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AGF Management

TSX:AGF.B
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AGF.B
TSX
CA$210M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

AGF Management Limited is a publicly owned asset management holding company. The last earnings update was 3 days ago. More info.


Add to Portfolio Compare Print
  • AGF Management is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • AGF Management has significant price volatility in the past 3 months.
AGF.B Share Price and Events
7 Day Returns
-10.7%
TSX:AGF.B
2.8%
CA Capital Markets
7.1%
CA Market
1 Year Returns
-50.6%
TSX:AGF.B
-18.5%
CA Capital Markets
-25.3%
CA Market
AGF.B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AGF Management (AGF.B) -10.7% -58.2% -57.7% -50.6% -56.7% -67.4%
CA Capital Markets 2.8% -24.6% -26.7% -18.5% -19.3% -20.5%
CA Market 7.1% -24.1% -26.7% -25.3% -23.4% -17.5%
1 Year Return vs Industry and Market
  • AGF.B underperformed the Capital Markets industry which returned -18.5% over the past year.
  • AGF.B underperformed the Market in Canada which returned -25.3% over the past year.
Price Volatility
AGF.B
Industry
5yr Volatility vs Market

AGF.B Value

 Is AGF Management undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AGF Management to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AGF Management.

TSX:AGF.B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= CA$11.77 * 3.6%
CA$0.43
Book Value of Equity per Share Median Book Value from the past 5 years. CA$11.77
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:AGF.B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 26.5%) (112.35%))
1.135
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.135 * 5.44%)
7.61%

Discounted Cash Flow Calculation for TSX:AGF.B using Excess Returns Model Model

The calculations below outline how an intrinsic value for AGF Management is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:AGF.B Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3.6% – 7.61%) * CA$11.77)
CA$-0.47
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$-0.47 / (7.61% - 1.44%)
CA$-7.58
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$11.77 + CA$-7.58
CA$4.18
TSX:AGF.B Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$4.18
Current discount Discount to share price of CA$2.67
= -1 x (CA$2.67 - CA$4.18) / CA$4.18
36.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AGF Management is available for.
Intrinsic value
36%
Share price is CA$2.67 vs Future cash flow value of CA$4.18
Current Discount Checks
For AGF Management to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AGF Management's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AGF Management's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AGF Management's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AGF Management's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:AGF.B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2020-02-29) in CAD CA$0.75
TSX:AGF.B Share Price ** TSX (2020-03-27) in CAD CA$2.67
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.45x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.58x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AGF Management.

TSX:AGF.B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:AGF.B Share Price ÷ EPS (both in CAD)

= 2.67 ÷ 0.75

3.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AGF Management is good value based on earnings compared to the CA Capital Markets industry average.
  • AGF Management is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does AGF Management's expected growth come at a high price?
Raw Data
TSX:AGF.B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-25.7%per year
North America Capital Markets Industry PEG Ratio Median Figure of 39 Publicly-Listed Capital Markets Companies 1.84x
Canada Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 0.69x

*Line of best fit is calculated by linear regression .

TSX:AGF.B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.57x ÷ -25.7%

-0.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AGF Management earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on AGF Management's assets?
Raw Data
TSX:AGF.B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2020-02-29) in CAD CA$11.72
TSX:AGF.B Share Price * TSX (2020-03-27) in CAD CA$2.67
Canada Capital Markets Industry PB Ratio Median Figure of 157 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,351 Publicly-Listed Companies 1x
TSX:AGF.B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:AGF.B Share Price ÷ Book Value per Share (both in CAD)

= 2.67 ÷ 11.72

0.23x

* Primary Listing of AGF Management.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AGF Management is good value based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess AGF Management's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. AGF Management has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AGF.B Future Performance

 How is AGF Management expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-25.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AGF Management expected to grow at an attractive rate?
  • AGF Management's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.4%.
Growth vs Market Checks
  • AGF Management's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • AGF Management's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:AGF.B Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:AGF.B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -25.7%
TSX:AGF.B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -4.7%
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:AGF.B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:AGF.B Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-11-30 378 35 32 6
2020-11-30 379 182 30 4
2020-03-28
TSX:AGF.B Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2020-02-29 438 62 59
2019-11-30 437 67 48
2019-08-31 431 65 40
2019-05-31 440 63 47
2019-02-28 443 78 52
2018-11-30 449 58 74
2018-08-31 451 64 77
2018-05-31 445 71 68
2018-02-28 449 58 64
2017-11-30 445 60 52
2017-08-31 439 59 49
2017-05-31 439 50 45

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • AGF Management's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • AGF Management's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:AGF.B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from AGF Management Company Filings, last reported 4 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AGF.B Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-11-30 0.35 0.47 0.13 5.00
2020-11-30 0.33 0.44 0.23 3.00
2020-03-28
TSX:AGF.B Past Financials Data
Date (Data in CAD Millions) EPS *
2020-02-29 0.75
2019-11-30 0.61
2019-08-31 0.51
2019-05-31 0.59
2019-02-28 0.66
2018-11-30 0.93
2018-08-31 0.96
2018-05-31 0.86
2018-02-28 0.81
2017-11-30 0.66
2017-08-31 0.62
2017-05-31 0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if AGF Management will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess AGF Management's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the North America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AGF Management has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AGF.B Past Performance

  How has AGF Management performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AGF Management's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AGF Management's year on year earnings growth rate has been positive over the past 5 years.
  • AGF Management's 1-year earnings growth exceeds its 5-year average (12.9% vs 3.5%)
  • AGF Management's earnings growth has exceeded the CA Capital Markets industry average in the past year (12.9% vs -9.4%).
Earnings and Revenue History
AGF Management's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AGF Management Company Filings, last reported 4 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AGF.B Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2020-02-29 438.40 58.86 309.02
2019-11-30 436.69 47.86 309.98
2019-08-31 430.61 40.45 313.60
2019-05-31 439.76 46.69 319.39
2019-02-28 442.79 52.19 327.21
2018-11-30 448.70 73.92 335.10
2018-08-31 451.09 76.55 343.62
2018-05-31 444.90 68.21 341.14
2018-02-28 449.16 64.38 340.48
2017-11-30 445.44 52.11 336.39
2017-08-31 439.44 49.31 327.90
2017-05-31 438.52 45.12 330.05
2017-02-28 432.53 41.61 325.60
2016-11-30 428.67 42.55 320.06
2016-08-31 428.82 36.20 316.86
2016-05-31 435.27 39.94 311.98
2016-02-29 441.22 44.96 309.39
2015-11-30 449.60 48.33 310.23
2015-08-31 456.29 52.81 310.31
2015-05-31 457.33 55.73 308.67
2015-02-28 459.34 55.60 308.08
2014-11-30 464.06 59.13 303.52
2014-08-31 470.06 53.57 306.48
2014-05-31 471.19 48.87 307.63
2014-02-28 475.06 23.91 307.82
2013-11-30 481.58 22.45 311.89
2013-08-31 488.98 28.12 310.46
2013-05-31 491.82 -1.30 310.67

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AGF Management has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AGF Management used its assets less efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • AGF Management has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AGF Management's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AGF Management has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AGF.B Health

 How is AGF Management's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AGF Management's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AGF Management is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • AGF Management's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of AGF Management's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AGF Management Company Filings, last reported 4 weeks ago.

TSX:AGF.B Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2020-02-29 920.95 216.90 51.31
2019-11-30 924.78 207.28 72.91
2019-08-31 903.67 158.93 48.31
2019-05-31 901.41 164.85 54.34
2019-02-28 897.91 168.75 34.87
2018-11-30 972.42 188.61 75.70
2018-08-31 965.19 168.66 47.48
2018-05-31 956.14 168.60 40.59
2018-02-28 952.19 168.58 39.46
2017-11-30 934.22 138.61 44.39
2017-08-31 917.20 148.50 43.84
2017-05-31 919.25 168.39 46.91
2017-02-28 909.35 198.27 48.05
2016-11-30 908.07 188.21 65.93
2016-08-31 903.87 228.04 81.76
2016-05-31 909.29 229.74 57.60
2016-02-29 904.33 270.14 38.72
2015-11-30 910.85 270.55 72.10
2015-08-31 909.66 271.13 75.16
2015-05-31 912.90 271.11 72.98
2015-02-28 907.66 271.58 64.17
2014-11-30 929.78 310.83 285.33
2014-08-31 940.25 310.92 278.14
2014-05-31 949.18 311.22 255.64
2014-02-28 958.95 311.34 266.10
2013-11-30 966.23 311.23 382.14
2013-08-31 979.62 311.21 368.33
2013-05-31 999.10 312.03 372.65
  • AGF Management's level of debt (23.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (29.9% vs 23.6% today).
  • Debt is well covered by operating cash flow (28.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.4x coverage).
X
Financial health checks
We assess AGF Management's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AGF Management has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AGF.B Dividends

 What is AGF Management's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.99%
Current annual income from AGF Management dividends. Estimated to be 12.02% next year.
If you bought CA$2,000 of AGF Management shares you are expected to receive CA$240 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AGF Management's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • AGF Management's dividend is above the markets top 25% of dividend payers in Canada (8.79%).
Upcoming dividend payment

Purchase AGF Management before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:AGF.B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 4.9%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:AGF.B Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-11-30 0.32 6.00
2020-11-30 0.32 5.00
2020-03-28
TSX:AGF.B Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-03-25 0.320 10.674
2019-12-20 0.320 5.590
2019-09-25 0.320 5.367
2019-06-26 0.320 5.947
2019-03-27 0.320 5.979
2018-12-14 0.320 6.237
2018-09-26 0.320 6.027
2018-06-27 0.320 5.034
2018-03-28 0.320 4.749
2017-12-19 0.320 4.392
2017-09-27 0.320 3.922
2017-06-28 0.320 4.326
2017-03-29 0.320 4.883
2016-12-13 0.320 5.251
2016-09-28 0.320 6.200
2016-06-29 0.320 6.362
2016-03-23 0.320 6.262
2015-12-08 0.320 6.803
2015-09-30 0.320 6.159
2015-06-24 0.320 5.456
2015-03-25 0.320 4.362
2015-01-28 0.320 4.033
2014-12-09 1.080 13.873
2014-09-24 1.080 10.493
2014-06-24 1.080 8.953
2014-03-26 1.080 8.429
2013-12-13 1.080 8.886
2013-09-25 1.080 8.079
2013-06-26 1.080 8.749
2013-03-27 1.080 9.607
2012-12-14 1.080 10.106
2012-09-26 1.080 10.979
2012-06-27 1.080 9.183
2012-03-28 1.080 8.393
2011-12-16 1.080 6.811
2011-09-28 1.080 7.073
2011-06-22 1.080 6.496
2011-03-30 1.040 5.350
2010-12-09 1.040 5.419
2010-09-29 1.040 6.198
2010-06-23 1.040 7.085
2010-03-24 1.040 6.307
2010-01-27 1.000 5.904
2009-09-23 1.000 5.985
2009-06-24 1.000 7.043

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of AGF Management's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess AGF Management's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AGF Management afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AGF Management has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AGF.B Management

 What is the CEO of AGF Management's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kevin McCreadie
COMPENSATION CA$3,561,791
AGE 58
TENURE AS CEO 1.3 years
CEO Bio

Mr. Kevin Andrew McCreadie, CFA, MBA is the Chief Executive Officer, Chief Investment Officer, and Director of AGF Management Limited since December 1, 2018 and was previously the President since July 5, 2016 until December 1, 2018. Mr. McCreadie is responsible for the overall success of the firm, overseeing the firm’s mission, vision and strategic direction. He also leads the firm's executive management team and serves as its liaison with the firm's board of directors. Mr. McCreadie provides direction and leadership to the firm's investment management teams and leads the firm’s global institutional business. In carrying out these responsibilities, he leverages The Office of the CIO, a structure put in place in August 2018 that encourages collaboration and active accountability across the firm's investment management teams and broader organization, capitalizing on the firm’s depth of talent while driving forward the teamwork that is necessary for the long-term success of its investment management. Mr. McCreadie is the President and Chief Investment Officer at AGF Investments Inc. since June 17, 2014. He previously served as the President and Chief Investment Officer at PNC Capital Advisors, LLC. In this role, Mr. McCreadie was responsible for leading the firm’s institutional business. He began his career in 1982 at J.P. Morgan where he held progressively senior positions, ultimately becoming a U.S. Large-Cap Equity Manager. Mr. McCreadie went on to join Brown Investment Advisory where he served as a Partner and Senior Portfolio Manager. His experience includes a focus on portfolio construction and enhancing investment processes as well as managing asset allocation and alternative strategies for clients. Mr. McCreadie has a vast investment management experience, with extensive expertise in retail and institutional asset management, direct portfolio management and over a decade of combined experience as CIO for two U.S. financial services firms. He holds the Chartered Financial Analyst designation. Mr. earned an M.B.A. in Finance from the Wharton Graduate School of Business and and a Bachelor’s Degree from Rutgers, The State University of New Jersey.

CEO Compensation
  • Kevin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kevin's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the AGF Management management team in years:

1.3
Average Tenure
58
Average Age
  • The average tenure for the AGF Management management team is less than 2 years, this suggests a new team.
Management Team

Blake Goldring

TITLE
Executive Chairman
COMPENSATION
CA$2M
AGE
60

Kevin McCreadie

TITLE
CEO, Chief Investment Officer & Director
COMPENSATION
CA$4M
AGE
58
TENURE
1.3 yrs

Judy Goldring

TITLE
President
COMPENSATION
CA$1M
AGE
53
TENURE
1.3 yrs

Adrian Basaraba

TITLE
Senior VP & CFO
COMPENSATION
CA$1M
TENURE
3.7 yrs

Chris Jackson

TITLE
Chief Operating Officer
COMPENSATION
CA$825K
TENURE
1.3 yrs

Jacqueline Sanz

TITLE
Chief Privacy Officer and VP of Compliance & Risk Analysis

Mark Adams

TITLE
Chief Legal Officer & Corporate Secretary
TENURE
8.3 yrs

Amanda Marchment

TITLE
Director of Corporate Communications

Karrie Van Belle

TITLE
Chief Marketing & Innovation Officer
TENURE
0.2 yrs

Carol Ferguson

TITLE
Chief Human Resources Officer
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the AGF Management board of directors in years:

6.2
Average Tenure
59
Average Age
  • The tenure for the AGF Management board of directors is about average.
Board of Directors

Blake Goldring

TITLE
Executive Chairman
COMPENSATION
CA$2M
AGE
60
TENURE
14.2 yrs

Kevin McCreadie

TITLE
CEO, Chief Investment Officer & Director
COMPENSATION
CA$4M
AGE
58
TENURE
1.3 yrs

Bob Farquharson

TITLE
Vice Chairman
COMPENSATION
CA$342K
AGE
78
TENURE
29 yrs

Judy Goldring

TITLE
President
COMPENSATION
CA$1M
AGE
53
TENURE
13.2 yrs

Douglas Derry

TITLE
Independent Director
COMPENSATION
CA$113K
AGE
72
TENURE
20.2 yrs

Sarah Davis

TITLE
Independent Director
COMPENSATION
CA$99K
AGE
51
TENURE
6.2 yrs

Kathleen Camilli

TITLE
Independent Director
COMPENSATION
CA$104K
AGE
60
TENURE
4.8 yrs

Geoffrey Squibb

TITLE
Lead Director
COMPENSATION
CA$129K
AGE
74

Jane Buchan

TITLE
Independent Director
COMPENSATION
CA$94K
AGE
55
TENURE
2.3 yrs

Charles Guay

TITLE
Independent Director
COMPENSATION
CA$93K
AGE
47
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by AGF Management individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
17. Jan 20 Buy Geoffrey Squibb Individual 16. Jan 20 16. Jan 20 294 CA$6.64 CA$1,952
21. Nov 19 Buy Charles Guay Individual 21. Nov 19 21. Nov 19 12,000 CA$5.79 CA$69,490
21. Oct 19 Buy Geoffrey Squibb Individual 18. Oct 19 18. Oct 19 331 CA$5.82 CA$1,926
19. Jul 19 Buy Geoffrey Squibb Individual 18. Jul 19 18. Jul 19 355 CA$5.35 CA$1,899
02. Jul 19 Buy Adrian Basaraba Individual 30. Jun 19 30. Jun 19 2,983 CA$5.20 CA$15,512
22. Apr 19 Buy Geoffrey Squibb Individual 18. Apr 19 18. Apr 19 337 CA$5.55 CA$1,870
X
Management checks
We assess AGF Management's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AGF Management has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AGF.B News

Simply Wall St News

AGF Management Limited (TSE:AGF.B): How Does It Impact Your Portfolio?

The other type of risk, which cannot be diversified away, is market risk. … Every stock in the market is exposed to this risk, which arises from macroeconomic factors such as economic growth and geo-political tussles just to name a few. … The most widely used metric to quantify a stock's market risk is beta, and the market as a whole represents a beta of one.

Simply Wall St -

Who Really Owns AGF Management Limited (TSE:AGF.B)?

In this analysis, my focus will be on developing a perspective on AGF Management Limited’s (TSE:AGF.B) latest ownership structure, a less discussed, but important factor. … A company's ownership structure is often linked to its share performance in both the long- and short-term. … Differences in ownership structure of companies can have a profound effect on how management's incentives are aligned with shareholder returns, and whether they adhere to corporate governance best practices.

Simply Wall St -

AGF Management Limited (TSE:AGF.B): Ex-Dividend Is In 2 Days, Should You Buy?

On the 18 July 2018, AGF Management Limited (TSE:AGF.B) will be paying shareholders an upcoming dividend amount of CA$0.08 per share. … Below, I will explain how holding AGF Management can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:

Simply Wall St -

Why AGF Management Limited (TSE:AGF.B) Could Be A Buy

As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, could the stock still be trading at a relatively cheap price. … Let’s examine AGF Management’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

Bullish AGF Management Limited (TSE:AGF.B) Insiders Ramp Up Investment In Stock

some insider buying over the past three months, with insiders investing in. … A well-known argument is that insiders investing more in their own companies’ shares sends an optimistic signal … The MIT Press (1998) published an article showing that stocks following insider buying outperformed the market by 4.5%

Simply Wall St -

Have Investors Priced In AGF Management Limited's (TSE:AGF.B) Growth?

It’s trading around 7% above my intrinsic value, which means if you buy AGF Management today, you’d be paying a relatively fair price for it. … And if you believe the company’s true value is CA$6.23, then there isn’t really any room for the share price grow beyond what it’s currently trading. … The price seems to be trading at fair value, which means there’s less benefit from mispricing.

Simply Wall St -

Should You Be Tempted To Buy AGF Management Limited (TSE:AGF.B) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for AGF.B Price per share = CA$6.97 Earnings per share = CA$0.811 ∴ Price-Earnings Ratio = CA$6.97 ÷ CA$0.811 = 8.6x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you accidentally compared higher growth firms with AGF.B, then AGF.B’s P/E would naturally be lower since investors would reward its peers’ higher growth with a higher price. … Alternatively, if you inadvertently compared less risky firms with AGF.B, AGF.B’s P/E would again be lower since investors would reward its peers’ lower risk with a higher price as well.

Simply Wall St -

Interested In AGF Management Limited (TSE:AGF.B)? Here's What Its Recent Performance Looks Like

After reading AGF Management Limited's (TSX:AGF.B) most recent earnings announcement (28 February 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … See our latest analysis for AGF Management Commentary On AGF.B's Past Performance I use data from the most recent 12 months, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … Given that these figures are fairly short-term thinking, I have estimated an annualized five-year value for AGF.B's earnings, which stands at CA$48.34M This means that, on average, AGF Management has been able to consistently raise its bottom line over the past few years as well.

Simply Wall St -

AGF Management Limited (TSE:AGF.B): Ex-Dividend Is In 3 Days, Should You Buy?

See our latest analysis for AGF Management Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend-paying companies? … Is its earnings sufficient to payout dividend at the current rate? … Furthermore, analysts have not forecasted a dividends per share for the future, which makes it hard to determine the yield shareholders should expect, and whether the current payout is sustainable, moving forward.

Simply Wall St -

March Dividend Favorites – AGF Management And More

Dividend-paying companies such as AGF Management and Canadian Western Bank can help grow your portfolio income through their sizeable dividend payouts. … TSX:AGF.B Historical Dividend Yield Mar 28th 18 Canadian Western Bank (TSX:CWB) Canadian Western Bank provides personal and business banking products and services primarily in Western Canada. … TSX:ACO.X Historical Dividend Yield Mar 28th 18 For more solid dividend paying companies to add to your portfolio, explore this interactive list of top dividend payers.

Simply Wall St -

AGF.B Company Info

Description

AGF Management Limited is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to public and corporate DB pension plans, endowments and foundations, sovereign wealth funds, corporate plans, insurance companies, and sub-advised mandates. Through its subsidiaries, it manages separate client-focused equity, fixed income, and balanced mutual funds along with separate client-focused equity, fixed income, and balanced portfolios. Through its subsidiaries, the firm invests in the public equity and fixed income markets across the globe. For its equity portion, it invests in growth stocks of companies. The firm employs fundamental analysis to make its investments. AGF Management Limited was founded in 1957 and is based in Toronto, Canada.

Details
Name: AGF Management Limited
AGF.B
Exchange: TSX
Founded: 1957
CA$209,864,787
78,601,044
Website: http://www.agf.com
Address: AGF Management Limited
Toronto-Dominion Bank Tower,
66 Wellington Street West,
Toronto,
Ontario, M5K 1E9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX AGF.B Class B Non-Voting Common Shares The Toronto Stock Exchange CA CAD 31. Jan 1975
OTCPK AGFM.F Class B Non-Voting Common Shares Pink Sheets LLC US USD 31. Jan 1975
DB A3J Class B Non-Voting Common Shares Deutsche Boerse AG DE EUR 31. Jan 1975
Number of employees
Current staff
Staff numbers
629
AGF Management employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 23:47
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/03/25
Last earnings reported: 2020/02/29
Last annual earnings reported: 2019/11/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.