Power Corporation of Canada Shs Subord.Voting

POW: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 19.00	Cdvw	Trrkxmvck

No Big Surprises in Power Corporation’s Fourth-Quarter Results

Rajiv Bhatia

Mar 18, 2022

For the fourth quarter of 2021, no-moat-rated Power Corporation reported adjusted earnings per share of CAD 1.00, up from 0.93 in the year-ago period but below the FactSet consensus estimate of CAD 1.08. We’d attribute the miss to softness at GBL. Great-West Life contributed CAD 0.82 to adjusted earnings and IGM contributed CAD 0.24, which is up from CAD 0.73 and CAD 0.19, respectively. We are modestly raising our fair value estimate to CAD 46 from CAD 44 to account for a slightly higher value of Power Corporation’s stake in Great-West Life as well as time value of money.

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