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Investing.com - BMO Capital has raised its price target on AGF Management Ltd. (TSX:AGF.B) (OTC:AGFMF) to C$15.00 from C$12.00 while maintaining a Market Perform rating.
The price target increase follows AGF’s third-quarter 2025 assets under management (AUM) performance, which was 4% better than BMO’s expectations. Based on this stronger AUM, BMO has increased its Q3/25 EBITDA and EPS estimates by 5% each to C$46 million and C$0.45, respectively.
BMO has also raised its 2026 EPS estimate by 8% to C$1.80, reflecting operational leverage in AGF’s business model. The firm introduced a 2027 operating EPS estimate of C$1.90.
The new C$15 target price is based on an increased EV/EBITDA multiple of 5.0x (up from 4.0x previously), which BMO attributes to an improving industry outlook. This valuation is applied to 2027 EV/EBITDA plus the carrying value of long-term investment in private alternatives, with a 25% holding company discount.
The updated target implies a 7.9x multiple on 2027 estimated earnings, with AGF currently trading at 8.1x 2025 estimated EPS.
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