AGF Management Ltd Shs -B- Non-Voting

AGF.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 3.20	Xqgd	Zvzrksnr

AGF Management: Lowering Fair Value Estimate by 12% on Weaker Performance and Flows

Greggory Warren

Oct 6, 2023

We've lowered our fair value estimate for AGF Management to CAD 7.50 per share from CAD 8.50 to account for revised near-term expectations about assets under management, revenue, and profitability since our last update. Our fair value estimate implies a price/earnings multiple of 5.5 times our 2023 earnings estimate and 6.2 times our 2024 earnings estimate. For some perspective, during the past five and 10 years, the shares have traded at an average of 7.4 and 9.5 times trailing adjusted earnings, with the highest and lowest multiples during the past decade being 20.8 and 3.4 times.

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