Canada’s largest non-bank brokerage reportedly believes its shares are undervalued and has hired advisers to explore its options. (Bloomberg)
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Canada’s largest non-bank brokerage reportedly believes its shares are undervalued and has hired advisers to explore its options. (Bloomberg)
Talking point: Canaccord is one of Canada’s largest independent investment banking firms. It has a market capitalization of $723 million, a fraction of CIBC’s $45-billion cap, the smallest of the Big Five. However, the firm believes it’s undervalued and that its U.K. wealth business on its own could be worth $1 billion. The Big Five have picked up independent investment firms when they’ve gone up for sale before. In 2018, Scotiabank purchased Jarislowsky Fraser for about $950 million. Canaccord has particular expertise with initial public offerings. In 2019, Canaccord managed 20 IPOs and claimed 56 per cent of the total amount raised in Canada, beating out all the big banks.
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