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    POW   CA7392391016

POWER CORPORATION OF CANADA

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IGM Financial profit up, but misses estimates

11/07/2013 | 05:06pm EDT

TORONTO (Reuters) - IGM Financial Inc (>> IGM Financial Inc.) said on Thursday its profit and assets under management rose in the third quarter, but Canada's largest independent asset manager missed analysts' expectations slightly as investment income came in below forecasts.

TORONTO (Reuters) - IGM Financial Inc (>> IGM Financial Inc.) said on Thursday its profit and assets under management rose in the third quarter, but Canada's largest independent asset manager missed analysts' expectations slightly as investment income came in below forecasts.

Net earnings for the three months ended September 30 were C$193.4 million ($185 million), or 77 Canadian cents a share, compared with C$186.2 million, or 73 Canadian cents a share, in the same period last year.

Analysts had expected a per share profit of 79 Canadian cents, according to Thomson Reuters I/B/E/S.

Helped by stronger equity markets, revenue at the Winnipeg-based company rose to C$667.5 million in the quarter from C$634.1 million in the third quarter of 2012, while assets under management climbed to C$126 billion from C$119.3 billion.

"While a miss, we note that net investment and other income came in C$10 million below our forecasts, almost completely accounting for the difference against our estimates," Barclays Capital analyst John Aiken wrote in a research note.

"We view this as an unusually low level and do not believe that it will necessarily impair the outlook for IGM's future earnings."

IGM is a unit of Power Financial Corp (>> Power Financial Corp), which is in turn controlled by Montreal's Desmarais family through its Power Corp (>> Power Corporation of Canada) holding company.

($1=$1.045 Canadian)

(Reporting by Andrea Hopkins; Editing by Peter Galloway)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION -1.28% 42.34 Delayed Quote.10.40%
IGM FINANCIAL INC. 0.16% 44.75 Delayed Quote.29.47%
POWER CORPORATION OF CANADA 0.88% 40.18 Delayed Quote.36.26%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2021 66 951 M 54 378 M 54 378 M
Net income 2021 2 446 M 1 987 M 1 987 M
Net Debt 2021 - - -
P/E ratio 2021 11,0x
Yield 2021 4,52%
Capitalization 26 805 M 21 671 M 21 771 M
Capi. / Sales 2021 0,40x
Capi. / Sales 2022 0,38x
Nbr of Employees 30 000
Free-Float 75,8%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 39,83 CAD
Average target price 41,28 CAD
Spread / Average Target 3,63%
EPS Revisions
Managers and Directors
NameTitle
Robert Jeffrey Orr President, Chief Executive Officer & Director
Gregory Dennis Tretiak Chief Financial Officer & Executive Vice President
Paul Guy B. Desmarais Chairman
Anthony R. Graham Lead Independent Director
Pierre Beaudoin Independent Director
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