CI Financial Corp T.CIX

Alternate Symbol(s): CIXXF

Financial Services Asset Management

CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. The Company is engaged in the management and distribution of a range of financial products and services, including wealth management, insurance, and others. The Company operates through three segments: Asset Management, Canadian Wealth Management, and U.S. Wealth Management. The Asset Management segment includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia. The Canadian Wealth Management segment includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, CI Direct Investing and CI Investment Services. The U.S. Wealth Management segment includes Corient Private Wealth LLC, an integrated wealth management company providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.

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CI Financial Corp

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Post by retiredcfon May 13, 2022 9:27am

82 Views

Post# 34681005

RBC

May 12, 2022

Outperform

TSX: CIX; CAD 14.68

Price Target CAD 26.00

All values in CAD unless otherwise noted.
Priced as of prior trading day's market close, EST (unless otherwise noted).

CI Financial Corp.

Q1/22 EPS was in line with our forecast and consensus
Sentiment: Neutral

Our view: CIX reported Q1/22 adjusted EPS of $0.85, which was in line with our forecast of $0.86 and consensus of $0.84 (range of $0.77 - $0.88). CIX disclosed that April 2022 saw -$1.3B in net redemptions, with net redemptions of -$621MM in Canadian retail, -$582MM in Canadian institutional, -$41MM in Australia and -$93MM in U.S. Wealth. On the U.S. Wealth Management business IPO, CIX maintained its intention to sell up to 20% of this business and plans to submit a form S-1 to the U.S. SEC this year, and use the proceeds from the IPO to de-leverage.

Q1/22 net redemptions of -$1,231MM were pre-released ahead of Q1/22 results. Net sales on a segmented basis were:

Retail had net redemptions of -$861MM (vs. -$601MM Y/Y);
CI’s Canadian institutional business had -$264MM of net redemptions

(vs. -$390MM Y/Y);
CI’s U.S. Asset Management business had +$402MM of net sales (vs. +

$284MM Y/Y); and
International (Australia) had -$305MM of net redemptions (vs. +$46MM

Y/Y).

Although CIX just reported Q1/22 results, we have not yet had time to fully review the results, so we are not sure if there are any unusual items.

Conference call today at 9:00am ET; dial in: 1-833-950-0062 (ID#: 581835).