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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Power Corporation of Canada    POW   CA7392391016

POWER CORPORATION OF CANADA

(POW)
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Power of Canada : Financial shares jump on buyout offer by parent

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12/13/2019 | 11:53am EST
Power Financial Corp's Co-Chairman of the Board Paul Desmarais Jr. prepares for the company's annual general meeting in Montreal

Shares of Power Financial Corp (PFC) rose nearly 10% on Friday, their biggest jump in more than a decade, after parent Power Corp of Canada (PCC) agreed to buy the rest of the stake it does not currently own.

PCC, which owns 64.1% of PFC, has offered 1.05 of its shares and C$0.01 in cash for each Power Financial share held.

PCC co-chief executive officers, Paul Desmarais and André Desmarais, will step down from the roles after 23 years, the companies said, with PFC CEO Jeffrey Orr taking charge.

Paul will continue as chairman and André as deputy chairman of PCC.

The Canadian company said it would save about C$50 million ($37.59 million) per year in cost reductions within two years of the deal close, expected in February.

Shares of PCC were up 7.4% at C$34.25 in morning trade.

The company said it would raise its second quarter dividend by 10% to 44.75 Canadian cents per share.

(Reporting by C Nivedita in Bengaluru; Editing by Shinjini Ganguli)

Stocks mentioned in the article
ChangeLast1st jan.
POWER CORPORATION OF CANADA 1.24% 33.54 Delayed Quote.-0.96%
POWER FINANCIAL CORPORATION 1.25% 34.79 Delayed Quote.-1.66%
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Financials (CAD)
Sales 2019 45 820 M
EBIT 2019 3 359 M
Net income 2019 1 279 M
Debt 2019 -
Yield 2019 4,59%
P/E ratio 2019 11,7x
P/E ratio 2020 10,2x
Capi. / Sales2019 0,31x
Capi. / Sales2020 0,26x
Capitalization 14 326 M
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Technical analysis trends POWER CORPORATION OF CANAD
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 35,00  CAD
Last Close Price 33,54  CAD
Spread / Highest target 19,3%
Spread / Average Target 4,35%
Spread / Lowest Target -7,57%
EPS Revisions
Managers
NameTitle
Paul Guy B. Desmarais Chairman & Co-Chief Executive Officer
André Roger Desmarais Deputy Chairman, President & Co-CEO
Gregory Dennis Tretiak Chief Financial Officer & Executive Vice President
Anthony R. Graham Lead Independent Director
Emõke J. E. Szathmáry Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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