AGF Management Limited (AGF-B.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+52.2%

CA$22.57

vs CA$14.83 price

Levered DCF

CA$19.68

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.08×	7.42×	5.38×	6.97×	13.86×	2.48×	10.23×	5.32×
P/B	0.75×	0.64×	0.43×	0.45×	0.53×	0.42×	0.53×	0.41×
P/S	1.64×	1.42×	1×	1.03×	1.21×	1.11×	1.25×	0.95×
EV / EBITDA	5.54×	5.4×	3.96×	4.99×	8.32×	2.02×	9.48×	5.06×
Gross margin	69.6%	51.4%	99.9%	31.5%	23.8%	26.7%	28.5%	68.8%
Operating margin	30.1%	17.1%	27.3%	14.7%	7.5%	9.4%	8.9%	9.6%
Net margin	23.0%	19.2%	18.6%	14.9%	8.8%	44.7%	12.2%	17.8%
Current ratio	1×	1.04×	1.39×	1.62×	1.76×	1.66×	1.41×	1.74×
Debt / equity	0.1×	0.08×	0.08×	0.1×	0.08×	0.08×	0.22×	0.19×
Interest coverage	29.15×	12.5×	26.47×	24.48×	12.06×	5.74×	5.15×	9.28×
Dividend yield	3.4%	4.0%	5.8%	5.7%	4.3%	5.7%	5.1%	6.3%
Payout ratio	24.3%	29.7%	31.2%	39.3%	59.8%	14.2%	52.0%	33.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	8.6%	8.1%	6.5%	3.8%	17.1%	5.2%	7.6%
Return on invested capital	8.1%	4.4%	7.3%	3.9%	2.0%	2.6%	2.3%	3.0%
Return on assets	7.4%	6.0%	6.2%	4.9%	2.9%	12.9%	3.5%	5.2%
Free cash flow yield	11.7%	15.6%	17.8%	10.4%	6.4%	20.7%	13.4%	13.7%
Earnings yield	14.1%	13.5%	18.6%	14.4%	7.2%	40.3%	9.7%	18.7%
Enterprise value	CA$992.7M	CA$765.4M	CA$511M	CA$506.8M	CA$541.4M	CA$423.1M	CA$647M	CA$538.3M
Net debt / EBITDA	0.45×	0.3×	0.31×	0.44×	-0.03×	-0.04×	2.28×	1.33×
Cash conversion cycle (days)	-21	2	-25,279	13	14	8	6	-30