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Power Corp - Q1-2021 Earnings, Price Target Update

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Power Corporation (TSX: POW; POW.PR.E) is an international management and holding company that focuses on financial services in North America, Europe and Asia. Core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. They also jointly own with the Frère Group of Belgium a controlling interest in Group Bruxelles Lambert. Investment activities include investments in alternative asset managers and investment funds, including Sagard Holdings and Power Sustainable, and interests in China. Interests in publicly listed companies include Great-West Life(GWO-TSX), IGM Financial (IGM-TSX) and Group Bruxelles Lambert (GBLB - Brussels Euronext Exchange) together contributing 70% of asset values. Approximately 40% of earnings are from Canada, Europe – 26%, US-14% and 20% from Alternative Investments segment. Total assets as of Mar-31-2021 were $621.5B compared to Dec-31-2020 of $629.1B and $477.3M at Dec-31-2019. The increase was from the merger with Power Financial Corp. and acquisitions including MassMutual,

The largest segment of Power Corp earnings (53%) are from a 66.8% interest in Great-West Life (GWO-TSX). Great-West Life, London Life and Canada Life brands that were merged into Canada Life during 2020, with Great-West Life as the publicly listed entity. They were previously owned through Power Financial Corp.(PWF-TSX). Power Financial Corp.(PWF) was merged with Power Corp. in Q1-2020 by way of a share exchange. Power Corp. also owns a 62.1% interest in IGM Financial (IGM-TSX) and 14.1% interest in GBL.(Groupe Bruxelles Lambert). Great-West Life contributes 53% of earnings, the Alternative Investments- 27%, IGM -13% of earnings, GBL and other at 7%.

Power Corp.(POW) owned a 64.1% controlling interest in Power Financial Corp. (PWF-TSX) prior to being merged with Power Financial Corp. Great-West Lifeco operating subsidiaries are Great-West Life, Great-West Financial, London Life, Canada Life, and Putnam in the US. Irish Life was sold in Q4-2019, leaving Great-West Life (UK) as their major lifeco in the UK. IGM Financial(IGM) owns Investors Group and Mackenzie.

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