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    AGF.B   CA0010921058

AGF MANAGEMENT LIMITED

(AGF.B)
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Delayed Quote. Delayed Toronto Stock Exchange - 06/18 04:30:42 pm
7.64 CAD   -0.26%
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AGF Management : No Joke — UFOs Go Mainstream; China Bill Moves in Senate

05/18/2021 | 06:47am EDT

Insights and Market Perspectives

Author: 8

May 18, 2021

No Joke - UFOs Go Mainstream; China Bill Moves in Senate
May 18, 2021
LONG MOCKED AS 'FLYING SAUCERS' flown by little green men, unidentified flying objects (UFOs) have suddenly gone mainstream - and Congress
wants answers.

A WAVE OF CREDIBLE SIGHTINGS - and a Pentagon study mandated by Congress, due in June - will keep this issue in the limelight. There's simply too much video evidence to ignore, and the threat to airspace is a potential national security issue.

TUCKED INTO A RECENT APPROPRIATIONS BILL is a provision that requires the Pentagon to release its files on UFOs by next month. This has generated a torrent of publicity, including a detailed article in the May 10 New Yorker magazine and a 60 Minutes segment last weekend on CBS.

IN THE 60 MINUTES SEGMENT, former Navy Lt. Ryan Graves said he saw 'unidentified aerial phenomena' in restricted airspace 'every day for a couple years,' near the Mid-Atlantic Coast. Other pilots have made similar claims.

THE U.S. HAS 'a massive intelligence failure on its hands,' said Christopher Mellon,
a former deputy assistant secretary of defense for intelligence. 'We've had vehicles
operating in restricted military airspace with impunity on a recurring and sustained
basis for many years,' said Mellon, who served under Presidents Bill Clinton and
George W. Bush. At the least, the Pentagon is expected to pledge an investigation on how these encounters have been handled.

THE 60 MINUTES PIECE, AVAILABLE ON YOUTUBE, has some grainy UFO footage but also some astonishing film of objects that seemingly defy all known laws of physics. Could it be a new U.S. or Russian weapon, or weather balloons, or optical illusions? Or do these objects come from another world? No one knows, and that's why the upcoming report in June is so eagerly anticipated.
* * * * *
CHINA UNIFIES THE U.S. SENATE: A bipartisan bill - quite the rarity these days -
is likely to pass in the Senate this spring to confront China on a wide range of
issues. Beijing is 'eating our lunch,' President Biden has frequently complained.

IN AN 86-11 VOTE YESTERDAY, the Senate agreed to continue debate on the Endless Frontier Act, which would boost U.S. technology research and development, spending billions to revitalize manufacturing sectors.

THE KEY PLAYER IS SENATE MAJORITY LEADER Chuck Schumer, who said recently that the bill is a 'once-in-a-generation investment in American science and American technology.' Schumer, working with GOP Sen. Todd Young, said yesterday that 'we can either have a world where the Chinese Communist Party determines the rules of the road for 5G, artificial intelligence and quantum computing - or we can make sure the U.S. gets there first.'

THE FINAL LEGISLATION is likely to include bipartisan provisions to boost semiconductor manufacturing, push back against China's theft of U.S. intellectual property, and confront Beijing's threats to U.S. national security, according to this morning's Politico. Aides said they expect the Senate to wrap up its work by Memorial Day.

ANOTHER SUPPORTER is Sen. Marco Rubio (R-Fla.), an outspoken China hawk. He said last week that 'if we can't agree on a bill regarding China, we should probably close this place.' The Biden administration strongly supports the measure, as do most Republicans.

The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF's suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

For further information, please visit AGF.com.

©2021 AGF Management Limited. All rights reserved.

Disclaimer

AGF Management Limited published this content on 18 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 10:46:02 UTC.


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Financials
Sales 2021 442 M 354 M 354 M
Net income 2021 39,0 M 31,3 M 31,3 M
Net cash 2021 78,0 M 62,5 M 62,5 M
P/E ratio 2021 14,3x
Yield 2021 4,19%
Capitalization 541 M 434 M 434 M
EV / Sales 2021 1,05x
EV / Sales 2022 0,96x
Nbr of Employees 618
Free-Float 98,4%
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Mean consensus HOLD
Number of Analysts 8
Average target price 8,11 CAD
Last Close Price 7,64 CAD
Spread / Highest target 27,6%
Spread / Average Target 6,10%
Spread / Lowest Target -13,6%
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Managers and Directors
NameTitle
Kevin Andrew McCreadie Director, Chief Executive & Investment Officer
Judith Gail Goldring President, Director & Head-Global Distribution
Adrian Basaraba Chief Financial Officer & Senior Vice President
Blake Charles Goldring Executive Chairman
Chris Jackson Chief Operating Officer
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