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AGF Management Limited

AGF-B.TO

Asset Management · Financial Services

Price

C$18.71

+0.50 (+2.75%)

Market Cap

C$1.19B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

AGF Management Limited is a Canadian investment management company that helps people grow and protect their money. It offers mutual funds, exchange-traded funds (ETFs), and private investment portfolios to everyday investors, financial advisors, and institutional clients like pension funds. Founded in 1957 and headquartered in Toronto, AGF is one of Canada's independent, publicly traded asset managers.

AGF earns money primarily through management fees, which are a percentage of the total assets it manages on behalf of clients. It operates mainly in Canada but also has some international reach through partnerships and institutional mandates. Its long operating history and advisor relationships provide a degree of stability, though the business is sensitive to stock market downturns — when markets fall, assets under management shrink and fee revenue drops with them. Growing its assets under management, particularly through its alternatives and private capital strategies, is the key driver the company is pursuing to offset fee pressure in traditional funds.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-40.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

7.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 months

$42M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

AGF Management Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

50.9%

Healthy — 50.9% gross margin

Operating Margin

23.3%

Excellent — 23.3% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.6%

Slow sales growth (4.6% YoY)

EPS YoY

+18.5%

Earnings growing fast (18.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

97%

Turns 97% of profit into real cash

FCF Margin

18.8%

Converts sales into free cash efficiently (18.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

30.07x

Comfortably covers interest (30.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio

10.2x

Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.97%

Moderate income — 2.97% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+8.5%

Dividend growing modestly (8.5% YoY)

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