AGF Management Limited

TSX:AGF.B Stock Report

Market Cap: CA$710.1m

AGF Management Valuation

Is AGF.B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AGF.B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AGF.B (CA$10.88) is trading below our estimate of fair value (CA$20.89)

Significantly Below Fair Value: AGF.B is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AGF.B?

Key metric: As AGF.B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AGF.B. This is calculated by dividing AGF.B's market cap by their current earnings.
What is AGF.B's PE Ratio?
PE Ratio8.2x
EarningsCA$85.73m
Market CapCA$710.07m

Price to Earnings Ratio vs Peers

How does AGF.B's PE Ratio compare to its peers?

The above table shows the PE ratio for AGF.B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.4x
AD.UN Alaris Equity Partners Income Trust
4.5x-36.9%CA$884.0m
GCG.A Guardian Capital Group
9.2xn/aCA$940.8m
FSZ Fiera Capital
16.2x-9.7%CA$1.0b
SII Sprott
23.7xn/aCA$1.6b
AGF.B AGF Management
8.2x-7.7%CA$710.1m

Price-To-Earnings vs Peers: AGF.B is good value based on its Price-To-Earnings Ratio (8.2x) compared to the peer average (13.4x).

Price to Earnings Ratio vs Industry

How does AGF.B's PE Ratio compare vs other companies in the CA Capital Markets Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MAR.UN Marwest Apartment Real Estate Investment Trust
0.8xn/aUS$10.75m
INXD INX Digital Company
0.2xn/aUS$10.14m
CSOC.A Canso Select Opportunities
2.3xn/aUS$9.60m
ZC Zimtu Capital
2.3xn/aUS$1.82m
AGF.B 8.2xIndustry Avg. 11.6xNo. of Companies9PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AGF.B is good value based on its Price-To-Earnings Ratio (8.2x) compared to the Canadian Capital Markets industry average (11.6x).

Price to Earnings Ratio vs Fair Ratio

What is AGF.B's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AGF.B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.2x
Fair PE Ratio8.7x

Price-To-Earnings vs Fair Ratio: AGF.B is good value based on its Price-To-Earnings Ratio (8.2x) compared to the estimated Fair Price-To-Earnings Ratio (8.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AGF.B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$10.88
CA$12.07
+11.0%
19.0%CA$17.00CA$9.50n/a7
Nov ’25CA$10.64
CA$12.07
+13.5%
19.0%CA$17.00CA$9.50n/a7
Oct ’25CA$9.40
CA$11.32
+20.4%
12.4%CA$14.00CA$9.50n/a7
Sep ’25CA$8.00
CA$10.89
+36.2%
14.4%CA$14.00CA$9.00n/a7
Aug ’25CA$8.13
CA$10.66
+31.1%
15.0%CA$14.00CA$9.00n/a8
Jul ’25CA$8.45
CA$10.66
+26.1%
15.0%CA$14.00CA$9.00n/a8
Jun ’25CA$8.34
CA$10.69
+28.1%
13.6%CA$14.00CA$9.00n/a8
May ’25CA$8.00
CA$10.69
+33.6%
13.6%CA$14.00CA$9.00n/a8
Apr ’25CA$8.53
CA$9.63
+12.8%
12.7%CA$11.50CA$7.50n/a8
Mar ’25CA$8.35
CA$9.31
+11.5%
10.7%CA$11.00CA$7.50n/a8
Feb ’25CA$7.83
CA$9.07
+15.9%
9.0%CA$10.00CA$7.50n/a7
Jan ’25CA$7.71
CA$8.61
+11.6%
10.3%CA$10.00CA$7.50n/a7
Dec ’24CA$7.35
CA$8.61
+17.1%
10.3%CA$10.00CA$7.50n/a7
Nov ’24CA$6.46
CA$8.61
+33.2%
10.3%CA$10.00CA$7.50CA$10.647
Oct ’24CA$7.15
CA$9.04
+26.4%
7.3%CA$10.00CA$8.25CA$9.407
Sep ’24CA$7.92
CA$9.03
+14.0%
6.6%CA$10.00CA$8.50CA$8.008
Aug ’24CA$7.77
CA$9.03
+16.2%
6.6%CA$10.00CA$8.50CA$8.138
Jul ’24CA$7.86
CA$9.03
+14.9%
6.6%CA$10.00CA$8.50CA$8.458
Jun ’24CA$7.06
CA$9.19
+30.1%
6.5%CA$10.25CA$8.50CA$8.348
May ’24CA$7.33
CA$9.19
+25.3%
6.5%CA$10.25CA$8.50CA$8.008
Apr ’24CA$7.95
CA$9.19
+15.6%
6.5%CA$10.25CA$8.50CA$8.538
Mar ’24CA$9.38
CA$9.38
-0.05%
5.2%CA$10.00CA$8.50CA$8.358
Feb ’24CA$8.76
CA$9.34
+6.7%
5.2%CA$10.00CA$8.50CA$7.838
Jan ’24CA$7.07
CA$7.75
+9.6%
10.1%CA$8.75CA$6.50CA$7.718
Dec ’23CA$6.70
CA$7.75
+15.7%
10.1%CA$8.75CA$6.50CA$7.358
Nov ’23CA$6.37
CA$7.75
+21.7%
10.1%CA$8.75CA$6.50CA$6.468

Analyst Forecast: Target price is less than 20% higher than the current share price.

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