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Artisan Partners Asset Management Inc.
APAM
Investment Advice
Mkt Cap
$2.842BPE
13.49Debt
$200MCash
$228.6MEV
$2.814BFCF
$277.1MP/E Ratio
13.49Debt
$200MCash
$228.6MEV
$2.814BFCF
$277.1MCharts data: {"Earnings":[{"time":"2014-12-30","value":-10300000},{"time":"2015-12-30","value":65768000},{"time":"2016-12-30","value":59971000},{"time":"2017-12-30","value":33573000},{"time":"2018-12-30","value":138862000},{"time":"2019-12-30","value":135382000},{"time":"2020-12-30","value":189349000},{"time":"2021-12-30","value":305086000},{"time":"2022-12-30","value":183954000},{"time":"2023-12-30","value":202409000}],"Sales":[{"time":"2014-12-30","value":828701000},{"time":"2015-12-30","value":805469000},{"time":"2016-12-30","value":720859000},{"time":"2017-12-30","value":795624000},{"time":"2018-12-30","value":828635000},{"time":"2019-12-30","value":798952000},{"time":"2020-12-30","value":899567000},{"time":"2021-12-30","value":1227236000},{"time":"2022-12-30","value":993285000},{"time":"2023-12-30","value":975131000}],"Net Margins":[{"time":"2014-12-30","value":-0.012429090830106395},{"time":"2015-12-30","value":0.08165180782873084},{"time":"2016-12-30","value":0.08319380072940756},{"time":"2017-12-30","value":0.042197067961750774},{"time":"2018-12-30","value":0.16757921159497247},{"time":"2019-12-30","value":0.1694494788172506},{"time":"2020-12-30","value":0.21048904639676644},{"time":"2021-12-30","value":0.24859603205903347},{"time":"2022-12-30","value":0.1851976018967366},{"time":"2023-12-30","value":0.20757108532084406}],"Assets":[{"time":"2014-12-30","value":849452000},{"time":"2015-12-30","value":946532000},{"time":"2016-12-30","value":936166000},{"time":"2017-12-30","value":837155000},{"time":"2018-12-30","value":805014000},{"time":"2019-12-30","value":933619000},{"time":"2020-12-30","value":1151962000},{"time":"2021-12-30","value":1208047000},{"time":"2022-12-30","value":1234608000},{"time":"2023-12-30","value":1405858000}],"Stockholders Equity":[{"time":"2014-12-30","value":110876000},{"time":"2015-12-30","value":130045000},{"time":"2016-12-30","value":131711000},{"time":"2017-12-30","value":109923000},{"time":"2018-12-30","value":140487000},{"time":"2019-12-30","value":138501000},{"time":"2020-12-30","value":191042000},{"time":"2021-12-30","value":295961000},{"time":"2022-12-30","value":279357000},{"time":"2023-12-30","value":351351000}],"ROE":[{"time":"2014-12-30","value":-0.09289656914030088},{"time":"2015-12-30","value":0.5057326310123419},{"time":"2016-12-30","value":0.45532263820030217},{"time":"2017-12-30","value":0.30542288692994185},{"time":"2018-12-30","value":0.9884330934534868},{"time":"2019-12-30","value":0.9774803070013935},{"time":"2020-12-30","value":0.9911380743501429},{"time":"2021-12-30","value":1.0308317649960637},{"time":"2022-12-30","value":0.6584907483972122},{"time":"2023-12-30","value":0.5760877299338838}],"ROA":[{"time":"2014-12-30","value":0.36129528213483514},{"time":"2015-12-30","value":0.29833645349549726},{"time":"2016-12-30","value":0.25020562592531664},{"time":"2017-12-30","value":0.6823646755977089},{"time":"2018-12-30","value":0.37880210778942974},{"time":"2019-12-30","value":0.30360885971686524},{"time":"2020-12-30","value":0.3205817553009561},{"time":"2021-12-30","value":0.4565633621870672},{"time":"2022-12-30","value":0.2787095175148711},{"time":"2023-12-30","value":0.27292372344859867}]}
Artisan Partners Asset Management Inc. is publicly owned investment manager. It provides its services to pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. funds, as well as mutual funds, non-U.S. funds and collective trusts. It manages separate client-focused equity and fixed income portfolios. The firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of companies across all market capitalization. For fixed income component of its portfolio the firm invests in non-investment grade corporate bonds and secured and unsecured loans. It employs fundamental analysis to create its portfolios. Artisan Partners Asset Management Inc. was founded in 1994 and is based in Milwaukee, Wisconsin with additional offices in Atlanta, Georgia; New York City; San Francisco, California; Leawood, Kansas; and London, United Kingdom.
Sector
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DCF
Discounted Cash Flow Valuation of Artisan Partners Asset Management Inc.
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $277.1M | $278.8M | $280.4M | $282.1M | $283.8M | $285.5M | $287.3M | $289M | $290.7M | $292.5M | $294.3M | $2.943B |
| DCF | $242.4M | $212M | $185.5M | $162.3M | $142M | $124.2M | $108.6M | $95.04M | $83.14M | $72.74M | $727.4M | |
| Value | $2.155B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 22%
Earnings Stability 75%
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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 8.2% | 8.3% | 4.2% | 17% | 17% | 21% | 25% | 19% | 21% | 21% |
| ROA | 30% | 25% | 68% | 38% | 30% | 32% | 46% | 28% | 27% | 27% |
| ROE | 51% | 46% | 31% | 99% | 98% | 99% | 100% | 66% | 58% | 60% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +19.81%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.82%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +33.52%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -1.34%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +87.04%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -8.51%.
Safety & Stabiliy
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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | - | - | - | - | - | - | 0.50 | 0.65 | 0.80 | 0.72 |
| Debt Equity | - | - | - | - | - | - | 0.68 | 0.72 | 0.57 | 0.57 |
| MIN | ||||||||||
| Graham Stability | - | - | 87% | 100% | 100% | 100% | 100% | 88% | 90% | 87% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 0.72.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 0.15.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.87.
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 | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 4.4% | 3.3% | 2.7% | -1.8% | 0.65% |
| Net Income | 19% | 7.8% | 2.2% | 10% | -6.7% |
| Stockholders Equity | 15% | 20% | 23% | 26% | 2.8% |
| FCF | -0.91% | -5.4% | -7.5% | -18% | 0.48% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +3.31%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.65%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +7.83%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -6.69%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +20.12%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +2.77%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -5.37%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is +0.48%.