POW Q1/26 Preview – Increasing Estimates on Better GWO and Better GBL

研报英文原文证据摘录

POW Q1/26 Preview – Increasing Estimates on Better GWO and Better GBL

May 11, 2026 | 18:03 ET~

Power Corp.

POW-TSX Rating Price: May-11 Target ↑ Total Rtn Diversified Financials - Canada

Market Perform $78.44 $79.00 4%

Tom MacKinnon, FSA, FCIA Analyst

Tom.MacKinnon@bmo.com (416) 359-4629

Cristian Cugini, CPA Associate

POW Q1/26 Preview – Increasing Estimates on Better cristian.cugini@bmo.com (416) 263-2717

Legal Entity: BMO Nesbitt Burns Inc.GWO and Better GBL

2YR Price Volume Chart

Bottom Line: 90

We increase adjusted net earnings Q1/26E EPS $0.06, from $1.45 to $1.51, reflecting 80

higher Q1/26 GWO base earnings and higher Q1/26 GBL adjusted earnings. 2027E 70

adjusted EPS increases 1% on increased GWO base EPS increases. Target increases to 60 20

50 15$79 (from $69), reflecting updated GWO and IGM targets since POW last reported, with 10

unchanged target discount to NAV of 20% (current NAV discount is 20%). POW reports 40 5

Q1/26 results on May 12 after close; call at 8:30a.m. ET here May 13. 30 Nov May Nov May0

LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in C$

Dividend $2.67 Shares O/S (mm) 633.1GWO ($76, Mkt, $76.27) reported Q1/26 base EPS of $1.37 versus our/consensus

$1.32/$1.31. Relative to us, the beat was largely on unsustainable $0.05 EPS outsized Yield 3.4% Market Cap (mm) $49,662

mortality gain in runoff segment of C&RS. Empower Retirement in-line with weaker Net Debt (mm) $(1,335) Wkly $Vol (000s) 1,235,645

spread income and weaker asset fee and participation fee revenue offset by better BMO Estimates in C$

opex. Empower Retirement net flows better, at US$1.6B, versus our US$0.9B net (FY-Dec.) 2024A 2025A 2026E 2027E

outflow estimate, on better ongoing plan inflows (lumpy) offset by higher participant