Report
Brett Horn, CFA
EUR 101.80 For Business Accounts Only

Power Financial's value is derived from ownership of Great-West and IGM Financial.

We are publishing an early preview ahead of no-moat rated Power Financial Corporation’s reported earnings since we have results from both no-moat rated Great-West and narrow-moat rated IGM Financial. Together, these two firms constitute over 90% over the conglomerate firm’s equity value. Nothing in either Great-West or IGM’s results alters our long-term view of Power Financial Corporation. We are maintaining our fair value estimate of CAD 35 per share.
For Great-West’s full-year fiscal 2017 resu...
Underlying
Power Financial Corporation

Power Financial is an international management and holding company that holds interests, directly or indirectly, in companies across the financial services, communications and other business sectors. Co. has three reportable operating segments: Great-West Lifeco Inc., which offers a range of life insurance, retirement, investment products, reinsurance and specialty general insurance products; IGM Financial Inc., which offers financial planning services, investment products, investment advisory and management services; and Parjointco N.V., which include specialty minerals, water, waste services, energy, wines and spirits. As of Dec 31 2010, Co. had total assets of C$143,255,000.

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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