Market Losses and Outflows Mar CI Financial's Q2 Results; Expect to Lower FVE to CAD 20 Per Share

While there was little in narrow-moat CI Financial's second-quarter results that would alter our long-term view of the firm, we expect to lower our fair value estimate to CAD 20 per share from CAD 25 due primarily to our expectations for lower levels of assets under management, or AUM, revenue, and profitability in the near to medium term as a result of the equity and credit market disruptions this year.