CIFAF - CI Financial: We Prefer To See More Signs Of A Turnaround
Investment Thesis
CI Financial (CIFAF, TSX:CIX) delivered a poor Q4 2018 with double-digit decline in its EPS and free cash flow. In addition, the company saw another quarter of net outflow. Although CI Financial has a plan to turn its net sales around, we think it is too early to know whether these methods will work, as the industry continues to face structural headwinds. The company is trading at a significant discount to its peers and offers a 3.8%-yielding dividend. We believe investors should patiently wait for more visibility before investing.
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