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$23.50
▲(15.08% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by solid financial performance (growth and improving margins with low leverage) and an attractive valuation (low P/E plus dividend). Technicals are supportive due to a strong uptrend, but overbought momentum readings temper the overall result.
Positive Factors
Revenue Acceleration
Sustained and accelerating revenue growth into 2025 indicates expanding fee income and AUM momentum, which supports stable management-fee revenues. Over a 2–6 month horizon this implies predictable top-line drivers, greater operating leverage potential and more resources for strategic initiatives.
Negative Factors
Cash Conversion Variability
Inconsistent cash conversion and a 2025 FCF decline reduce predictability of distributable cash and constrain capital allocation choices. Over months this can limit flexibility for buybacks or special investments and raises the need for closer monitoring of working-capital and fee-timing dynamics.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Acceleration
Sustained and accelerating revenue growth into 2025 indicates expanding fee income and AUM momentum, which supports stable management-fee revenues. Over a 2–6 month horizon this implies predictable top-line drivers, greater operating leverage potential and more resources for strategic initiatives.
Read all positive factors
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.32B
Dividend Yield3.01%
Average Volume (3M)123.00K
Price to Earnings (P/E)7.1
Beta (1Y)1.16
Revenue Growth11.23%
EPS Growth30.44%
CountryCA
Employees634
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.62
Shares Outstanding64,812,294
10 Day Avg. Volume110,264
30 Day Avg. Volume122,996
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$19.85Price Target Upside-2.79% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)2.14
Revenue Forecast (FY)C$634.49M
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, in...
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 ...
AGF Management B NV Earnings Call Summary
Earnings Call Date:Sep 24, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 14, 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.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.
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.
Read all updates
Q3-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 558.06M | 508.38M | 471.82M | 448.42M | 448.84M |
| Gross Profit | 388.54M | 261.25M | 471.55M | 141.44M | 106.81M |
| EBITDA | 179.12M | 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 | 121.40M | 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
Positive
20.42
Price Trends
19.20
Positive
17.22
Positive
15.07
Positive
Market Momentum
0.31
Negative
61.70
Neutral
85.84
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 20.42 is above the 20-day moving average (MA) of 19.44, above the 50-day MA of 19.20, and above the 200-day MA of 15.07, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 61.70 is Neutral, neither overbought nor oversold. The STOCH value of 85.84 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$1.32B | 7.10 | 9.85% | 3.01% | 11.23% | 30.44% | |
74 Outperform | C$823.83M | 1.28 | 9.23% | ― | 22.33% | -25.06% | |
74 Outperform | C$5.04B | 36.86 | 20.71% | 1.32% | 35.51% | 7.55% | |
71 Outperform | C$1.03B | 2.39 | 5.72% | 0.14% | -44.78% | -95.84% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | C$572.56M | 17.05 | 14.44% | 8.78% | -0.88% | -52.30% |
* Financial Sector Average
TSE:AGF.B
AGF Management B NV
20.42
11.68
133.69%
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75.00
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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.