Power Corporation of Canada Shs Subord.Voting

POW: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 85.00	Rxy	Mghxqfzdm

Power Corporation: FVE Up to CAD 41.50 After Incorporating Q1 Results of Its Largest Holdings

Suryansh Sharma

May 10, 2023

We are increasing our fair value estimate for no-moat-rated Power Corporation of Canada to CAD 41.50 per share from CAD 40.00 per share as we increase the fair value estimate of Power Corp.'s stake in Great-West Life after incorporating its latest results. Our valuation of Power Corp. is a sum-of-the-parts approach based on our valuations for the underlying ownership interest in Great-West Life, IGM Financial, and other investments, adjusted for corporate overhead. We apply a 10% discount to the underlying net asset value due to the corporate structure and lack of control for shareholders.

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