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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
Selected Fwd Ps Multiple | 1.1x - 1.2x | 1.2x |
Fair Value | C$1,602 - C$1,771 | C$1,686 |
Upside | 33.5% - 47.6% | 40.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Manulife Financial Corporation | - | TSX:MFC |
Sun Life Financial Inc. | - | TSX:SLF |
Great-West Lifeco Inc. | - | TSX:GWO |
Definity Financial Corporation | - | TSX:DFY |
Intact Financial Corporation | - | TSX:IFC |
E-L Financial Corporation Limited | - | TSX:ELF |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
MFC | SLF | GWO | DFY | IFC | ELF | |||
TSX:MFC | TSX:SLF | TSX:GWO | TSX:DFY | TSX:IFC | TSX:ELF | |||
Historical Sales Growth | ||||||||
5Y CAGR | -17.4% | -3.6% | -4.9% | 11.5% | 20.7% | 4.6% | ||
3Y CAGR | -20.6% | -2.5% | -18.6% | 13.4% | 17.4% | 13.8% | ||
Latest Twelve Months | 10.1% | 7.3% | 11.2% | 11.7% | 1.0% | 33.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 9.9% | 9.5% | 8.1% | 7.1% | 8.4% | 20.6% | ||
Prior Fiscal Year | 17.6% | 10.0% | 9.2% | 9.1% | 4.3% | 33.3% | ||
Latest Fiscal Year | 16.9% | 9.2% | 11.5% | 10.0% | 7.6% | 42.3% | ||
Latest Twelve Months | 16.9% | 9.2% | 11.5% | 10.0% | 7.6% | 42.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 7.6x | 10.5x | 6.1x | 3.1x | 5.6x | 2.7x | ||
Price / LTM Sales | 2.3x | 1.3x | 1.4x | 1.7x | 1.8x | 1.2x | ||
LTM P/E Ratio | 13.6x | 14.7x | 12.2x | 16.9x | 23.3x | 2.9x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.3x | 1.7x | 2.3x | |||||
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 | 5,516 | 5,806 | 6,097 | |||||
(/) Shares Outstanding | 3.5 | 3.5 | 3.5 | |||||
Implied Value Range | 1,593.32 | 1,677.18 | 1,761.03 | |||||
FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 1,593.32 | 1,677.18 | 1,761.03 | 1,199.95 | ||||
Upside / (Downside) | 32.8% | 39.8% | 46.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MFC | SLF | GWO | DFY | IFC | ELF | |
Value of Common Equity | 69,740 | 44,919 | 48,509 | 7,210 | 51,775 | 4,154 | |
(/) Shares Outstanding | 1,722.4 | 568.8 | 930.7 | 114.0 | 178.3 | 3.5 | |
Implied Stock Price | 40.49 | 78.97 | 52.12 | 63.22 | 290.31 | 1,199.95 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 40.49 | 78.97 | 52.12 | 63.22 | 290.31 | 1,199.95 | |
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 |