AGF Management Earnings: Market Gains and Acquisitions Should Continue to Lift Near-Term Results

While there was little in no-moat rated AGF Management's fiscal first-quarter results that would alter our long-term view of the firm, we are increasing our fair value estimate to CAD 9.50 per share from CAD 7.50 to reflect revised near-term expectations for AUM, revenue, and profitability since our last update. Despite the increase in the company's stock price today, we view the shares as being only slightly undervalued relative to our revised fair value estimate.