Canadian General Investments, Limited (CGI.TO) | Investment Case

1. Company Snapshot

1.a. Company Description

Canadian General Investments, Limited is a close ended equity mutual fund launched and managed by Morgan Meighen & Associates Limited.It invests in the public equity markets of Canada.The fund seeks to invest in stocks of companies operating across diversified sectors.

It invests in stocks of companies across all market capitalization.The fund employs fundamental analysis with a bottom-up stock picking approach focusing on timely recognition of capital gains and appropriate income generating instruments to create its portfolio.It benchmarks the performance of its portfolio against the S&P/TSX Composite Index.

Canadian General Investments, Limited was formed on January 15, 1930 and is domiciled in Ontario, Canada.

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1.b. Last Insights on CGI

Canadian General Investments, Limited's (CGI) recent stock performance was negatively driven by a decline in its net asset value per share (NAV) from $70.79 at January 31, 2025 to $67.92 at February 28, 2025, resulting in a year-to-date NAV return of -1.6%. This decline was partly offset by a quarterly dividend of $0.27 per share declared on February 20, 2025. The company's leveraging strategy, which involves using bank borrowing to amplify returns, may be a contributing factor to its recent performance.

1.c. Company Highlights

Last Price	46.95
Change Percentage	2.13%
Open	46.48
Previous Close	45.97
Market Cap ( Millions)	979
Volume	1691
Year High	48.42
Year Low	30.4
M A 50	45.58
M A 200	40.26

FCF Yield	-0.27%
Dividend Yield	2.30%
ROE	12.76%
Debt / Equity	13.62%
Net Debt / EBIDTA	102.81%
Price To Book	0.67
Price Earnings Ratio	5.25
Price To FCF	-367.52
Price To sales	9.55
EV / EBITDA	7.13

2. Transcript Summary

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3. NewsRoom

Canadian General Investments: Investment Update - Unaudited

Dec -03

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Canadian General Investments: Investment Update - Unaudited

Nov -05

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Canadian General Investments, Limited Declares Dividend on Common Shares

Oct -16

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Canadian General Investments: Investment Update - Unaudited

Oct -03

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Canadian General Investments: Investment Update - Unaudited

Sep -04

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Canadian General Investments: Investment Update - Unaudited

Aug -06

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Canadian General Investments, Limited Declares Dividend on Common Shares

Jul -17

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Canadian General Investments: Investment Update - Unaudited

Jul -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Investment and Related Activities

Expected Growth: 8.5%

Canadian General Investments, Limited's diversified portfolio of Canadian and international equities, bonds, and other securities is poised for growth driven by increasing demand for long-term returns, a strong Canadian economy, and a growing global investment market.

7. Detailed Products

Canadian Equity Portfolio

A diversified portfolio of Canadian equities, actively managed to provide long-term capital appreciation and income.

Canadian Fixed Income Portfolio

A portfolio of high-quality Canadian fixed income securities, actively managed to provide regular income and capital preservation.

Canadian Balanced Portfolio

A balanced portfolio of Canadian equities and fixed income securities, actively managed to provide a balance of growth and income.

Canadian Dividend & Income Fund

A fund that invests in a diversified portfolio of Canadian dividend-paying stocks and other income-generating securities.

Canadian Equity Income Fund

A fund that invests in a diversified portfolio of Canadian equities with a focus on generating income through dividends and interest.

8. Canadian General Investments, Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Canadian General Investments, Limited is moderate due to the presence of alternative investment options available to investors.

Bargaining Power Of Customers

The bargaining power of customers is low as Canadian General Investments, Limited has a diversified investor base and no single investor has significant influence over the company.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low as Canadian General Investments, Limited has a diversified portfolio and is not heavily dependent on a single supplier.

Threat Of New Entrants

The threat of new entrants is high as the investment industry is highly competitive and new entrants can easily enter the market with innovative products and services.

Intensity Of Rivalry

The intensity of rivalry is high as the investment industry is highly competitive and companies are constantly competing for market share and investor attention.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	23.17%
Debt Cost	4.65%
Equity Weight	76.83%
Equity Cost	9.81%
WACC	8.62%
Leverage	30.16%

11. Quality Control: Canadian General Investments, Limited passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Patria Investments

A-Score: 7.3/10

Value: 3.8

Growth: 6.2

Quality: 8.2

Yield: 9.0

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

Gladstone Capital

A-Score: 7.2/10

Value: 6.9

Growth: 6.1

Quality: 8.0

Yield: 10.0

Momentum: 3.0

Volatility: 9.3

1-Year Total Return ->

CGI

A-Score: 7.1/10

Value: 7.2

Growth: 6.0

Quality: 8.9

Yield: 4.0

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

PennantPark Floating Rate Capital

A-Score: 7.0/10

Value: 7.5

Growth: 4.4

Quality: 8.3

Yield: 10.0

Momentum: 1.5

Volatility: 10.0

1-Year Total Return ->

Eagle Point Credit Company

A-Score: 5.5/10

Value: 4.2

Growth: 3.8

Quality: 6.9

Yield: 10.0

Momentum: 0.5

Volatility: 7.3

1-Year Total Return ->

Westaim

A-Score: 4.4/10

Value: 7.4

Growth: 2.1

Quality: 4.2

Yield: 0.0

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

23.64%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.62%

Canadian General Investments, Limited - CA1358251074

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CGI

1.c. Company Highlights

Better Quality

Less Volatile

Average Yield

Average Growth

Lower Growth

Fairly Valued

Weak Momentum

Stable Momentum

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Investment and Related Activities

Expected Growth: 8.5%

7. Detailed Products

Canadian Equity Portfolio

Canadian Fixed Income Portfolio

Canadian Balanced Portfolio

Canadian Dividend & Income Fund

Canadian Equity Income Fund

8. Canadian General Investments, Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Canadian General Investments, Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

46.95$

Current Price

46.95$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA