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AGF Management Limited (AGFMF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of AGF Management Limited $14.69, price $10.85, upside +35.4%, quality 75 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
AGF Management Limited
AGFMF · USUndervalued, solidFair Value upside is positive and quality is strong.
✓Fair value $14.69 · Undervalued (+35.4%)
✓Quality 75/100
✓Healthy Growth (revenue 5y +7.5 %/yr)
✓Highly profitable · 20.2% net margin (TTM)
✓Low debt · generates free cash flow
✓4.7% dividend yield · Well covered
!Moderate moat 59/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $1.27 – $17.08 · fair‑value band $10.97 – $17.47 · the $10.85 price screens below the $14.69 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
AGF Management Limited is one of Canada's premier investment management companies with offices across Canada and subsidiaries around the world. 2007 marks AGF's 50th anniversary ofproviding Canadians with innovative investment solutions across the wealth continuum.
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AGF Management Limited is one of Canada's premier investment management companies with offices across Canada and subsidiaries around the world. 2007 marks AGF's 50th anniversary ofproviding Canadians with innovative investment solutions across the wealth continuum. AGF's products and services include a diversified family of more than 50 mutual funds, the evolutionary AGF Elements portfolios, the Harmony asset management program, AGF Private Investment Management, Institutional Account Services and AGF Trust GICs, loans and mortgages. With approximately $53 billion in total assets under management, AGF serves more than one million investors. AGF Management Limited was formed on 1957 and is based in Canada.
Stock analysis
AGF Management Limited (AGFMF) currently trades at $10.85, while our model-based Fair Value estimate is $14.69, implying the stock looks roughly 26.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $18.37 per share, and 9 of the 12 models we run sit above the $10.85 price.
Bear case: the Dividend Discount group reads lowest at $3.01, and 3 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: $10.97 (bear) to $17.47 (bull), the price of $10.85 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 75/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
AGF Management Limited reported revenue of C$557M in FY2025 versus C$449M in FY2021, a compound +5.6%/yr. Reported net income was C$128M in FY2025, compounding +34.5%/yr from FY2021.
Key figures
Market cap $910M · P/E ratio 8.8 · P/S ratio 2.03 · EPS (TTM) $1.23 · Dividend yield 4.7% · Net margin 23.0% · Return on equity 9.7% · Return on assets (EBIT) 6.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 35%, AGFMF screens cheaper than that median.
Fair Value models
Bear $10.97
Fair Value $14.69
Bull $17.47
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.6056 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF
$10.42
$13.09
$17.52
80
Owner Earnings
$12.56
$16.01
$22.27
77
Residual Income
$11.34
$12.43
$14.25
76
All 12 models by family
DCF Models
Owner Earnings
$12.56
$16.01
$22.27
77
5Y P/E Exit
$11.11
$16.10
$22.22
71
10Y P/E Exit
$10.60
$14.14
$17.64
65
Earnings-Based
Graham-Dodd
$9.61
$14.51
$17.25
67
Dividend Discount
Gordon GGM
$2.66
$3.01
$3.41
69
DDM Multi-Stage
$2.66
$3.31
$4.04
67
Multiples
P/E Multiple
$13.78
$18.37
$22.96
63
P/B Multiple
$13.96
$18.62
$23.27
55
Asset-Based
NCAV (Graham)
$6.65
$8.91
$13.30
54
Growth DCF
Growth DCF
$10.42
$13.09
$17.52
80
Rev-Margin DCF
$8.87
$12.55
$17.23
73
Economic Profit
Residual Income
$11.34
$12.43
$14.25
76
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Set up alert →Quality Score breakdown
Overall quality
75/100
Of which business quality 72 · Market factors (momentum, volatility) 44
Profitability
49
Margins and returns on capital today
Quality Growth
72
Are margins and returns improving?
Cashflow
69
Earnings quality: real cash, not paper profit
Fin. Strength
77
Balance sheet, leverage, solvency risk
Investment
77
Disciplined investing over empire-building
Low Volatility
48
Calm price path (market factor)
Momentum
41
Price trend over the last 3–12 months (market factor)
52W Momentum
45
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
Start year 2020 (pandemic). Over 10 years: +2.8% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.1%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+40.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.9%
Dividend (yield on the price)4.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34.7% vs 16.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 30%
2025 sits 104% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−6.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about −8.4% a year for the price and +3.8% for the forecasts.
Forecast 2026 (sales)+8.8%
Forecast 2027 (sales)+6.0%
Projected 2028 (sales)+5.5%
Projected 2029 (sales)+5.0%
Projected 2030 (sales)+4.5%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is AGF Management Limited (AGFMF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.69 versus a price of $10.85, about +35% upside (undervalued).
What is the fair value of AGFMF?
Our model-based fair value for AGF Management Limited is $14.69 (as of Sep 24, 2026), built from audited fundamentals. The current price: $10.85.
What is the quality score of AGFMF?
AGF Management Limited has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for AGF Management Limited (AGFMF)?
Our model-based price target is the fair value of $14.69 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario $10.97, optimistic scenario $17.47. It is a calculation from audited fundamentals, not an analyst target.
What is the AGF Management Limited stock forecast for 2026?
Our models put fair value at $14.69, about +35% upside versus a price of $10.85 (undervalued). Cautious scenario $10.97, optimistic scenario $17.47. The calculation is refreshed regularly with new filings.
What is the revenue of AGF Management Limited (AGFMF)?
AGF Management Limited reported trailing-twelve-month revenue of about C$574M (latest available figure, as of Sep 24, 2026).
Does AGF Management Limited pay a dividend?
AGF Management Limited currently shows a dividend yield of about 4.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into AGF Management Limited (AGFMF)?
For today's price to be fair in a discounted-cash-flow model, AGF Management Limited would have to grow free cash flow by -6.4 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AGFMF use?
Our models discount AGF Management Limited at 11.7 %: a base by market capitalisation (small), damped by beta 1.16, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For AGF Management Limited that is -6.4 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has AGF Management Limited (AGFMF) delivered so far?
Over the past 5 years revenue at AGF Management Limited grew +7.5 % a year. The price currently implies -6.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of AGF Management Limited (AGFMF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into AGF Management Limited (-6.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AGF Management Limited (AGFMF)?
The free-cash-flow yield on the price is 14.29 %: that much free cash flow AGF Management Limited produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AGF Management Limited (AGFMF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AGF Management Limited it is $14.69 per share (as of Sep 24, 2026), against a price of $10.85. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is AGF Management Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AGFMF trades below its calculated fair value: price $10.85, fair value $14.69, a gap of about +35% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AGFMF?
No. The price is what the market pays today ($10.85); the fair value is what the company's own numbers justify ($14.69). For AGF Management Limited the two are $3.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is AGF Management Limited worth?
The market values AGF Management Limited at about $910M (market capitalisation, as of Sep 24, 2026). Per share that is $10.85; our models calculate a fair value of $14.69 per share.
What do the bullish and bearish scenarios say about AGFMF?
Our models span a range for AGF Management Limited: cautious scenario $10.97, base $14.69, optimistic $17.47 per share (as of Sep 24, 2026, price $10.85). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is AGFMF from its 52-week high?
AGF Management Limited trades at $10.85, about 36% below its 52-week high of $17.08 and 14% above the low of $9.50 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.69 is for.
Which stocks are comparable to AGF Management Limited?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is AGF Management Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $10.85, calculated fair value $14.69 (+35%), Quality Score 75/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AGFMF calculated?
We run AGF Management Limited through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $14.69, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. AGF Management Limited currently trades 26 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of AGF Management Limited (AGFMF)?
The closing price on Oct 2, 2026 was $10.85. Our model-based fair value is $14.69, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AGF Management Limited right now?
The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of AGF Management Limited (AGFMF) come from?
Earnings per share at AGF Management Limited grew +12.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.9 %, EBIT margin +7.5 %, tax rate +0.2 %, residual (interest, one-offs) −1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of AGF Management Limited
How large is the market capitalisation of AGF Management Limited (AGFMF)?
The market capitalisation of AGF Management Limited is $910M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of AGF Management Limited (AGFMF)?
The price-to-earnings ratio of AGF Management Limited is 8.8. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of AGF Management Limited (AGFMF)?
The price-to-sales ratio of AGF Management Limited is 2.03 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AGF Management Limited (AGFMF)?
Earnings per share at AGF Management Limited are $1.23 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AGF Management Limited (AGFMF)?
The dividend yield of AGF Management Limited is 4.7% (payout 41.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of AGF Management Limited (AGFMF)?
The net margin of AGF Management Limited is 23.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of AGF Management Limited (AGFMF)?
The return on equity (ROE) of AGF Management Limited is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of AGF Management Limited (AGFMF)?
On an EBIT basis the return on assets of AGF Management Limited is 6.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of AGF Management Limited (AGFMF)?
The operating margin of AGF Management Limited is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AGF Management Limited (AGFMF)?
Revenue at AGF Management Limited is growing −10.1% versus a year earlier (3y avg +7.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at AGF Management Limited (AGFMF)?
Earnings per share at AGF Management Limited are growing −41.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does AGF Management Limited (AGFMF) carry?
The net debt of AGF Management Limited is C$153M (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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