AGF Management B NV (AGF.B) AI Stock Analysis

• Market Cap: C$1.22B
• Dividend Yield: 3.01%
• Average Volume (3M): 123.00K
• Price to Earnings (P/E): 9.5
• Beta (1Y): 1.15
• Revenue Growth: 11.23%
• EPS Growth: 30.44%
• Country: CA
• Employees: 634
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.62
• Shares Outstanding: 64,472,534
• 10 Day Avg. Volume: 110,264
• 30 Day Avg. Volume: 122,996
• PEG Ratio: 0.22
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 1.64
• P/FCF Ratio: 8.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$19.85
• Price Target Upside: 5.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 79 Outperform
• Price Target: C$21.00 ▲(11.46% Upside)

The score is driven primarily by strong financial performance (growth, improving profitability, and low leverage) and an attractive valuation (low P/E with a solid dividend). Technicals support the uptrend, but overbought momentum indicators add near-term downside risk. Earnings call commentary was broadly constructive on AUM and sales growth, tempered by leadership disruption and an institutional redemption.

Positive Factors

AUM Growth

Sustained 14% AUM growth meaningfully expands the recurring fee base and diversifies revenue across client segments. A larger AUM pool improves economies of scale in distribution and product investment, supporting durable management-fee income and resilience across market cycles.

SMA and ETF Expansion

Rapid growth in SMA and ETF assets builds exposure to scalable, fee-bearing products that tend to be stickier and higher margin than transactional channels. This structural shift broadens distribution, supports recurring revenue, and positions the firm to capture asset flows to advisory and indexed wrappers over time.

Conservative Balance Sheet

Low leverage and rising equity provide financial flexibility to withstand redemptions, invest in product development, and maintain shareholder distributions. Improved ROE signals better capital efficiency, reducing refinancing risk and supporting strategic initiatives over the medium term.

Negative Factors

Leadership Disruption

The unexpected loss of the CEO/CIO creates key-person risk for investment leadership, strategy execution, and client relationships. Succession and continuity of investment process may take months, potentially affecting performance, institutional confidence, and new business retention over the medium term.

Institutional Redemption & Passive Shift

A large institutional redemption tied to a move toward passive vehicles highlights exposure to secular passive adoption and regulatory-driven asset reallocation. If this trend continues, it could structurally reduce active fee-bearing AUM and pressure long-term revenue and margin sustainability.

Cash Conversion & Margin Volatility

Variability in operating cash flow and a 2025 FCF pullback weaken predictability of shareholder returns and reinvestment capacity. Coupled with historical margin swings, inconsistent cash conversion raises the risk that earnings volatility translates into constrained capital allocation during adverse periods.

AGF Management B NV Business Overview & Revenue Model

Company Description

AGF Management Limited is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to public and corporate DB pension plans, endowments and foundations, sovereign wealth funds, corporate plans, insurance companies, and sub-advised mandates. Through its subsidiaries, it manages separate client-focused equity, fixed income, and balanced mutual funds along with separate client-focused equity, fixed income, and balanced portfolios. Through its subsidiaries, the firm invests in the public equity and fixed income markets across the globe. For its equity portion, it invests in growth stocks of companies. The firm employs fundamental analysis to make its investments. AGF Management Limited was founded in 1957 and is based in Toronto, Canada.

How the Company Makes Money

AGF Management B NV generates revenue primarily through management fees charged on the assets under management (AUM) in its various investment funds and portfolios. The company earns a percentage of the total value of the assets it manages, which can vary depending on the investment vehicle and client agreements. Additionally, AGF may receive performance fees based on the returns generated by its funds, incentivizing the company to achieve strong investment performance. Other potential revenue streams include advisory fees for financial planning and consulting services, as well as commissions from the sale of financial products. Strategic partnerships with financial institutions and distribution networks also play a significant role in expanding AGF's market reach and driving earnings.

AGF Management B NV Financial Statement Overview

Summary

Strong overall fundamentals: steady revenue growth with a notable acceleration in 2025, improving profitability (higher net margin and healthy EBIT margin), and low leverage. Offsetting factors are historical margin volatility and some variability in cash conversion, including a 2025 pullback in free cash flow.

Income Statement

Revenue has grown steadily across the period, with a strong acceleration in 2025 (annual revenue up meaningfully versus 2024). Profitability is solid and improving: net margin rose from ~19% (2024) to ~23% (2025) and operating profitability is healthy (2025 EBIT margin ~30%). Offsetting this, profitability shows historical volatility (e.g., unusually high margins in 2023 and 2020 vs much lower in 2021–2022), which suggests earnings can be somewhat cyclical or impacted by non-recurring items.

Balance Sheet

The balance sheet looks conservatively levered, with low debt relative to equity in every year (roughly 0.08–0.16 debt-to-equity). Equity has steadily increased over time, supporting balance sheet resilience. Returns on equity have improved to ~10.6% in 2025 from mid-single digits earlier, though they are not consistently high year-to-year and leverage ticked up in 2025 versus 2023–2024.

Cash Flow

Cash generation is generally healthy: free cash flow is close to reported earnings in most years (around ~0.95–0.98 in 2023–2025), indicating profits are largely converting to cash. However, operating cash flow has been less consistent relative to earnings (below 1.0 in most years and ~0.87 in 2025), and free cash flow declined in 2025 after growth in 2023–2024, pointing to some near-term variability in cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	558.06M	508.38M	471.82M	448.42M	448.84M
Gross Profit	285.23M	261.25M	471.55M	141.44M	106.81M
EBITDA	177.75M	141.68M	129.01M	101.60M	65.08M
Net Income	128.58M	97.57M	87.70M	66.65M	39.30M
Balance Sheet
Total Assets	1.75B	1.63B	1.42B	1.37B	1.36B
Cash, Cash Equivalents and Short-Term Investments	66.60M	73.13M	72.64M	79.30M	109.56M
Total Debt	194.85M	95.83M	89.89M	102.86M	84.63M
Total Liabilities	510.15M	473.62M	331.38M	338.44M	328.24M
Stockholders Equity	1.21B	1.13B	1.09B	1.03B	1.03B
Cash Flow
Free Cash Flow	106.71M	112.38M	83.80M	48.26M	34.53M
Operating Cash Flow	111.64M	114.58M	87.24M	64.60M	47.80M
Investing Cash Flow	-81.02M	-78.66M	-37.47M	-40.33M	-24.60M
Financing Cash Flow	-35.94M	-33.42M	-57.93M	-52.13M	-30.73M

AGF Management B NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AGF.B, the sentiment is Positive. The current price of 18.84 is above the 20-day moving average (MA) of 17.30, above the 50-day MA of 16.12, and above the 200-day MA of 13.34, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 76.87 is Negative, neither overbought nor oversold. The STOCH value of 89.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AGF.B.

AGF Management B NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGF.B	79 Outperform	C$1.22B	9.49	9.85%	3.01%	11.23%	30.44%
SII	78 Outperform	C$4.19B	59.63	14.90%	1.32%	35.51%	7.55%
SEC	74 Outperform	C$936.45M	5.35	9.11%	―	22.33%	-25.06%
GCG	69 Neutral	C$1.66B	8.87	13.82%	2.29%	58.88%	82.03%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FSZ	62 Neutral	C$628.01M	20.35	11.26%	8.78%	-0.88%	-52.30%
CVG	57 Neutral	C$1.01B	304.80	0.32%	0.14%	-44.78%	-95.84%