Canadian asset manager AGF's Q3 AUM rises to C$56.8 bln

Overview

• AGF Q3 adjusted EPS of C$0.46 beats analyst expectations

• Total assets under management rose to C$56.8 bln

• Judy Goldring named CEO, following passing of Kevin McCreadie

Outlook

• Company emphasizes diversification to navigate evolving market conditions

• AGF Management highlights multi-year growth strategy

• AGF Management notes strong investment performance supports future sales

Result Drivers

• STRONG NET SALES - AGF's retail mutual fund net sales rose to C$262 mln from C$65 mln in the previous quarter, supporting overall growth

• INVESTMENT PERFORMANCE - Solid investment performance contributed to the increase in total assets under management to C$56.8 bln

• DIVERSIFICATION STRATEGY - AGF attributes its ability to navigate market conditions to its strategy of diversification across asset classes and client channels

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "hold."

• Wall Street's median 12-month price target for AGF Management Ltd is C$16.00, about 10.6% above its September 23 closing price of C$14.31

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: ID:nGNX1Tf9cd