Great-West Lifeco Inc. (GWO-PN.TO)

Industry: Insurance - Life Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
PRS	8	Prudential Financi	55,708	3.34	3.34	5.29	5.29	1.61	0.59
MFC	9	Manulife Financial	51,998	12.45	11.85	8.34	8.45	6.86	8.03
PHNX.L	10	Phoenix Group Hold	45,202	-	-	-	-	2.52	0.00
CNLI.VI	11	China Life Insuran	42,785	3.50	3.01	7.07	7.07	7.65	2.32
PWF-PZ.TO	12	Power Financial Co	41,681	-	-	1.04	1.08	1.11	1.21
2378.HK	13	Prudential plc	35,699	5.72	4.52	1.58	1.58	0.72	1.31
0966.HK	14	China Taiping Insu	28,000	3.79	3.51	1.06	1.06	0.21	0.17
GWO-PN.TO	15	Great-West Lifeco	26,101	3.93	3.60	2.82	2.56	2.70	-
8795.T	16	T&D Holdings, Inc.	23,696	12.45	12.26	-1.02	-1.00	-0.64	-
7181.T	17	Japan Post Insuran	22,301	10.08	10.26	1.59	1.64	0.88	2.23
601336.SS	18	New China Life Ins	19,005	4.97	3.98	7.74	6.10	4.02	6.29
LNC	19	Lincoln National C	18,456	3.65	3.00	1.01	0.84	1.34	0.89
0H68.L	20	Aflac Incorporated	17,962	14.20	14.49	9.03	8.38	6.57	9.80
032830.KS	21	Samsung Life Insur	17,184	12.89	11.02	9.95	8.73	-	30.17
AEL	22	American Equity In	14,458	8.97	10.06	-14.46	-22.02	-	-
088350.KS	23	Hanwha Life Insura	13,125	3.12	2.46	14.83	11.34	30.88	22.39

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.97	3.98	3.44	3.47	1.47	1.31
Full Range Median Multiple	5.72	4.52	6.18	5.69	2.06	2.23
Industry Multiple	7.63	7.21	5.71	5.13	5.36	6.57
Market Implied Multiple	4.11	3.76	2.95	2.68	2.82	-
Company (GWO-PN.TO) Multiple	3.93	3.60	2.82	2.56	2.70	-
(*) Net Income / EBITDA / Revenue	3,026	3,307	4,091	4,497	4,273	-263
Winsorized Enterprise Value	N/A	N/A	14,073	15,586	6,285	-345
Full Range Median Enterprise Value	N/A	N/A	25,283	25,605	8,811	-585
(-) Net Debt	-362	-362	-362	-362	-362	-362
Winsorized Equity Value	15,031	13,157	14,435	15,948	6,647	17
Full Range Median Equity Value	17,321	14,955	25,644	25,967	9,173	-223
(/) Shares Outstanding	670	670	670	670	670	670
Winsorized Fair Value	$22.44	$19.64	$21.55	$23.81	$9.92	$0.03
Full Range Median Fair Value	$25.86	$22.32	$38.28	$38.76	$13.69	$-0.33
Current Price	$18.55	$18.55	$18.55	$18.55	$18.55	$18.55
Upside / Downside	20.96%	5.87%	16.16%	28.34%	-46.51%	-99.86%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.71	$13.75	$15.08	$16.66	$6.95	$0.02
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy