AGF Management Earnings: Market Gains Lift Managed Assets, but Road Ahead Remains Difficult

While there was little in no-moat AGF Management's fiscal fourth-quarter results that would alter our long-term view of the firm, we expect to raise our CAD 7.50 per share fair value estimate slightly given a higher level of managed assets for the firm since the end of fiscal 2023. We view the shares as being only slightly undervalued when compared with our expected revised fair value estimate.