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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.1x - 1.3x | 1.2x |
| Fair Value | C$1,660 - C$1,834 | C$1,747 |
| Upside | 26.5% - 39.8% | 33.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Great-West Lifeco Inc. | - | TSX:GWO |
| Definity Financial Corporation | - | TSX:DFY |
| Intact Financial Corporation | - | TSX:IFC |
| Sun Life Financial Inc. | - | TSX:SLF |
| Manulife Financial Corporation | - | TSX:MFC |
| E-L Financial Corporation Limited | - | TSX:ELF |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| GWO | DFY | IFC | SLF | MFC | ELF | |||
| TSX:GWO | TSX:DFY | TSX:IFC | TSX:SLF | TSX:MFC | TSX:ELF | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -4.9% | 11.5% | 20.7% | -3.6% | -17.4% | 4.6% | ||
| 3Y CAGR | -18.6% | 13.4% | 17.4% | -2.5% | -20.6% | 13.8% | ||
| Latest Twelve Months | 11.2% | 11.7% | 1.0% | 7.3% | 10.1% | 33.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 8.1% | 7.1% | 8.4% | 9.5% | 9.9% | 20.6% | ||
| Prior Fiscal Year | 9.2% | 9.1% | 4.3% | 10.0% | 17.6% | 33.3% | ||
| Latest Fiscal Year | 11.5% | 10.0% | 7.6% | 9.2% | 16.9% | 42.3% | ||
| Latest Twelve Months | 11.5% | 10.0% | 7.6% | 9.2% | 16.9% | 42.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.3x | 2.9x | 5.4x | 10.9x | 8.3x | 2.7x | ||
| Price / LTM Sales | 1.5x | 1.7x | 1.8x | 1.4x | 2.5x | 1.2x | ||
| LTM P/E Ratio | 12.8x | 16.6x | 23.1x | 15.2x | 15.0x | 2.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.4x | 1.7x | 2.5x | |||||
| Historical LTM P/S Ratio | 1.2x | 1.4x | 3.4x | |||||
| Selected Price / Sales Multiple | 1.5x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 3,662 | 3,662 | 3,662 | |||||
| (=) Equity Value | 5,523 | 5,813 | 6,104 | |||||
| (/) Shares Outstanding | 3.4 | 3.4 | 3.4 | |||||
| Implied Value Range | 1,639.29 | 1,725.57 | 1,811.85 | |||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,639.29 | 1,725.57 | 1,811.85 | 1,312.19 | ||||
| Upside / (Downside) | 24.9% | 31.5% | 38.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GWO | DFY | IFC | SLF | MFC | ELF | |
| Value of Common Equity | 51,490 | 7,158 | 51,033 | 46,470 | 75,889 | 4,421 | |
| (/) Shares Outstanding | 931.8 | 114.0 | 178.3 | 572.9 | 1,722.4 | 3.4 | |
| Implied Stock Price | 55.26 | 62.77 | 286.15 | 81.12 | 44.06 | 1,312.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.26 | 62.77 | 286.15 | 81.12 | 44.06 | 1,312.19 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |