There was little in no-moat AGF Management's fiscal third-quarter results that would alter our long-term view of the firm. We are leaving our CAD 9.50 per share fair value estimate in place. We view the shares as being slightly to modestly undervalued.
AGF Management's retail operations had generated some of their best periods of quarterly inflows since before the 2008-09 global financial crisis during fiscal 2021-22.
With AGF Management's fortunes tied to the direction of the global equity and credit markets and the firm having a significant amount of operating leverage, a prolonged market downturn would have a negative impact.
|
Metric
|
AGF.B
|
IVZ
|
IGM
|
|---|---|---|---|
Price/Earnings (Normalized) | 6.79 | 11.16 | 11.18 |
Price/Book Value | 0.52 | 0.75 | 1.35 |
Price/Sales | 1.24 | 1.38 | 2.91 |
Price/Cash Flow | 6.84 | 4.80 | 11.09 |
|
Metric
|
AGF.B
|
IVZ
|
IGM
|
|---|---|---|---|
Quick Ratio | 1.17 | 1.88 | 2.19 |
Current Ratio | 1.19 | 1.88 | 3.28 |
Interest Coverage | 17.96 | −2.26 | 9.51 |
|
Metric
|
AGF.B
|
IVZ
|
IGM
|
|---|---|---|---|
Return on Assets (Normalized) | 4.30% | 2.50% | 4.95% |
Return on Equity (Normalized) | 5.91% | 6.60% | 14.12% |
Return on Invested Capital (Normalized) | 5.56% | 2.96% | 7.34% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
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United States