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Investing.com - Scotiabank (TSX:BNS) has resumed coverage of Great-West Lifeco Inc (TSX:GWO) (OTC:GWLIF) with a Sector Outperform rating and a price target of C$59.00.
The Canadian financial services firm cited optimism about Great-West Lifeco’s growth outlook compared to its large Canadian life insurance peers.
Scotiabank’s positive outlook is primarily driven by Empower, Great-West’s U.S. retirement services business, which has become a dominant player in its sector with potential for both organic growth and expansion through acquisitions as the industry consolidates.
The bank also expressed favorable views on the company’s Europe segment and management’s strategic focus on niche markets where Great-West can compete profitably.
Scotiabank applied a price-to-book value multiple of 1.8x on its 2026 book value per share estimate, representing a 4% premium compared to Great-West’s large peers but below the company’s historical premium of 20%, suggesting the stock is currently undervalued.
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