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AGF Management B NV
(TSX:AGF.B)
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Rating:73Outperform
Price Target:
C$17.50
▼(-22.22% Downside)
Action:Reiterated
Date:09/28/26
The score reflects strong fundamentals (profitability, scale improvement, and low leverage) and attractive valuation (low P/E with a solid dividend), partially offset by very weak technicals signaling a steep downtrend and heavy negative momentum. Earnings-call tone was constructive, but guidance points to fee-rate compression and softer long-term investment returns, limiting upside near term.
Positive Factors
AUM and product growth
Strong growth in assets under management and fee-earning assets indicates expanding client adoption and distribution reach. Momentum across ETFs, SMAs, mutual funds, and private wealth also broadens the platform, supporting recurring fee revenue and reducing reliance on a single product category.
Negative Factors
Fee-rate compression
Expected fee-rate compression creates a durable headwind because revenue may grow more slowly than assets under management. The shift toward F-series mutual funds and faster SMA growth can dilute monetization, requiring continued asset growth or expense discipline to protect margins.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM and product growth
Strong growth in assets under management and fee-earning assets indicates expanding client adoption and distribution reach. Momentum across ETFs, SMAs, mutual funds, and private wealth also broadens the platform, supporting recurring fee revenue and reducing reliance on a single product category.
Read all positive factors
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$931.71M
Dividend Yield3.62%
Average Volume (3M)281.04K
Price to Earnings (P/E)6.7
Beta (1Y)1.08
Revenue Growth12.19%
EPS Growth26.48%
CountryCA
Employees624
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.19
Shares Outstanding63,540,497
10 Day Avg. Volume193,440
30 Day Avg. Volume281,042
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$20.00Price Target Upside-11.11% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)2.03
Revenue Forecast (FY)C$581.81M
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...
How the Company Makes Money
Detailed, factual information about AGF Management B NV’s revenue model and key revenue streams (e.g., primary sources of revenue, fee structures, customer segments, or material partnerships) is not available from the information provided. null...
AGF Management B NV Earnings Call Summary
Earnings Call Date:Sep 23, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 21, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, supported by 31% year-over-year growth in AUM and fee-earning assets, consecutive positive retail mutual fund sales, strong ETF and SMA momentum, higher year-over-year EBITDA and cash flow, improving EBITDA yields, a strong balance sheet, and increased shareholder returns. The main challenges were risk-off equity flows, a 12% decline in segregated and sub-advisory AUM, expected fee-rate compression, higher SG&A, subdued long-term investment returns, and a 7.5% year-to-date decline in Kensington's private equity fund. Highlights significantly outweighed the lowlights.Positive Updates
AUM and Fee-Earning Assets Growth
AUM and fee-earning assets reached CAD 74 billion at quarter end, up 31% from a year ago. AGF Investments Mutual Fund AUM was CAD 37.5 billion, up 14% year over year, while AGF Private Wealth AUM increased 7% to CAD 9.7 billion.
Negative Updates
Segregated and Sub-Advisory AUM Decline
Segregated accounts and sub-advisory AUM decreased 12% year over year. The quarter included CAD 650 million of redemptions from one institutional client, consisting of CAD 120 million from an institutional mutual fund series and CAD 500 million from a strategic partner; management said the redemptions were not performance related and instead reflected an asset allocation decision.
Read all updates
Q3-2026 Updates
Positive
Negative
AUM and Fee-Earning Assets Growth
AUM and fee-earning assets reached CAD 74 billion at quarter end, up 31% from a year ago. AGF Investments Mutual Fund AUM was CAD 37.5 billion, up 14% year over year, while AGF Private Wealth AUM increased 7% to CAD 9.7 billion.
Read all positive updates
Company Guidance
AGF is guiding to a 2-3 basis point net management fee rate decline going forward; expects LP returns to be around 6%-8% over the next one to five years versus long-term target returns of 8%-10%; will continue to target long-term returns of 8%-10%; expects to monetize a material portion of its long-term investments over the next one to five years; expects New Holland Capital to move into a fee-related earnings profit position sometime in the next 12-24 months and would look strongly at exercising an additional ownership option to get to a controlling position at some point in the next one to three years; and expects long-term investments to generate somewhere in the 1%-2% range overall for the full book in 2026.AGF Management B NV Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 602.92M | 558.06M | 508.38M | 471.82M | 448.42M | 448.84M |
| Gross Profit | 375.39M | 388.54M | 261.25M | 471.55M | 141.44M | 106.81M |
| EBITDA | 195.28M | 179.12M | 141.68M | 129.01M | 101.60M | 65.08M |
| Net Income | 140.50M | 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 | 69.07M | 66.60M | 73.13M | 72.64M | 79.30M | 109.56M |
| Total Debt | 159.68M | 121.40M | 95.83M | 89.89M | 102.86M | 84.63M |
| Total Liabilities | 515.05M | 510.15M | 473.62M | 331.38M | 338.44M | 328.24M |
| Stockholders Equity | 1.25B | 1.21B | 1.13B | 1.09B | 1.03B | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | 115.94M | 106.71M | 112.38M | 83.80M | 48.26M | 34.53M |
| Operating Cash Flow | 122.27M | 111.64M | 114.58M | 87.24M | 64.60M | 47.80M |
| Investing Cash Flow | -51.88M | -81.02M | -78.66M | -37.47M | -40.33M | -24.60M |
| Financing Cash Flow | -65.38M | -35.94M | -33.42M | -57.93M | -52.13M | -30.73M |
AGF Management B NV Technical Analysis
Negative
22.50
Price Trends
17.63
Negative
19.45
Negative
18.59
Negative
Market Momentum
-0.75
Negative
27.33
Positive
18.63
Positive
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 15.02, above the 50-day MA of 17.63, and above the 200-day MA of 18.59, indicating a bearish trend. The MACD of -0.75 indicates Negative momentum. The RSI at 27.33 is Positive, neither overbought nor oversold. The STOCH value of 18.63 is Positive, 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$1.07B | 1.73 | 28.64% | ― | -18.31% | 265.83% | |
81 Outperform | C$1.15B | 8.33 | 11.06% | 1.13% | -93.61% | 24.49% | |
79 Outperform | C$3.65B | 24.85 | 28.39% | 1.56% | 102.07% | 109.00% | |
73 Outperform | C$931.71M | 6.69 | 11.46% | 3.62% | 12.19% | 26.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | C$298.73M | 15.39 | 7.95% | 15.32% | -1.48% | -47.10% |
* Financial Sector Average
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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.