AGF Management Ltd Shs -B- Non-Voting

AGF.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 6.60	Bnyjk	Ltmqycf

Ongoing Market Losses Alter Improving Flow Picture at AGF Management; Lowering FVE to CAD 7.50

Greggory Warren

Jun 23, 2022

While there was little in no-moat-rated AGF Management's fiscal second-quarter results that would alter our long-term view of the firm, we are lowering our fair value estimate to CAD 7.50 per share from CAD 8.50 after updating our valuation model for lower levels of assets under management, revenue, and profitability in the near term than we previously forecast.

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