IGM FINANCIAL INC. $52 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 252.4 million; Market cap: $13.1 billion; Price-to-sales ratio: 4.9; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www. igmfinancial.com) is Canada’s largest independent mutual fund company. Power Financial owns 58.6% of IGM.
As of December 31, 2013, IGM had $131.8 billion of assets under management, up 9.2% from $120.7 billion at the end of 2012. The company’s fee income rises and falls with the value of the securities it manages, so its revenue and earnings gain when the price of these assets rises.
In 2013, IGM’s earnings rose 2.3%, to $763.5 million from $746.4 million in 2012. Per-share earnings gained 3.4%, to $3.02 from $2.92, on fewer shares outstanding. Revenue for the year increased 3.7%, to $2.7 billion from $2.6 billion. Sales of mutual funds rose 22.1%, while fund redemptions fell 33.7%.
The company’s 2014 earnings will probably improve to $3.45 a share, and the stock trades at a reasonable 15.1 times that forecast. The $2.15 dividend yields 4.1%.
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