Report
Brett Horn, CFA
EUR 101.80 For Business Accounts Only

Power Corporation’s Constituents’ Fourth-Quarter 2017 Results Reveal No Surprises; Maintaining FVE

We are publishing an early preview ahead of no-moat Power Corporation of Canada’s reported earnings since we have results from both no-moat Great-West and narrow-moat IGM Financial. Together, these two firms constitute over 90% of the conglomerate firm’s equity value, which itself holds about a 65% interest in no-moat rated Power Financial. Nothing in either Great-West or IGM’s results alters our long-term view of Power Corporation. We are maintaining our fair value estimate of CAD 34 per share....
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brett Horn, CFA

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