Management Meeting Takeaways; AI and Discount to NAV in Focus

研报英文原文证据摘录

Management Meeting Takeaways; AI and Discount to NAV in Focus

Financial Services - Diversified Financials

Power Corp. of Canada

TD SECURITIES INC. - CANADA QUICK TAKE: CONFERENCE TAKEAWAY

June 17, 2026

Price: C$89.06 (06/17/2026) Management Meeting Takeaways; AI and

Price Target: C$84.00 Discount to NAV in Focus

HOLD (2)

ESG SCORE: 71/100

Graham Ryding, CFA^ THE TD COWEN INSIGHT

416 308 4416

We recently hosted Power Corp. management for investor meetings in London, UK (CFO

graham.ryding@tdsecurities.com

Jake Lawrence). Key themes include earnings momentum and capital allocation at GWO

Michael McCue^ and IGM; capital returns at POW are expected to persist; AI is expected to drive change (but

416 982 8683 earnings visibility remains low); and the discount to NAV remains too wide in management's

michael.mccue@tdsecurities.com

opinion.

Key Data

Symbol TSX: POW-T Event: Investor Meetings

Market Cap C$55.7B

Impact: Neutral

Key themes:

■Great-West (71% of gross asset value - GAV): This core holding is delivering on medium-

term earnings growth targets. A 12% EPS growth CAGR over the L3Y and L5Ys (as of Q4/25),

and 23% y/y (Q1/26) compares to a medium-term target of 8-10%. Great-West is generating

excess capital (~30% of earnings after re-investment in the business and dividends). Open to

M&A within the U.S. business (retirement and wealth; represents 31% of base earnings with

a target of 35%-40%) given a track record of accretive acquisitions, strong balance sheet

capacity, and $2.1bln of cash at the GWO holdco level.

■IGM (16% of GAV): ~55% of earnings are from wealth and ~35% from asset management.

Earnings momentum is strong (+10% / +15% in 2024 / 2025 is above the company's ~9%

medium-term target). Strategic investments have been growing in assets and value