Stock price when the opinion was issued
Nice fat dividend yield of almost 6%, which grows 7-8%. Solid story. He worked with the CEO years ago. IGM is doing better in the US, and GWO has always been one of the better companies. PE should rise from 8x to 10-12x when interest rates come off. Yield is 5.86%.
Trades at about a 25-30% discount to NAV. Low-risk play with upside potential.
He's a real chicken, and looking for stocks that won't hurt too much if tariffs go the wrong way. Life insurance is fairly insulated. Won out as his pick compared to MFC. Cheap at 8.6x 2025, growing 6-7%. Market thinks growth will be 12% next year. A win-by-not-losing choice. Yield is 5.5%.
Owns Mackenzie Investors Group, GWO. Investments in names like Wealthsimple and asset management. Alternative lending business. Many different ways to surface value.
He's been buying. Great valuation, holding-company discount, decent growth rate of 6-8%. Nice dividend with a good payout ratio. Technically over its skis, but likes the name long term. Better entry at $44-45.
Only problem is that when bull markets start to give way to bear markets, people look for areas immune from tariffs. If the economy rights itself, and you see $$ going into names like tech again, this type of name will fall off. If we go into a real downturn, money will leave the market and this name will go lower along with everything else.
Holding company; not strictly speaking a lifeco, though a lot of its NAV is tied up in GWO. Major investor in Wealthsimple. Multiple lines of business make it less volatile than an insurance company. Meanders along. Yield is north of 5%, growing at single digits.
Own and sleep well at night. No qualms. Capital appreciation plus dividend should throw off high single-digit or low-double returns.