Canada's IGM Financial Q3 adjusted EPS beats estimates

Igm Financial

Thu 22:14

Overview
Canada wealth manager's Q3 adjusted EPS rose 18.9% yr/yr, beating analyst expectations
Net earnings surged, aided by a step acquisition gain from Northleaf
Assets under management and advisement climbed 26.1% yr/yr with Northleaf consolidation

Outlook
Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers
NORTHLEAF ACQUISITION - Co said step acquisition gain from Northleaf boosted net earnings in the qtr
AUM GROWTH - Inclusion of Northleaf's assets contributed to 26.1% yr/yr rise in assets under management and advisement
HIGHER NET INFLOWS - Co reported consolidated net inflows of C$3.4 bln, up from C$2.4 bln in the prior yr qtr

Company press release: ID:nCNWzHp27a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
Beat
C$1.51
C$1.46 (6 Analysts)
Q3 EPS
 
C$2.10
 
Q3 Net Income
 
C$487.5 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for IGM Financial Inc is C$91.50, about 7.9% above its November 4 closing price of C$84.78
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads
Nov 4 - Canada's Sun Life Q3 adjusted EPS beats estimates
Nov 4 - Canada's Manulife Q3 profit beats estimates
Nov 4 - Canadian financial services firm Great-West Lifeco's Q3 base EPS rises on strength in retirement, wealth businesses

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)