The Daily Canuck 25.06.2026

研报英文原文证据摘录

The Daily Canuck 25.06.2026

Canada | Financials EquityJuneResearch25, 2026

Figure 1 - We Estimate That The MarketThe Daily Canuck 25.06.2026

Attritbutes No Value to the Alternative Asset

We are now less than a week away from the renewal date for the USMCA, Management Platform 2027E per share

Total AGF earnings $159,066 $2.48

LESS: Capital Partners earnings ($66,919) ($1.04)with the negotiations cited by the Bank of Canada as one of its concerns to Traditional asset management earnings $92,147 $1.44

watch in setting the interest rate. While it looks increasingly likely to us that the TargetTraditionalP/E asset manager intrinsic value $921,47310.0x $14.3810.0x

Long-term investments (@15% discount) $355,139 $5.54

AGF ex. Capital Partners $1,276,613 $19.92agreement will not be renewed, we believe that the market is not necessarily

anticipating additional delays in the negotiations between Canada and the U.S., AGFAGF ShareSharespriceo/s $19.9964,090

AGF Market cap $1,281,169 $19.99

LESS: AGF ex. Capital Partners ($1,276,613) ($19.92)which we view as highly likely. . Capital partners implied value $4,556 $0.07

Source: Company reports; FactSet; Jefferies.

What you need to know:

Yesterday, AGF reported Q2-26 adjusted FD EPS of $0.72. Ex. $14.7M of fair value gains from•

the NHC transaction (or ~$11M after-tax), we estimate recurring FD EPS was $0.55, 4% above

our Q2-26 estimate of $0.53 and 2% above consensus of $0.54. We continue to view AGF

as a compelling opportunity to own a business underpinned by highly predictable, fee-based

earnings at an attractive valuation, with a free option on its alternative asset management

platform. Meanwhile, recurring cash flows are compounding through investments and

accretive acquisitions, supporting long-term value creation.