Downgrade to Hold; Fundamentals Strong But Looks Priced-In

研报英文原文证据摘录

Downgrade to Hold; Fundamentals Strong But Looks Priced-In

TD Cowen Power Corp. of Canada

Global Research May 14, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

We view Power Corp. as a solid large cap defensive name with an attractive dividend yield. We Upcoming earnings and financial guides

are constructive on the core operating companies (Great-West and IGM). Momentum remains

Fundraising updates around asset

intact for the alternatives AUM platform. We expect buybacks to persist. Current valuation

management platforms

appears fair.

Better than expected results from non-core

holdings

Base Case Assumptions Upside Scenario Downside Scenario

Discount to NAV within a 15-20% range Discount to NAV tighter than 15% Discount to NAV wider than 20%

Earnings growth in line with guidance for Stronger-than-expected operating company Fundraising slows for alternatives platform

operating companies earnings

Operating company earnings lower than

AUM growth continues for the Alternatives Better than expected buybacks expected

platform

Alternatives fundraising and AUM growth Buybacks lower than expected

Share buybacks remain healthy stronger than expected

Lower than expected results from non-core

Better than expected results from non-core holdings (GBL and Alts)

holdings (GBL and Alts)

Price Performance Company Description

Power Corporation is a holding company. Its primary investments are controlling stakes in

C$85

Great-West, IGM, and GBL. It also has an Alternatives investment platform with strategies

80 in private equity/credit, venture capital, agriculture, healthcare, real estate, and renewable

energy. 75

65 Analyst Top Picks

Ticker Price (05/13/2026) Price Target Rating

55 Onex Corporation ONEX-T C$110.59 C$160.00 Buy

Aug-25 Nov-25 Feb-26 May-26

Source: Bloomberg