 2.6% from 2Q 2021). Net income: CA$207.1m (down 13% from 2Q 2021). Profit margin: 23% (down from 26% in 2Q 2021). Over the next year, revenue is expected to shrink by 12% compared to a 7.9% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (3.0%). Reported Earnings • May 07
First quarter 2022 earnings released: EPS: CA$0.91 (vs CA$0.85 in 1Q 2021) First quarter 2022 results: EPS: CA$0.91 (up from CA$0.85 in 1Q 2021). Revenue: CA$943.4m (up 7.1% from 1Q 2021). Net income: CA$219.3m (up 8.5% from 1Q 2021). Profit margin: 23% (in line with 1Q 2021). Over the next year, revenue is expected to shrink by 8.5% compared to a 7.6% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (2.4%). Recent Insider Transactions • Feb 17
President recently bought €473k worth of stock On the 15th of February, James O'Sullivan bought around 15k shares on-market at roughly €31.55 per share. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CA$4.10 (up from CA$3.21 in FY 2020). Revenue: CA$3.78b (up 9.7% from FY 2020). Net income: CA$978.9m (up 28% from FY 2020). Profit margin: 26% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 2.9% compared to a 4.9% decline forecast for the funds industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Dec 23
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 31 January 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS CA$1.13 (vs CA$0.80 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$976.9m (up 13% from 3Q 2020). Net income: CA$270.8m (up 42% from 3Q 2020). Profit margin: 28% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. 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 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 29 October 2021. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS CA$0.99 (vs CA$0.77 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$926.6m (up 20% from 2Q 2020). Net income: CA$237.4m (up 29% from 2Q 2020). Profit margin: 26% (up from 24% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Recent Insider Transactions • Jul 01
Insider recently sold €149k worth of stock On the 29th of June, Mark Kinzel sold around 5k shares on-market at roughly €29.81 per share. In the last 3 months, they made an even bigger sale worth €203k. Insiders have been net sellers, collectively disposing of €352k more than they bought in the last 12 months. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 July 2021. Trailing yield: 5.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.2%). Recent Insider Transactions • May 30
Insider recently sold €203k worth of stock On the 25th of May, Mark Kinzel sold around 7k shares on-market at roughly €30.11 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 08
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$881.2m (up 2.3% from 1Q 2020). Net income: CA$202.2m (up 26% from 1Q 2020). Profit margin: 23% (up from 19% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Announcement • May 07
IGM Financial Inc. Declares Dividend, Payable on July 30, 2021 IGM Financial Inc.'s Board of Directors has declared a dividend of 56.25 cents per share on the Company's common shares which is payable on July 30, 2021 to shareholders of record on June 30, 2021. Upcoming Dividend • Mar 23
Upcoming Dividend of CA$0.56 Per Share Will be paid on the 30th of April to those who are registered shareholders by the 30th of March. The trailing yield of 5.7% is in the top quartile of German dividend payers (3.3%), and it is higher than industry peers (2.6%). Is New 90 Day High Low • Mar 13
New 90-day high: €25.20 The company is up 12% from its price of €22.60 on 11 December 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €48.35 per share. Reported Earnings • Feb 13
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CA$3.30b (down 3.0% from FY 2019). Net income: CA$764.4m (up 2.4% from FY 2019). Profit margin: 23% (up from 22% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue beats expectations Revenue exceeded analyst estimates by 0.7%. Over the next year, revenue is forecast to stay flat compared to a 13% growth forecast for the Capital Markets industry in Germany. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 16% share price gain to CA$24.80, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 10.5x. This compares to an average P/E of 19x in the Capital Markets industry in Germany. Total returns to shareholders over the past three years are 14%. Is New 90 Day High Low • Feb 05
New 90-day high: €24.80 The company is up 24% from its price of €20.00 on 06 November 2020. The German market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.31 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €23.00 The company is up 13% from its price of €20.40 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €36.54 per share. Announcement • Dec 11
IGM Financial Inc. to Report Q4, 2020 Results on Feb 11, 2021 IGM Financial Inc. announced that they will report Q4, 2020 results After-Market on Feb 11, 2021 Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is expected to shrink by 3.4% compared to a 1.1% growth forecast for the Capital Markets industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 6.1% while the growth in Capital Markets industry in Germany is expected to stay flat. Is New 90 Day High Low • Oct 31
New 90-day low: €18.60 The company is down 11% from its price of €21.00 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.44 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €19.90 The company is down 7.0% from its price of €21.40 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €36.34 per share. Announcement • Sep 17
Empower Retirement, LLC completed the acquisition of Personal Capital Corporation from IGM Financial Inc. and others. Empower Retirement, LLC entered into an agreement to acquire Personal Capital Corporation from IGM Financial Inc. and others for $1 billion on June 29, 2020. The transaction resulted from an auction process conducted by Personal Capital. The consideration includes an upfront consideration of $825 million on closing and up to $175 million in additional consideration to be paid over two years subject to achieving target growth objectives. IGM expects its proceeds from the transaction to be $176.6 million based on its 24.8% interest in Personal Capital with upside through an earn-out of an additional $24.6 million subject to the close of the transaction. The upfront consideration is expected to be funded with cash on hand and $500 million in debt financing.
After the close of the transaction, Empower Retirement’s brand will be unchanged and Personal Capital will be branded as Personal Capital, an Empower Company. Personal Capital Chief Executive Officer, Jay Shah will serve as president of Personal Capital, reporting to Empower Chief Executive Officer, Edmund F. Murphy III, and will be a member of its executive team.
The transaction is subject to required regulatory approvals, including CFIUS review, and other customary closing conditions. The transaction has been approved by the Boards of Directors of Great-West Lifeco, the parent of Empower Retirement, the Board of Empower Retirement and Personal Capital and Personal Capital stockholders. The transaction received early termination notices from the Federal Trade Commission on July 14, 2020. The transaction is expected to close in the second half of 2020. The transaction is expected to have a positive EPS (Earnings per Share) impact beginning in 2023.
Mark Menting of Sullivan & Cromwell LLP acted as legal advisor and David Heaton, Jyri Wilska and Michael O Neil of Morgan Stanley & Co. LLC and Gregory Fleming and Sharath Shetty of Rockefeller Capital Management acted as financial advisors to Great-West Lifeco and Empower Retirement. Bill Nook, Mark Karasik and Andrew Langer of Moelis & Company LLC acted as financial advisor to Personal Capital. Jeffrey Poss and Manuel Miranda of Willkie Farr & Gallagher LLP acted as legal advisor to Personal Capital Corporation.
Empower Retirement, LLC completed the acquisition of Personal Capital Corporation from IGM Financial Inc. and others on August 18, 2020. Upon completion of the acquisition, Personal Capital became a wholly owned subsidiary of Empower. The acquisition was completed following the receipt of regulatory approval required by the agreement. Announcement • Jun 30
Empower Retirement, LLC entered into an agreement to acquire Personal Capital Corporation from IGM Financial Inc. and others for $1 billion. Empower Retirement, LLC entered into an agreement to acquire Personal Capital Corporation from IGM Financial Inc. and others for $1 billion on June 29, 2020. The transaction resulted from an auction process conducted by Personal Capital. The consideration includes an upfront consideration of $825 million on closing and up to $175 million in additional consideration to be paid over two years subject to achieving target growth objectives. IGM expects its proceeds from the transaction to be $176.6 million based on its 24.8% interest in Personal Capital with upside through an earn-out of an additional $24.6 million subject to the close of the transaction. The upfront consideration is expected to be funded with cash on hand and $500 million in debt financing. After the close of the transaction, Empower Retirement’s brand will be unchanged and Personal Capital will be branded as Personal Capital, an Empower Company. The transaction is subject to required regulatory approvals, including CFIUS review, and other customary closing conditions. The transaction has been approved by the Boards of Directors of Great-West Lifeco, the parent of Empower Retirement, the Board of Empower Retirement and Personal Capital and Personal Capital stockholders. The transaction is expected to close in the second half of 2020. Sullivan & Cromwell LLP served as legal counsel and Morgan Stanley & Co. LLC and Rockefeller Capital Management served as financial advisors to Great-West Lifeco and Empower Retirement.