Education
About Us
Working with TipRanks
Follow Us
Agf Management B Nv (TSE:AGF.B)
:AGF.B
Top Page
AGF Management B NV
(TSX:AGF.B)
Rating:81Outperform
Price Target:
C$14.50
▲(14.62%Upside)
Positive Factors
Dividends
Dividend increase in line with announcement, up 8.7% to C$0.125 per quarter from C$0.115, representing a 30% payout ratio on 2026E adjusted EPS.
Stock Rating
The stock is upgraded to a BUY rating, indicating a positive outlook for the company.
Valuation
Expected valuation upside is likely driven by AGF Capital Partners, suggesting potential growth in the company's value.
Negative Factors
Assets Under Management
AGF's $53B AUM appears to lack scale in a business that increasingly demands significantly more scale, especially given fee pressures.
Market Performance
Total Q2/25 mutual fund AUM was down 1% compared to an expected increase, due to weaker equity markets.
Net Flows
Net flows weaker, with mutual fund net inflows of $18mm versus the $50mm estimate, on weaker retail fund net inflows of $65mm.
AGF Management B NV (AGF.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$823.25M
Dividend Yield3.95%
Average Volume (3M)67.83K
Price to Earnings (P/E)7.9
Beta (1Y)1.14
Revenue Growth16.93%
EPS Growth17.52%
CountryCA
Employees634
SectorFinancial
Sector Strength73
IndustryAsset Management
Share Statistics
EPS (TTM)0.39
Shares Outstanding65,021,126
10 Day Avg. Volume49,781
30 Day Avg. Volume67,831
Financial Highlights & Ratios
PEG Ratio1.33
Price to Book (P/B)0.71
Price to Sales (P/S)0.00
P/FCF Ratio7.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$13.90Price Target Upside9.88% 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 financial services company operating primarily in the asset management sector. The company provides investment management services to a wide range of clients, including retail investors, institutions, and corporations. AGF Management B NV focuses on delivering value through a diverse range of investment products, including mutual funds, exchange-traded funds (ETFs), and segregated institutional funds, catering to various asset classes and investment strategies.
How the Company Makes MoneyAGF Management B NV generates revenue primarily through management fees and performance fees associated with its investment products. Management fees are charged as a percentage of the assets under management (AUM) and represent a steady source of income, as they are collected regardless of the investment performance. In addition to management fees, the company earns performance fees when its investment products meet or exceed specified performance benchmarks. AGF Management B NV may also engage in strategic partnerships and joint ventures to broaden its product offerings and expand its client base, contributing to its revenue growth. Furthermore, the company invests in marketing and distribution channels to enhance its market presence and attract new investors.
AGF Management B NV Earnings Call Summary
Earnings Call Date:Jun 25, 2025
(Q2-2025)
| % Change Since: -4.24%|
Next Earnings Date:Sep 24, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements such as growth in AUM and winning a prestigious award, while also acknowledging challenges from market volatility affecting average AUM and a decrease in revenues from AGF Capital Partners. Despite some financial setbacks, the strategic growth and performance metrics suggest a cautiously optimistic outlook.Q2-2025 Updates
Positive Updates
Increase in Assets Under Management (AUM) and Fee-Earning Assets
AUM and fee-earning assets were $53.5 billion at the end of Q2, up 12% from a year ago. The SMA and ETF business saw a 54% year-over-year increase in AUM to $2.8 billion.
Mutual Fund Provider of the Year Award
AGF Investments won the Mutual Fund Provider of the Year Award at the 2025 Wealth Professional Awards ceremony, highlighting the company's innovative product lineup and dedication to client value.
Strong Performance in Mutual Funds
AGF Investments retail mutual fund business reported net sales of $65 million in the quarter, outpacing the Canadian mutual fund industry. Mutual fund AUM was $31 billion, up 15% year-over-year.
Solid Financial Metrics
Adjusted diluted EPS was $0.39. The Board declared a $0.125 per share dividend for Q2 of 2025.
Growth in ETF and SMA AUM
The AUM in ETF and SMA categories has grown 41% on a compounded basis over the last 2 years, with notable performance from the U.S. listed market-neutral anti-beta ETF.
Negative Updates
Market Volatility Impact
Due to market volatility, average AUM was down 3% compared to Q1. Adjusted EBITDA for the quarter was $40 million, $8 million lower than Q1, mainly due to an outsized long-term investment gain in Q1.
Decrease in AGF Capital Partners Revenue
Adjusted revenue from AGF Capital Partners was $15 million, representing a $9 million decrease from the previous quarter due to outsized revenues from long-term investments in Q1.
Decline in Free Cash Flows
Free cash flows for the quarter were $24 million, down $8 million from Q1, primarily due to higher distribution income in the last quarter.
Company Guidance
In the Q2 2025 earnings call for AGF Management Limited, several key financial metrics and strategic updates were highlighted. The company reported assets under management (AUM) and fee-earning assets totaling $53.5 billion, marking a 12% increase from the previous year, although average AUM was down 3% compared to Q1 due to market volatility. The retail mutual fund business achieved net sales of $65 million, equating to 20 basis points of mutual fund AUM, outperforming the Canadian mutual fund industry. AGF's adjusted diluted EPS stood at $0.39, with adjusted EBITDA at $40 million, reflecting an $8 million decrease from Q1 primarily due to an outsized long-term investment gain in the previous quarter. The firm maintained a robust balance sheet, with $426 million in short- and long-term investments, net debt of $50 million, and $166 million available on its credit facility. AGF also declared a $0.125 per share dividend for Q2 2025. The company was recognized as the Mutual Fund Provider of the Year at the 2025 Wealth Professional Awards, underscoring its innovative product lineup and client value delivery. Additionally, AGF's investment performance showed mixed results, with 1-year performance in the 46th percentile, 3-year in the 51st, and 5-year in the 41st percentile. The call concluded with a reaffirmation of AGF's strategic focus on growth, disciplined expense management, and capital allocation flexibility amidst a volatile market environment.AGF Management B NV Financial Statement Overview
Summary
AGF Management B NV exhibits strong financial health with consistent revenue growth and stable profitability margins. The balance sheet is solid, though increasing debt requires monitoring. Cash flow generation is robust, supporting the company's operational and financial strategies.Income Statement
AGF Management B NV has demonstrated strong revenue growth with a TTM revenue increase of 6.3% compared to the previous annual period. The gross profit margin improved significantly in the TTM period to 63.4%. Net profit margin remained stable at 19.3% TTM, indicating consistent profitability. However, there was a slight decrease in EBIT margin TTM to 20.8% compared to the previous year, but EBITDA margin improved to 27.8% TTM.85
Very Positive
Balance Sheet
The company's balance sheet remains robust with an equity ratio of 68.3% TTM, reflecting financial stability. The debt-to-equity ratio increased slightly to 0.14 TTM, which is manageable. Return on equity improved to 8.9% TTM, indicating efficient use of equity. However, rising total debt could pose future risks if not managed carefully.75
Positive
Cash Flow
AGF Management B NV's cash flow performance is solid, with a free cash flow growth rate of 4.5% TTM. The operating cash flow to net income ratio is high at 1.16 TTM, showing strong cash generation relative to profit. The free cash flow to net income ratio remains healthy at 1.13 TTM, indicating effective cash management.80
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 508.38M | 471.82M | 445.44M | 446.96M | 380.65M |
| Gross Profit | 261.25M | 471.55M | 138.76M | 106.61M | 104.96M |
| EBITDA | 141.68M | 129.01M | 83.21M | 49.12M | 49.26M |
| Net Income | 97.57M | 87.70M | 66.65M | 39.30M | 173.91M |
Balance Sheet | |||||
| Total Assets | 1.63B | 1.42B | 1.37B | 1.36B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 73.13M | 72.64M | 79.30M | 109.56M | 112.18M |
| Total Debt | 95.83M | 89.89M | 102.86M | 84.63M | 85.66M |
| Total Liabilities | 473.62M | 331.38M | 338.44M | 328.24M | 331.36M |
| Stockholders Equity | 1.13B | 1.09B | 1.03B | 1.03B | 1.02B |
Cash Flow | |||||
| Free Cash Flow | 112.38M | 83.80M | 48.26M | 34.53M | 89.15M |
| Operating Cash Flow | 114.58M | 87.24M | 64.60M | 47.80M | 92.46M |
| Investing Cash Flow | -78.66M | -37.47M | -40.33M | -24.60M | 240.43M |
| Financing Cash Flow | -33.42M | -57.93M | -52.13M | -30.73M | -290.54M |
AGF Management B NV Technical Analysis
Positive
12.65
Price Trends
12.00
Positive
10.96
Positive
10.70
Positive
Market Momentum
0.21
Positive
55.15
Neutral
36.04
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 12.65 is below the 20-day moving average (MA) of 12.73, above the 50-day MA of 12.00, and above the 200-day MA of 10.70, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 55.15 is Neutral, neither overbought nor oversold. The STOCH value of 36.04 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
Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$823.25M | 7.87 | 9.24% | 3.95% | 16.93% | 17.52% | |
75 Outperform | C$1.01B | 13.92 | 5.62% | 3.80% | 35.78% | -24.67% | |
71 Outperform | C$1.01B | 14.60 | 5.62% | 3.63% | 35.78% | -24.67% | |
69 Neutral | C$859.50M | 2.95 | -7.43% | ― | -8.45% | 211.31% | |
67 Neutral | $16.64B | 11.61 | 9.79% | 3.78% | 11.89% | -8.13% | |
65 Neutral | C$731.90M | 18.79 | 13.09% | 6.33% | 3.59% | -43.99% | |
58 Neutral | C$275.20M | ― | 0.37% | ― | 67.83% | 68.03% |
* Financial Sector Average
Performance Comparison
TSE:AGF.B
AGF Management B NV
12.68
4.75
59.90%
TSE:SEC
Senvest Capital
353.50
28.00
8.60%
TSE:FSZ
Fiera Capital A
6.91
-0.71
-9.32%
TSE:AIM
Aimia Inc.
2.96
0.29
10.86%
TSE:GCG.A
Guardian Cap Cl A NV
40.79
-0.79
-1.90%
TSE:GCG
Guardian Capital
43.00
1.22
2.92%
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.