Monday, September 17, 2007

Investing Based on Demographics - IGM, TROW

IGM Financial (IGM)

“Provides financial products and financial planning services to individuals and corporations, including the sale of mutual funds, investment certificates and insurance programs. Also offers trust and management services to mutual and pension funds. “

Other Fact:
-Canada's largest independent mutual fund.
-Owned by PWF (Power Financial) which in turn is owned by POW (Power Corp) which is controlled by the Desmarais family.
-Over $123 billion in total assets under management.
-Over $110 billion in mutual fund assets under management.

Dividend Yield: 3.6%
-20.1% average compounded annual dividend growth over the last 10 years
ROE: 21.39%
PE: 16.8X
Estimated 2007 PE: 15.97X
Estimated 2008 PE: 13.69X
TDNewcrest: Buy, $64 target
-17.7% average compounded annual EPS growth over the last 10 years

THESIS: As the population ages they’ll increasingly start to put funds aside for retirement. As IGM is the largest mutual fund company in Canada they’ll certainly start to see their share of the action. I am a huge fan of this company and think it should be accumulated on dips. I don't personally own it as I already have 10% of my portfolio invested in the Desmarais family through POW and GWO but I would not hesitate to recommend this company (on dips) to Canadian investors…especially those pursuing a dividend growth strategy. However, it’s important to note that although the dividend is secure mutual fund companies are cyclical so be prepared for a stable dividend but not necessarily a stable share price.

T. Rowe Price Group Inc. (TROW)
“T. Rowe Price has very strong positions in two of the larger markets in the asset-management industry: the 401(k) market, and directly distributed mutual funds. The company is the third-largest manager of directly sold no-load mutual funds in the United States and is among the top 10 in 401(k) assets under management. These two markets now represent approximately 65%-70% of all mutual fund assets. While the company is primarily a U.S. asset manager, it is also expanding its business abroad. T. Rowe Price has approximately $380 billion in assets under management.”

Dividend Yield:1.28%
ROE: 24.34%
ROI: 25.08%
PE: 25.56X
Estimated 2007 PE: 22.44X
Estimated 2008 PE: 19.05X
S&P Rating: 3 stars, hold, $57 price target
Argus Rating: buy, $64

THESIS: The thesis is the same for this company as IGM as the population ages they will be putting more money aside for retirement and thus purchasing more funds and investment products. A great company however, I would hold off on purchasing based solely upon valuation.

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