Affiliated Managers Group, Inc.

Finance
Investment Managers
www.amg.com

Earnings Score
Moat Score
Safety Score

Market Cap $5.38B
PE 11
Debt $2.62B
Cash $950.00M
EV $7.05B
FCF $928.70M

Earnings

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Sales & Net Margins

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Earnings	$511.60M
EBIT	$923.20M
ROE	12%
ROA	10%
FCF	$928.70M
Equity	$4.30B
Growth Stability	3%
PE	10.52
PEG	0.26
PB	1.25
P/FCF	5.8
P/S	2.64
Price/Cash	0.18
Debt/Equity	0.61
Debt/FCF	2.82
Net Margins	25%
Op. Margins	45%
Earnings CAGR	6%
Sales Growth YoY	4%
Sales Growth QoQ	2%
Sales CAGR	-1%
FCF CAGR	-1%
Equity CAGR	0%
Earnings Stability	0.04
Earnings Growth YoY	-17%
Earnings Growth QoQ	31%

Earnings CAGR 5Y	40%
Sales CAGR 5Y	-1%
FCF CAGR 5Y	-4%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	-8%
Sales CAGR 3Y	-8%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	7%
Market Cap	$5.38B
Revenue	$2.04B
Dividend Yield	0%
Payout Ratio	0%
Assets	$8.83B
Total Debt	$2.62B
Cash	$950.00M
Shares Outstanding	31.1M
EV	7.05B
Earnings Score	7%
Moat Score	93%
Safety Score	61%
Final Score	54%
Shares Growth 3y	-10%
Equity Growth QoQ	1%
Equity Growth YoY	-6%

Assets & ROA

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Stockholders Equity & ROE

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Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of March 2022, AMG's affiliate network--which includes firms like AQR Capital Management, BPEA and Pantheon in alternative assets and other products (which accounted for 32% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (32%) and Frontier, River Road, Parnassus and Yacktman in U.S. equities (20%)--had $776.7 billion in managed assets.

SEC Filings

Direct access to Affiliated Managers Group, Inc. (AMG) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Affiliated Managers Group, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Affiliated Managers Group, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 6%

Stability 4%

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Affiliated Managers Group, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Affiliated Managers Group, Inc..

Years

Calculation mode

= $8.4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$929M	$915M	$902M	$889M	$876M	$863M	$851M	$839M	$827M	$815M	$803M	$8B
DCF		$832M	$745M	$668M	$598M	$536M	$480M	$430M	$386M	$345M	$310M	$3.1B
Value	$8.4B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-	22%	30%	10%	1%	10%	23%	49%	33%	25%	25%
ROA	-	12%	13%	10%	5%	8%	14%	21%	13%	10%	10%
ROE	-	11%	15%	6%	0%	6%	15%	27%	15%	12%	12%

Good Net Margins (25.07%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	0.86	0.7	0.69	1.95	2.31	1.99	2.43	2.94	2.82	2.82
Debt over Equity	0.17	0.2	0.18	0.19	0.51	0.7	0.67	0.61	0.56	0.61	0.61
Growth Stability	-	-	-	44%	3%	64%	100%	100%	100%	64%	3%

Neutral Debt/FCF ratio (2.82)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.61)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (3%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-	5%	3%	-6%	-9%	19%	-3%	-12%	-1%	-1%
Earnings YoY growth	-	-8%	46%	-65%	-94%	1K%	180%	103%	-41%	-24%	40%
Equity YoY growth	-	17%	3%	-10%	-15%	-5%	12%	13%	9%	-6%	8%
FCF YoY growth	-	-14%	14%	-3%	-18%	9%	25%	-17%	-17%	8%	-4%