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AGF Management B NV (TSE:AGF.B)
TSX:AGF.B
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AGF Management B NV
(TSX:AGF.B)
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Rating:79Outperform
Price Target:
C$16.50
▲(19.31% Upside)
AGF Management B NV's strong financial performance and positive earnings call sentiment are the most significant factors driving the score. The technical analysis indicates bullish momentum, although overbought conditions suggest caution. The stock's valuation is attractive, with a low P/E ratio and solid dividend yield.
Positive Factors
AUM Growth
AUM growth indicates strong client trust and market position, enhancing revenue potential through increased management fees, which supports long-term financial stability.
Strong Cash Flow
Robust cash flow generation supports operational flexibility, investment in growth opportunities, and shareholder returns, ensuring sustainable financial health.
Mutual Fund Sales
Outperforming industry mutual fund sales reflect competitive advantage and effective distribution, driving revenue growth and enhancing market presence.
Negative Factors
Leadership Changes
Leadership changes can disrupt strategic direction and operational continuity, potentially impacting long-term performance and stakeholder confidence.
Institutional Client Redemption
Significant client redemption can reduce AUM, impacting fee revenue and highlighting competitive pressures from passive investment strategies.
Decrease in AGF Capital Partners Revenue
Declining revenues in a key segment may indicate challenges in maintaining growth and profitability, affecting overall financial performance.
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$922.11M
Dividend Yield3.52%
Average Volume (3M)137.14K
Price to Earnings (P/E)8.2
Beta (1Y)1.27
Revenue Growth11.23%
EPS Growth30.44%
CountryCA
Employees634
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.46
Shares Outstanding64,812,660
10 Day Avg. Volume116,124
30 Day Avg. Volume137,144
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$16.05Price Target Upside16.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
AGF Management B NV Business Overview & Revenue Model
Company DescriptionAGF Management B NV (AGF.B) is a leading asset management firm based in Belgium, specializing in investment solutions across various sectors including equities, fixed income, and alternative investments. The company focuses on providing tailored investment strategies to a diverse client base, which includes institutional investors, private clients, and financial intermediaries. AGF Management is known for its strong research capabilities and commitment to delivering long-term value through active portfolio management.
How the Company Makes MoneyAGF Management generates revenue primarily through management fees charged on assets under management (AUM). These fees are typically calculated as a percentage of the total assets managed and can vary based on the type of investment strategy employed. Additionally, the company may earn performance fees when it achieves returns above a certain benchmark or target for its clients. Other key revenue streams include consulting services and advisory fees for clients seeking customized investment solutions. Partnerships with financial institutions and distributors also contribute to its earnings by expanding its reach and enhancing its product offerings.
AGF Management B NV Earnings Call Summary
Earnings Call Date:Sep 24, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jan 28, 2026
Earnings Call Sentiment Positive
AGF Management Limited's Q3 2025 earnings call highlighted strong financial performance, significant AUM growth, and successful mutual fund sales. Despite the challenges posed by the passing of the former CEO and a notable institutional client redemption, the company demonstrated resilience and strategic focus. The overall sentiment leans positive due to the considerable achievements and growth metrics reported.Q3-2025 Updates
Positive Updates
Strong Financial Performance
AGF reported an adjusted diluted EPS of $0.46, up 18% from the previous quarter. Adjusted EBITDA for the quarter was $46 million, which is $7 million higher than Q2 and $6 million higher compared to the prior year.
AUM Growth
Assets Under Management (AUM) and fee-earning assets reached $56.8 billion at the end of Q3, up 14% from a year ago.
Mutual Fund Sales Outpacing Industry
AGF Investments retail mutual funds reported net sales of $262 million in the quarter, outpacing the Canadian mutual fund industry.
ETF and SMA AUM Increase
SMA and ETF AUM increased by 64% year-over-year to $3.5 billion.
Strong Cash Flow and Shareholder Returns
Trailing 12-month free cash flow was $108 million, with $49 million returned to shareholders through dividends and share buybacks.
European Subsidiary Recognition
AGF's European subsidiary was accepted as a signatory to the U.K. Stewardship Code, a best practice benchmark in investment stewardship.
Negative Updates
Leadership Changes Due to CEO Passing
The sudden passing of Kevin McCreadie, the former CEO and CIO, was a significant loss for the company.
Institutional Client Redemption
AGF received a redemption notice from an institutional client for $500 million due to a shift toward passive management for regulatory compliance.
Decrease in AGF Capital Partners Revenue
Revenues from AGF Capital Partners were $16 million, a decrease from the prior year due to elevated recurring manager earnings and carried interest income in Q3 2024.
Company Guidance
During the Q3 2025 earnings call for AGF Management Limited, the company reported several positive financial metrics. Assets under management (AUM) and fee-earning assets rose to $56.8 billion by the end of the quarter, marking a 14% increase from the previous year. Average AUM also climbed by 6% compared to Q2. AGF's retail mutual funds achieved net sales of $262 million, surpassing the Canadian mutual fund industry's performance, while their SMA and ETF AUM surged by 64% year-over-year to $3.5 billion. The company posted an adjusted diluted EPS of $0.46, an 18% increase from the previous quarter, and maintained net debt of $17 million with $186 million available on its credit facility. AGF also declared a $0.125 per share dividend for Q3 2025. The company's investment performance showed its mutual funds in the 44th percentile for 1-year returns, 50th for 3-year, and 41st for 5-year returns, with 58% of strategies outperforming peers over 3 and 5 years.AGF Management B NV Financial Statement Overview
Summary
AGF Management B NV exhibits strong financial health with robust revenue and profit growth, efficient cost management, a stable balance sheet with low leverage, and strong cash generation capabilities.Income Statement
AGF Management B NV has demonstrated strong revenue growth with a TTM revenue increase of 6.27% compared to the previous annual period. The gross profit margin for TTM is 63.38%, indicating efficient cost management. The net profit margin is also robust at 19.28%, reflecting healthy profitability. EBIT and EBITDA margins are solid at 20.82% and 27.83% respectively, showcasing strong operational performance.85
Very Positive
Balance Sheet
The company's balance sheet is stable with a debt-to-equity ratio of 0.14, indicating low leverage. The return on equity (ROE) is strong at 8.94%, suggesting effective use of equity to generate profits. The equity ratio is high at 68.26%, reflecting a strong equity base relative to total assets. Overall, the balance sheet shows financial stability with low risk.78
Positive
Cash Flow
AGF Management B NV has shown a healthy free cash flow growth rate of 4.47% in the TTM period. The operating cash flow to net income ratio is 1.16, indicating strong cash generation relative to net income. The free cash flow to net income ratio is 1.13, further supporting the company's ability to generate cash. Overall, the cash flow position is strong, supporting future growth and stability.82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 540.28M | 508.38M | 471.82M | 445.44M | 446.96M | 380.65M |
| Gross Profit | 342.33M | 261.25M | 471.55M | 138.76M | 106.61M | 104.96M |
| EBITDA | 150.39M | 141.68M | 129.01M | 83.21M | 49.12M | 49.26M |
| Net Income | 104.16M | 97.57M | 87.70M | 66.65M | 39.30M | 173.91M |
Balance Sheet | ||||||
| Total Assets | 1.71B | 1.63B | 1.42B | 1.37B | 1.36B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 49.73M | 73.13M | 72.64M | 79.30M | 109.56M | 112.18M |
| Total Debt | 165.12M | 95.83M | 89.89M | 102.86M | 84.63M | 85.66M |
| Total Liabilities | 515.13M | 473.62M | 331.38M | 338.44M | 328.24M | 331.36M |
| Stockholders Equity | 1.17B | 1.13B | 1.09B | 1.03B | 1.03B | 1.02B |
Cash Flow | ||||||
| Free Cash Flow | 117.41M | 112.38M | 83.80M | 48.26M | 34.53M | 89.15M |
| Operating Cash Flow | 120.85M | 114.58M | 87.24M | 64.60M | 47.80M | 92.46M |
| Investing Cash Flow | -89.48M | -78.66M | -37.47M | -40.33M | -24.60M | 240.43M |
| Financing Cash Flow | -41.15M | -33.42M | -57.93M | -52.13M | -30.73M | -290.54M |
AGF Management B NV Technical Analysis
Neutral
13.83
Price Trends
12.92
Positive
12.54
Positive
11.37
Positive
Market Momentum
0.35
Positive
51.70
Neutral
14.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AGF.B, the sentiment is Neutral. The current price of 13.83 is below the 20-day moving average (MA) of 14.13, above the 50-day MA of 12.92, and above the 200-day MA of 11.37, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 51.70 is Neutral, neither overbought nor oversold. The STOCH value of 14.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | C$922.11M | 8.20 | 9.85% | 3.52% | 11.23% | 30.44% | |
74 Outperform | C$876.34M | 5.18 | 9.91% | ― | 14.62% | ― | |
74 Outperform | C$1.65B | 10.61 | 11.80% | 2.72% | 96.56% | 158.06% | |
69 Neutral | C$1.65B | 10.60 | 11.80% | 2.90% | 96.56% | 158.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | C$681.32M | 18.14 | 13.48% | 10.59% | -1.64% | -40.68% | |
58 Neutral | C$286.84M | ― | 0.07% | ― | 12.18% | 93.30% |
* Financial Sector Average
TSE:AGF.B
AGF Management B NV
13.83
3.48
33.62%
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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.