AGF Management Ltd Shs -B- Non-Voting

AGF.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 9.80	Qwphj	Bykjlkgf

Market Gains and Inflows Boost AGF Management's Q4 AUM, but Road Ahead Remains Difficult

Greggory Warren

Jan 25, 2023

While there was little in no-moat-rated AGF Management's fiscal fourth-quarter results that would alter our long-term view of the firm, we expect to raise our fair value estimate slightly given the higher level of assets the firm had under management at the end of fiscal 2022. We view the shares as being slightly undervalued when compared with our expected revised fair value estimate.

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