SMA Growth, Investment Performance, and FCF Solid

Research evidence excerpt

SMA Growth, Investment Performance, and FCF Solid

Financial Services - Diversified Financials

AGF Management Ltd.

TD SECURITIES INC. - CANADA ESTIMATE CHANGES

June 24, 2026

Price: C$19.80 (06/24/2026) SMA Growth, Investment Performance, and

Price Target: C$24.00 FCF Solid

BUY (1)

ESG SCORE: 68/100

Graham Ryding, CFA^ THE TD COWEN INSIGHT

416 308 4416

This was an in line quarter looking past the one-time gain from the NHC transaction. We

graham.ryding@tdsecurities.com

believe the incremental stake in NHC (now 50% ownership) makes sense. While mutual

Michael McCue^ fund flows were soft this quarter, SMA flows and AUM growth are constructive. Investment

416 982 8683 performance and FCF fundamentals remain solid in our view. Maintain our BUY rating and

michael.mccue@tdsecurities.com

$24 target price.

Key Data

Symbol TSX: AGF.B-T Event: FQ2/26 conference call

12-Month Div (Est.): C$0.56

Impact: NEUTRAL; modest changes to our estimates

Beta: 1.16

12-Month Total 24.0% Our positive view on AGF remains intact. Investment performance remains solid. While mutual

Return:

fund flows were soft this quarter, SMA/ETF flows were positive and with strong AUM growth

52-Week Range: C$20.73-C$11.80

momentum (+74% y/y; largely from SMAs). Earnings in FQ2/26 were largely in line, and FCF is

Market Cap: C$1.3B

strong (supporting dividend growth, buybacks, and NHC-type investments). We have made

Dil. Shares Out (MM): 64.3

modest changes to our estimates. Our $24 target price is unchanged. At 5.8x EV/EBITDA

Float Shares (mm): 37.6

and 8.1x P/E (4QF), we view valuation as attractive despite the shares being up 22% YTD.

Float Cap ($mm): C$744 Reiterate Buy rating.

Enterprise Value

C$1,349.3

(MM): NHC – AGF now owns 50% of this liquid alts manager (see our note here). They will equity-