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AGF Management (OTC:AGFMF) Stock, Option Chain

AGF Management

A G F MGMT LTD CL B 

AGF Management is predominantly a Canadian-based independent asset manager (with some very minor operations and investments in the US, the UK, Ireland, and Asia). At the end of May 2024, it had CAD 47.8 billion in total assets under management, or AUM, derived from its retail (CAD 26.9 billion), institutional/sub-advised (CAD 12.9 billion), and high-net worth (CAD 8.0 billion) channels. AGF Management's funds are weighted more heavily toward equities, with roughly three quarters of the firm's reported retail AUM being equity-related. That said, the company does use fundamental, quantitative, and alternative strategies to manage its investment funds.

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MariMed Revenue Grows 10.7% QoQ, Hires New CFO And Remains On Track To Deliver 2024 Financial Targets

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AGF Management Ltd

Multi-state cannabis operator MariMed (CSE:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#CSE">MRMD</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTCQX">MRMD</a>) disclosed its financial results for the second quarter ended June 30, 2024, revealing revenue of $40.4 million, compared to $36.5 million in the same period last year.
"With the first half of the year in the books, I'm pleased to say we remain on track to deliver our 2024 financial targets," stated CEO Jon Levine. "Revenue growth in the second quarter of 2024 was very strong both year-over-year and sequentially, led by another tremendous quarter for our wholesale business. Our retail business also turned the corner, with a 24% increase in transactions year-over-year. While we continue to navigate the growth phase of our life cycle, and our results reflect a corresponding drag on margins and cash flow, we are pleased that we are already seeing margin improvements, particularly in our Illinois dispensaries. We are highly confident we will realize margin expansion and increased cash flow long-term as our new assets deliver their full revenue potential."
During the second quarter, the company <a href="https://www.benzinga.com/markets/cannabis/24/04/38203791/marimed-is-on-a-roll-partners-with-two-iconic-music-venues-in-boston-acquires-another-illinois-c" target="_blank" rel="noreferrer noopener">closed the acquisition of Allgreens Dispensary</a>, its fifth dispensary in Illinois. The Massachusetts-based company said that the green light from the Illinois Department of Financial &amp; Professional Regulation for the acquisition allows MariMed to fully consolidate the financial results of the company&#8217;s Thrive-branded dispensary in Casey, Illinois. The dispensary had previously operated under a managed services agreement.
<h2 class="wp-block-heading">Q2 Financial Summary</h2>
<ul>
<li>Gross profit was $16.91 million, compared to $16.38 million in the same period of 2023.</li>
<li>Gross margin was 41.8%, compared to 44.8% in the comparable quarter of last year.</li>
<li>Net loss amounted to $1.64 million, compared to $935,000 in the second quarter of 2023.</li>
<li>Total operating expenses were $15.95 million, compared to $12.83 million in the same quarter of the prior year.</li>
<li>Adjusted EBITDA was a gain of $4.37 million, compared to adjusted EBITDA of $6.31 million in the second quarter of 2023.</li>
<li>At the end of the reporting period on June 30, MariMed had $10.19 million in cash and cash equivalents, compared to $14.63 million on Dec. 31.</li>
</ul>
Read Also: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/04/38203791/marimed-is-on-a-roll-partners-with-two-iconic-music-venues-in-boston-acquires-another-illinois-c" rel="noreferrer noopener">MariMed Is On A Roll: Partners With Two Iconic Music Venues In Boston, Acquires Another Illinois Cannabis Dispensary</a>
<h2 class="wp-block-heading">2024 Guidance</h2>
MariMed&#8217;s full-year 2024 financial targets are based on the organic growth of its existing operating assets and do not include new revenue-generating projects requiring regulatory approvals. The company believes this conservative approach to offering financial targets allows investors and analysts to focus on key operating milestones versus discussions around issues outside the company&#8217;s control. As such, the company&#8217;s full-year 2024 financial targets remain at:
<ul>
<li>Revenue growth of 5% to 7%;</li>
<li>Non-GAAP Adjusted EBITDA growth of 0% to 2%;</li>
<li>Capital expenditures of $10 million.</li>
</ul>
<h2 class="wp-block-heading">New CFO</h2>
MariMed also announced the appointment of Mario Pinho to chief financial officer, effective August 9, 2024. Pinho is a certified public accountant and senior finance executive with nearly 25 years of experience leading global organizations through various stages of dynamic growth.
Before joining MariMed, Pinho worked at Rakuten USA since 2012 where he held several executive finance roles, the most recent as CFO since 2016. His previous roles include vice president and controller of global merchant services for American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), senior manager, department of professional practice, for KPMG and manager of internal audit at AGF Management Limited (OTCPK:AGFMF).
"I am thrilled to welcome Mario to the MariMed executive leadership team," said Levine. "His extensive experience in financial reporting, mergers and acquisitions, SOX reporting, and investor relations will be invaluable as we continue to implement our strategic growth plan."
<h2 class="wp-block-heading">Price Action</h2>
MariMed shares closed Wednesday's market session 5.63% higher at $0.169 per share.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/03/37967584/unsexy-alternative-operating-within-constraints-consistency-love-3-experts-on-making-cannabis-bu" target="_blank" rel="noreferrer noopener">&#8216;Unsexy&#8217; Alternative, Operating Within Constraints, Consistency &amp; Love: 3 Experts On Making Cannabis Businesses Self-Sustainable</a></li>
</ul>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/01101836/CCC-Oct-24-Banner-1.gif" alt="CCC banner https://www.benzinga.com/events/cannabis-conference/" class="wp-image-470628" /></a></figure>
Photo: Courtesy of Kyrylo Vasyliev via Shutterstock

Desjardins analyst Chi Le maintains AGF Management (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AGFMF#OTC">AGFMF</a>) with a Buy and raises the price target from $10 to $11.5.

Desjardins Maintains Buy on AGF Management, Raises Price Target to $11.5

Scotiabank analyst Phil Hardie maintains AGF Management (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AGFMF#OTC">AGFMF</a>) with a Sector Perform and lowers the price target from C$9.25 to C$8.75.

Scotiabank Maintains Sector Perform on AGF Management, Lowers Price Target to $8.75

CIBC analyst Nik Priebe maintains AGF Management (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AGFMF#OTC">AGFMF</a>) with a Neutral and lowers the price target from C$9 to C$8.5.

CIBC Maintains Neutral on AGF Management, Lowers Price Target to $8.5

<ul>
<li>AGF Management Limited&nbsp;(TSX: AGF.B) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/agfmf#OTC">AGFMF</a>) has been&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/quote/AGFMF/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">downgraded to Underperform from Sector Perform&nbsp;</a>by RBC Capital analyst Geoffrey Kwan.</li>
<li>The analyst also lowered the price target to C$8 from C$8.50.</li>
<li>Kwan updated his 12-month objectives on his asset manager coverage universe to reflect expected decreases in AUM this month and slightly lower target multiples in light of recent sector valuation declines.</li>
<li>Price Action:&nbsp;AGF.B shares are trading lower by 5.98% at C$7.39 on TSX on Monday&#39;s last check.</li>
</ul>

AGF Management Ltd (OTC: <a class="ticker" href="/stock/agfmf#OTC">AGFMF</a>) reported a loss in the third quarter.

AGF Management posted a quarterly loss of C$13.3 million, or 14 Canadian cents a share, versus a year-ago profit of C$15.4 million, or 16 Canadian cents a share.

AGF Management Swings To Q3 Loss

AGF Management Ltd (OTC: <a class="ticker" href="/stock/agfmf#OTC">AGFMF</a>) reported a 24% drop in its fiscal second-quarter profit. 

AGF Management earned C$50.3 million ($48.92 million) from continuing operations, versus C$66.2 million, in the year-ago period. Its earnings per share came in at 25 Canadian cents, versus 35 Canadian cents. 

Its earnings per share from continuing investment management operations came in at 17 Canadian cents per share. However, analysts were expecting earnings of 28 Canadian cents per share. However, assets under management declined 16.6% to C$43.2 billion

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