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AGF Management B NV
(TSX:AGF.B)
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Rating:80Outperform
Price Target:
C$22.50
▲(44.14% Upside)
Action:Reiterated
Date:06/25/26
Overall score reflects solid financial performance (strong cash generation, healthy margins, and low leverage) and a constructive technical setup (price above key moving averages with positive MACD). A reasonable valuation (P/E ~11 and ~2.6% yield) and generally upbeat earnings-call guidance/supportive AUM momentum further lift the score, partially offset by noted flow/redemption and performance/one-time-item risks.
Positive Factors
Strong free cash flow generation
Sustained and improving FCF (TTM +13%) that closely tracks net income supports durable earnings quality, funds dividends, buybacks and growth investments, and provides flexibility to absorb redemptions or fund M&A without stressing liquidity over the next 2–6 months.
Negative Factors
Client redemption / concentration risk
A material single-client redemption highlights concentration risk in segregated/sub-advisory relationships; large outflows could pressure short-term fee income and require liquidations or use of liquidity buffers, testing the firm's redemption-management and cash planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained and improving FCF (TTM +13%) that closely tracks net income supports durable earnings quality, funds dividends, buybacks and growth investments, and provides flexibility to absorb redemptions or fund M&A without stressing liquidity over the next 2–6 months.
Read all positive factors
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.26B
Dividend Yield3.01%
Average Volume (3M)123.00K
Price to Earnings (P/E)9.1
Beta (1Y)1.01
Revenue Growth10.08%
EPS Growth33.25%
CountryCA
Employees634
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.14
Shares Outstanding64,533,610
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$20.80Price Target Upside33.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)2.06
Revenue Forecast (FY)C$627.25M
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
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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
Positive
15.61
Price Trends
17.35
Positive
18.27
Positive
16.54
Positive
Market Momentum
0.66
Negative
65.50
Neutral
31.87
Neutral
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 15.61 is below the 20-day moving average (MA) of 18.68, below the 50-day MA of 17.35, and below the 200-day MA of 16.54, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 65.50 is Neutral, neither overbought nor oversold. The STOCH value of 31.87 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | C$1.26B | 9.14 | 9.72% | 3.01% | 10.08% | 33.25% | |
76 Outperform | C$962.92M | 2.24 | 21.69% | ― | -3.24% | ― | |
74 Outperform | C$1.02B | 9.17 | 5.72% | 0.14% | -102.62% | -2.25% | |
73 Outperform | C$4.10B | 34.24 | 23.54% | 1.32% | 115.09% | 68.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | C$540.93M | 27.13 | 7.80% | 8.78% | -8.34% | -48.32% |
* 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.