Market Losses Don't Alter Improving Flow Picture at AGF Management; Raising FVE to CAD 8.50

While there was little in no-moat-rated AGF Management's fiscal first-quarter results that would alter our long-term view of the firm, we are raising our fair value estimate to CAD 8.50 per share from CAD 8.00 after updating our valuation model for a slightly higher level of assets under management (and profitability) in the near term than we previously forecast. AGF Management closed out the February quarter with CAD 42.0 billion in AUM, down 1.6% sequentially but up 5.5% on a year-over-year basis. This was better than we had been expecting given the equity market selloff that started in January, which was exacerbated by the Russian invasion of Ukraine.