AGF Management Ltd Shs -B- Non-Voting

AGF.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 8.40	Pxn	Lrszcvhk

Credit and Equity Market Volatility Will Affect AGF's Flows and AUM in Near Term

Greggory Warren

Jan 31, 2023

We've increased our fair value estimate for no-moat-rated AGF Management to CAD 8.50 per share from CAD 7.50 after updating our valuation model to adjust for changes to our forecasts for assets under management, revenue, and profitability since our last update. The shares appear fairly valued currently, with our High Morningstar Uncertainty Rating requiring a wider margin of safety before recommending the stock.

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