GWLIF - Great-West Lifeco: Improving Profitability And A Growing Wealth Management Business (Rating Upgrade)
2024-06-27 15:19:42 ET
Summary
- Great-West Lifeco is a diversified financial services company with a global presence in Canada, North America, and Europe.
- The company has been making divestment and acquisitions to shake up its portfolio, including the sale of the Putnam Investments division and the purchase of Prudential Financial's retirement business.
- Great-West Lifeco has historically grown slightly above the long-term inflation rate, offering consistent and regular quarterly dividends.
- Valuation converging across the sector has diminished the historical premium Great-West Lifeco has had, despite an improving business mix.
- At 9.1x earnings, the valuation is now cheap enough to warrant a buy.
Please note, all $ figures are in , not , unless otherwise stated.