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Affiliated Managers Group Inc AMG

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Stock XNYS Rating as of
$162.60 +2.03 (1.26%)
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As of Delayed Price Closed
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Company Report

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US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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Price vs Fair Value

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AMG is trading within a range we consider fairly valued.
Price
$162.60
Fair Value
$396.00
Uncertainty
High
1-Star Price
$666.90
5-Star Price
$613.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

AMG's affiliate model provides it with a diverse product mix offering exposure to value and growth equity strategies, emerging-market equities, fixed-income, and alternatives.

Bears

AMG's global equity performance has been less than ideal, with just 44%, 43%, and 61% of global equity assets (28% of AUM) beating their benchmarks on a 3-, 5-, and 10-year basis, respectively, at the end of December 2023.

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Trading Information

Previous Close Price
$160.57
Day Range
$160.50–162.78
52-Week Range
$120.22–169.65
Bid/Ask
$162.56 / $166.61
Market Cap
$5.18 Bil
Volume/Avg
310,849 / 257,270

Key Statistics

Price/Earnings (Normalized)
7.57
Price/Sales
3.25
Dividend Yield (Trailing)
0.02%
Dividend Yield (Forward)
0.02%
Total Yield
11.53%

Company Profile

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 December 2023, AMG's affiliate network—which includes firms like AQR Capital Management, and Pantheon in alternative assets and other products (which accounted for 35% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (28%) and Frontier, River Road, Parnassus, and Yacktman in U.S. equities (21%)—had $672.2 billion in managed assets.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
4,000
Website
https://www.amg.com

Competitors

Valuation

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Metric
AMG
JHG
BEN
Price/Earnings (Normalized)
 7.5711.888.61
Price/Book Value
 1.421.200.94
Price/Sales
 3.252.461.42
Price/Cash Flow
 6.6510.518.12
Price/Earnings
AMG
JHG
BEN

Financial Strength

Metric
AMG
JHG
BEN
Quick Ratio
 2.633.703.38
Current Ratio
 2.633.923.38
Interest Coverage
 10.0246.5313.52
Quick Ratio
AMG
JHG
BEN

Profitability

Metric
AMG
JHG
BEN
Return on Assets (Normalized)
 8.30%7.00%4.56%
Return on Equity (Normalized)
 21.52%9.99%11.46%
Return on Invested Capital (Normalized)
 11.44%8.93%5.16%
Return on Assets
AMG
JHG
BEN
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