Want to see TSE:AGF.B full AI Analyst Report?
Top Page
AGF Management B NV
(TSX:AGF.B)
Select Model
Select Model
Rating:74Outperform
Price Target:
C$22.50
▲(0.00% Upside)
Action:Reiterated
Date:09/09/26
The score is driven primarily by solid financial performance (strong margins and cash generation with manageable leverage) and attractive valuation (low P/E plus dividend yield). Earnings call commentary supports the outlook via strong AUM and product growth, but the overall score is held back by weak near-term technicals (below key moving averages with negative momentum) and a few operational risks (expected redemption and performance/valuation volatility).
Positive Factors
Strong AUM and product growth
Rapid growth in AUM and fee-earning products expands the base generating management fees and demonstrates successful distribution across newer channels. Strong ETF and SMA momentum can diversify the product mix and support recurring revenue growth over the next several quarters.
Negative Factors
Retail mutual fund sales remain modest
Limited retail mutual fund sales indicate that growth is not equally broad across AGF's distribution channels. Continued weakness in this established product area could constrain organic inflows and increase reliance on faster-growing ETF, SMA, alternatives, or institutional businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong AUM and product growth
Rapid growth in AUM and fee-earning products expands the base generating management fees and demonstrates successful distribution across newer channels. Strong ETF and SMA momentum can diversify the product mix and support recurring revenue growth over the next several quarters.
Read all positive factors
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.41B
Dividend Yield2.62%
Average Volume (3M)251.66K
Price to Earnings (P/E)9.3
Beta (1Y)1.02
Revenue Growth10.08%
EPS Growth33.25%
CountryCA
Employees624
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.14
Shares Outstanding64,379,450
10 Day Avg. Volume333,903
30 Day Avg. Volume251,660
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)0.75
Price to Sales (P/S)1.64
P/FCF Ratio8.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$22.67Price Target Upside0.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.16
Revenue Forecast (FY)C$634.08M
AGF Management B NV Business Overview & Revenue Model
Company Description
AGF Management Limited operates as a publicly traded holding company focused on asset management. Through its network of subsidiaries, the firm delivers specialized services to a wide array of institutional investors. This clientele includes publi...
AGF Management B NV Earnings Call Summary
Earnings Call Date:Jun 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
The call emphasized strong AUM growth (+40% YoY to $75B), substantial momentum in ETF/SMA products (+74% YoY to $4.8B), expansion of the alternatives platform (New Holland growth, AGF Capital Partners $15.3B) and solid adjusted earnings and cash generation (adjusted EPS $0.72, adjusted EBITDA +QoQ and YoY, FCF positive). Key risks discussed included modest Canadian mutual fund sales ($6M), median investment performance percentiles (~40s), lumpy fair value adjustments and valuation discounts, and a $150M redemption expected in Q3. Overall, the positive growth, strong balance sheet, free cash flow and strategic progress in alternatives outweigh the noted challenges and one-time items.Positive Updates
AUM and Fee-Earning Asset Growth
Total AUM and fee-earning assets reached $75.0 billion at quarter end, up 40% year-over-year; AGF Investments mutual fund AUM was $38.0 billion, up 23% YoY (industry +20%). AGF Capital Partners AUM and fee-earning assets were $15.3 billion, including $11.0 billion from New Holland Capital.
Negative Updates
Modest Canadian Mutual Fund Net Sales
Canadian retail mutual fund net sales were only $6 million in the quarter (8th consecutive positive quarter), a modest result compared with industry net sales (~$7 billion for the quarter) and weaker year-over-year retail fund sales attributed to seasonality and consumer cost-of-living pressures.
Read all updates
Q2-2026 Updates
Positive
Negative
AUM and Fee-Earning Asset Growth
Total AUM and fee-earning assets reached $75.0 billion at quarter end, up 40% year-over-year; AGF Investments mutual fund AUM was $38.0 billion, up 23% YoY (industry +20%). AGF Capital Partners AUM and fee-earning assets were $15.3 billion, including $11.0 billion from New Holland Capital.
Read all positive updates
Company Guidance
Guidance in the call emphasized continued AUM and earnings growth and disciplined capital allocation: total AUM and fee‑earning assets were $75 billion (up 40% YoY) including New Holland’s $11 billion (New Holland AUM up 44% since 2024), AGF Investments mutual fund AUM $38 billion (+23% YoY), ETF/SMA AUM $4.8 billion (+74% YoY) with Canadian SMA/ETF net flows of $155 million and Canadian retail mutual fund net sales of $6 million (8th consecutive quarter of positive retail flows); Q2 adjusted diluted EPS was $0.72 and adjusted EBITDA $64 million (TTM adjusted EBITDA $193 million) with an EBITDA yield of 28 bps, net management fees of $97 million and AGF Capital Partners revenues of $27 million (including a $15 million gain on the New Holland transaction); cash generation and capital return targets remain intact—Q2 free cash flow $36 million, TTM free cash flow $134 million, dividends paid = 24% of FCF, $80 million returned to shareholders (TTM: $32 million dividends, $47 million buybacks) and >500k shares repurchased this quarter—balance sheet flexibility is strong with net debt $51 million, $435 million in short/long‑term investments, and $145 million available on a $250 million facility; management expects New Holland to be modestly accretive (fee‑related earnings to pick up over 12–24 months), foresees ~5–6% returns on long‑term investments for 2026, and flagged a non‑performance driven $150 million client redemption expected in Q3, while reiterating opportunistic buybacks and a balanced allocation between dividends, buybacks and growth investments.AGF Management B NV Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 591.48M | 558.06M | 508.38M | 471.82M | 448.42M | 448.84M |
| Gross Profit | 392.64M | 388.54M | 261.25M | 471.55M | 141.44M | 106.81M |
| EBITDA | 190.37M | 179.12M | 141.68M | 129.01M | 101.60M | 65.08M |
| Net Income | 137.69M | 128.58M | 97.57M | 87.70M | 66.65M | 39.30M |
Balance Sheet | ||||||
| Total Assets | 1.79B | 1.75B | 1.63B | 1.42B | 1.37B | 1.36B |
| Cash, Cash Equivalents and Short-Term Investments | 71.55M | 66.60M | 73.13M | 72.64M | 79.30M | 109.56M |
| Total Debt | 185.69M | 121.40M | 95.83M | 89.89M | 102.86M | 84.63M |
| Total Liabilities | 527.47M | 510.15M | 473.62M | 331.38M | 338.44M | 328.24M |
| Stockholders Equity | 1.24B | 1.21B | 1.13B | 1.09B | 1.03B | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | 119.06M | 106.71M | 112.38M | 83.80M | 48.26M | 34.53M |
| Operating Cash Flow | 125.38M | 111.64M | 114.58M | 87.24M | 64.60M | 47.80M |
| Investing Cash Flow | -42.56M | -81.02M | -78.66M | -37.47M | -40.33M | -24.60M |
| Financing Cash Flow | -62.35M | -35.94M | -33.42M | -57.93M | -52.13M | -30.73M |
AGF Management B NV Technical Analysis
Negative
22.50
Price Trends
22.18
Negative
19.66
Positive
18.53
Positive
Market Momentum
-0.37
Positive
32.58
Neutral
39.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AGF.B, the sentiment is Negative. The current price of 22.5 is above the 20-day moving average (MA) of 22.26, above the 50-day MA of 22.18, and above the 200-day MA of 18.53, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 32.58 is Neutral, neither overbought nor oversold. The STOCH value of 39.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AGF.B.
AGF Management B NV Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$1.05B | 1.70 | 28.64% | ― | -18.31% | 265.83% | |
81 Outperform | C$1.09B | 7.81 | 11.06% | 1.19% | -93.61% | 24.49% | |
79 Outperform | C$4.61B | 31.47 | 28.39% | 1.25% | 102.07% | 109.00% | |
74 Outperform | C$1.41B | 9.29 | 11.40% | 2.62% | 10.08% | 33.25% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
52 Neutral | C$466.10M | 22.76 | 7.95% | 10.36% | -1.48% | -47.10% |
* Financial Sector Average
TSE:AGF.B
AGF Management B NV
19.87
7.64
62.52%
TSE:CVG
Clairvest
81.35
12.04
17.37%
TSE:FSZ
Fiera Capital A
4.17
-2.03
-32.79%
TSE:SEC
Senvest Capital
436.25
101.25
30.22%
TSE:SII
Sprott
176.90
83.64
89.67%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.