CI Financial Corp

CIX: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 48.00	Fpkh	Wlsbc

Acquisitions Offset Market Losses and Outflows in CI Financial's Q1; FVE Lowered to CAD 25 Per Share

Greggory Warren

May 17, 2022

While there was little in narrow-moat CI Financial's first-quarter results that would alter our long-term view of the firm, we are lowering our fair value estimate to CAD 25 per share from CAD 28 after updating our valuation model to include slightly lower levels of AUM, revenue, and profitability in the near to medium term as a result of increased market volatility during the first couple of quarters of 2022.

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