# AGF Management Limited Class B (AGF.B) (AGF-B.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$14.62, market value C$925 million.

## Valuation
- **P/E (trailing): 6.9×** (5-yr avg 6.3×, 3-yr avg 6.4×). AGF Management Limited Class B (AGF.B) trades at 6.9× trailing earnings, close to its own five-year average of 6.3×. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 6.7×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.22**. A PEG of 0.22 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 1.6×**. Each dollar of revenue is priced at 1.6×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 5.0×**. Enterprise value is 5.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 12.7%** (5-yr avg 15.0%). Free cash flow equals 12.7% of the market value, in line with its five-year average of 15.0%. Above 5% is generally attractive.
- **Earnings yield: 14.6%**. The inverse of the P/E: 14.6% of the price is earned each year.

## Profitability
- **Gross margin: 53.3%**. AGF Management Limited Class B (AGF.B) keeps 53.3% of revenue after the direct cost of what it sells.
- **Operating margin: 24.6%**. 24.6% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 23.2%**. 23.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.6%**. 10.6% on shareholders' equity is solid.
- **Return on invested capital: 9.0%**. Return on all capital, debt included, is 9.0%.
- **Return on assets: 8.1%**. Each dollar of assets produces 8.1% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 8.8%** (3-yr 7.2%/yr). Revenue grew 8.8% over the last year.
- **EPS growth (1 yr): 30.8%** (3-yr 25.8%/yr). Earnings per share rose 30.8%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 31.6%/yr**. Free cash flow has compounded at 31.6% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: C$67 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 3.69%** (C$0.53 per share, trailing). AGF Management Limited Class B (AGF.B) yields 3.69%, an income-level yield.
- **Payout ratio: 24%** (28% of free cash flow). 24% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 11**. 11 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 8.9%/yr** (1-yr 7.7%). The dividend has grown 8.9% a year over five years.
- **Shareholder yield: 7.6%**. Dividends plus net buybacks return 7.6% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (8 analysts). 8 analysts cover AGF Management Limited Class B (AGF.B); the consensus is buy, with an average price target of C$20.38 (+39% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 8.5%** (YTD -7.1%, 3-mo -34.6%). The shares are up 8.5% over twelve months including dividends.
- **From 52-week high: -39.6%** (9.4% above the low). Trading 40% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 27**. An RSI of 27 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 1.00** (volatility 35%). Beta of 1.00 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AGF-B.TO · Page: https://foliofundamentals.com/stocks/agf-b.to

Not investment advice.