Intrinsic value of Affiliated Managers Group - AMG

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$165.59

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$165.59

 
Intrinsic value

$175.34

 
Up/down potential

+6%

 
Rating

hold

 
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Our model is not good at valuating stocks of financial companies, such as AMG.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AMG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.67
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,195
  2,239
  2,290
  2,349
  2,415
  2,489
  2,569
  2,656
  2,751
  2,853
  2,963
  3,080
  3,205
  3,338
  3,479
  3,629
  3,788
  3,957
  4,135
  4,323
  4,522
  4,731
  4,952
  5,185
  5,431
  5,689
  5,961
  6,248
  6,549
  6,867
  7,200
Variable operating expenses, $m
 
  1,237
  1,260
  1,285
  1,314
  1,346
  1,381
  1,419
  1,460
  1,505
  1,552
  1,341
  1,395
  1,453
  1,514
  1,580
  1,649
  1,722
  1,800
  1,882
  1,968
  2,059
  2,156
  2,257
  2,364
  2,476
  2,595
  2,720
  2,851
  2,989
  3,134
Fixed operating expenses, $m
 
  284
  291
  298
  306
  313
  321
  329
  337
  346
  355
  363
  373
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
  501
  514
  526
  540
  553
  567
  581
Total operating expenses, $m
  1,489
  1,521
  1,551
  1,583
  1,620
  1,659
  1,702
  1,748
  1,797
  1,851
  1,907
  1,704
  1,768
  1,835
  1,905
  1,981
  2,060
  2,143
  2,232
  2,325
  2,422
  2,524
  2,633
  2,746
  2,865
  2,990
  3,121
  3,260
  3,404
  3,556
  3,715
Operating income, $m
  705
  718
  740
  766
  795
  829
  867
  908
  953
  1,003
  1,056
  1,376
  1,437
  1,503
  1,573
  1,648
  1,728
  1,813
  1,903
  1,998
  2,100
  2,207
  2,320
  2,439
  2,566
  2,699
  2,840
  2,989
  3,146
  3,311
  3,485
EBITDA, $m
  835
  1,035
  1,058
  1,085
  1,117
  1,152
  1,192
  1,235
  1,283
  1,334
  1,390
  1,450
  1,515
  1,584
  1,658
  1,736
  1,820
  1,909
  2,003
  2,103
  2,209
  2,321
  2,439
  2,565
  2,697
  2,837
  2,984
  3,140
  3,304
  3,477
  3,659
Interest expense (income), $m
  85
  91
  95
  100
  106
  113
  120
  128
  137
  147
  157
  168
  180
  192
  206
  220
  235
  251
  268
  286
  305
  325
  346
  368
  391
  416
  442
  469
  498
  528
  560
Earnings before tax, $m
  975
  627
  644
  665
  689
  716
  746
  780
  816
  856
  899
  1,208
  1,258
  1,311
  1,368
  1,429
  1,493
  1,562
  1,635
  1,713
  1,795
  1,882
  1,974
  2,072
  2,175
  2,283
  2,398
  2,520
  2,648
  2,783
  2,925
Tax expense, $m
  236
  169
  174
  180
  186
  193
  202
  211
  220
  231
  243
  326
  340
  354
  369
  386
  403
  422
  442
  462
  485
  508
  533
  559
  587
  617
  648
  680
  715
  751
  790
Net income, $m
  473
  458
  470
  486
  503
  523
  545
  569
  596
  625
  656
  882
  918
  957
  999
  1,043
  1,090
  1,140
  1,194
  1,250
  1,310
  1,374
  1,441
  1,512
  1,587
  1,667
  1,751
  1,839
  1,933
  2,031
  2,135

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  431
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,749
  8,481
  8,676
  8,899
  9,149
  9,426
  9,731
  10,062
  10,421
  10,807
  11,222
  11,666
  12,139
  12,643
  13,179
  13,748
  14,350
  14,988
  15,662
  16,375
  17,127
  17,921
  18,758
  19,641
  20,571
  21,550
  22,581
  23,666
  24,808
  26,010
  27,274
Adjusted assets (=assets-cash), $m
  8,318
  8,481
  8,676
  8,899
  9,149
  9,426
  9,731
  10,062
  10,421
  10,807
  11,222
  11,666
  12,139
  12,643
  13,179
  13,748
  14,350
  14,988
  15,662
  16,375
  17,127
  17,921
  18,758
  19,641
  20,571
  21,550
  22,581
  23,666
  24,808
  26,010
  27,274
Revenue / Adjusted assets
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
Average production assets, $m
  1,592
  1,623
  1,661
  1,703
  1,751
  1,804
  1,862
  1,926
  1,995
  2,069
  2,148
  2,233
  2,323
  2,420
  2,522
  2,631
  2,747
  2,869
  2,998
  3,134
  3,278
  3,430
  3,590
  3,759
  3,937
  4,125
  4,322
  4,530
  4,748
  4,978
  5,220
Working capital, $m
  0
  -439
  -449
  -460
  -473
  -488
  -504
  -521
  -539
  -559
  -581
  -604
  -628
  -654
  -682
  -711
  -743
  -776
  -810
  -847
  -886
  -927
  -971
  -1,016
  -1,064
  -1,115
  -1,168
  -1,225
  -1,284
  -1,346
  -1,411
Total debt, $m
  2,110
  2,214
  2,334
  2,472
  2,626
  2,797
  2,985
  3,189
  3,411
  3,649
  3,905
  4,179
  4,471
  4,782
  5,113
  5,463
  5,835
  6,228
  6,645
  7,084
  7,548
  8,038
  8,555
  9,099
  9,673
  10,277
  10,913
  11,583
  12,288
  13,029
  13,809
Total liabilities, $m
  5,130
  5,233
  5,353
  5,491
  5,645
  5,816
  6,004
  6,208
  6,430
  6,668
  6,924
  7,198
  7,490
  7,801
  8,132
  8,482
  8,854
  9,247
  9,664
  10,103
  10,567
  11,057
  11,574
  12,118
  12,692
  13,296
  13,932
  14,602
  15,307
  16,048
  16,828
Total equity, $m
  3,620
  3,248
  3,323
  3,408
  3,504
  3,610
  3,727
  3,854
  3,991
  4,139
  4,298
  4,468
  4,649
  4,842
  5,048
  5,265
  5,496
  5,740
  5,999
  6,272
  6,560
  6,864
  7,184
  7,522
  7,879
  8,254
  8,649
  9,064
  9,502
  9,962
  10,446
Total liabilities and equity, $m
  8,750
  8,481
  8,676
  8,899
  9,149
  9,426
  9,731
  10,062
  10,421
  10,807
  11,222
  11,666
  12,139
  12,643
  13,180
  13,747
  14,350
  14,987
  15,663
  16,375
  17,127
  17,921
  18,758
  19,640
  20,571
  21,550
  22,581
  23,666
  24,809
  26,010
  27,274
Debt-to-equity ratio
  0.583
  0.680
  0.700
  0.730
  0.750
  0.770
  0.800
  0.830
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.310
  1.320
Adjusted equity ratio
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  473
  458
  470
  486
  503
  523
  545
  569
  596
  625
  656
  882
  918
  957
  999
  1,043
  1,090
  1,140
  1,194
  1,250
  1,310
  1,374
  1,441
  1,512
  1,587
  1,667
  1,751
  1,839
  1,933
  2,031
  2,135
Depreciation, amort., depletion, $m
  130
  317
  318
  320
  321
  323
  325
  327
  329
  332
  334
  74
  77
  81
  84
  88
  92
  96
  100
  104
  109
  114
  120
  125
  131
  137
  144
  151
  158
  166
  174
Funds from operations, $m
  1,045
  775
  789
  805
  824
  846
  870
  896
  925
  957
  991
  956
  995
  1,038
  1,083
  1,131
  1,182
  1,236
  1,294
  1,355
  1,420
  1,488
  1,561
  1,638
  1,719
  1,804
  1,895
  1,990
  2,091
  2,197
  2,309
Change in working capital, $m
  19
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Cash from operations, $m
  1,026
  689
  799
  817
  837
  860
  886
  913
  944
  977
  1,012
  979
  1,020
  1,064
  1,110
  1,160
  1,213
  1,269
  1,329
  1,392
  1,459
  1,529
  1,604
  1,683
  1,767
  1,855
  1,948
  2,046
  2,150
  2,259
  2,375
Maintenance CAPEX, $m
  0
  -53
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -166
New CAPEX, $m
  -20
  -32
  -37
  -43
  -48
  -53
  -58
  -63
  -69
  -74
  -79
  -85
  -91
  -96
  -103
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -208
  -219
  -230
  -242
Cash from investing activities, $m
  -1,332
  -85
  -91
  -98
  -105
  -111
  -118
  -125
  -133
  -140
  -148
  -157
  -165
  -173
  -184
  -193
  -203
  -214
  -225
  -236
  -248
  -261
  -274
  -289
  -303
  -318
  -334
  -352
  -370
  -388
  -408
Free cash flow, $m
  -306
  604
  707
  719
  733
  749
  767
  788
  811
  836
  864
  823
  855
  890
  927
  967
  1,010
  1,055
  1,104
  1,155
  1,210
  1,268
  1,330
  1,395
  1,463
  1,536
  1,613
  1,695
  1,780
  1,871
  1,967
Issuance/(repayment) of debt, $m
  230
  104
  120
  138
  154
  171
  188
  204
  221
  238
  256
  274
  292
  311
  331
  351
  372
  393
  416
  440
  464
  490
  517
  545
  574
  604
  636
  670
  705
  741
  780
Issuance/(repurchase) of shares, $m
  328
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  201
  104
  120
  138
  154
  171
  188
  204
  221
  238
  256
  274
  292
  311
  331
  351
  372
  393
  416
  440
  464
  490
  517
  545
  574
  604
  636
  670
  705
  741
  780
Total cash flow (excl. dividends), $m
  -133
  707
  828
  856
  887
  920
  955
  992
  1,032
  1,075
  1,120
  1,096
  1,147
  1,201
  1,258
  1,318
  1,382
  1,449
  1,520
  1,595
  1,674
  1,758
  1,846
  1,939
  2,037
  2,141
  2,249
  2,364
  2,485
  2,612
  2,746
Retained Cash Flow (-), $m
  -783
  -59
  -75
  -85
  -96
  -106
  -117
  -127
  -137
  -148
  -159
  -170
  -181
  -193
  -205
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -321
  -338
  -356
  -375
  -395
  -416
  -437
  -460
  -484
Prev. year cash balance distribution, $m
 
  431
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,079
  753
  771
  791
  814
  838
  865
  895
  926
  961
  926
  966
  1,008
  1,052
  1,100
  1,151
  1,205
  1,262
  1,322
  1,386
  1,454
  1,525
  1,601
  1,681
  1,765
  1,855
  1,949
  2,048
  2,152
  2,262
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  1,033
  686
  667
  646
  623
  600
  574
  548
  519
  489
  425
  397
  367
  337
  306
  275
  245
  216
  187
  161
  136
  113
  93
  75
  60
  46
  35
  26
  19
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Affiliated Managers Group, Inc., through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments. The company also offers investment products in various investment styles in the institutional distribution channel, including small, small/mid, mid, and large capitalization value and growth equity, and emerging markets. In addition, it offers quantitative, alternative, and fixed income products, and manages assets for foundations and endowments, defined benefit, and defined contribution plans for corporations and municipalities. Affiliated Managers Group provides investment management or customized investment counseling and fiduciary services. The company was formed as a corporation under the laws of Delaware in 1993. Affiliated Managers Group is based in Prides Crossing, Massachusetts.

FINANCIAL RATIOS  of  Affiliated Managers Group (AMG)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 4.4
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 9.6
Growth Rates
Sales Growth Rate -11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.4%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 58.3%
Total Debt to Equity 58.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.3%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 54.2%
EBITDA Margin - 3 Yr. Avg. 51.7%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 32.7%
Pre-Tax Margin 44.4%
Pre-Tax Margin - 3 Yr. Avg. 42.9%
Net Profit Margin 21.5%
Net Profit Margin - 3 Yr. Avg. 19.8%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 24.3%
Payout Ratio 0%

AMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMG stock intrinsic value calculation we used $2195 million for the last fiscal year's total revenue generated by Affiliated Managers Group. The default revenue input number comes from 2016 income statement of Affiliated Managers Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.5%, whose default value for AMG is calculated based on our internal credit rating of Affiliated Managers Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Affiliated Managers Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMG stock the variable cost ratio is equal to 55.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $277 million in the base year in the intrinsic value calculation for AMG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for Affiliated Managers Group.

Corporate tax rate of 27% is the nominal tax rate for Affiliated Managers Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMG are equal to 72.5%.

Life of production assets of 32.6 years is the average useful life of capital assets used in Affiliated Managers Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMG is equal to -19.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3620 million for Affiliated Managers Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 56.728 million for Affiliated Managers Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Affiliated Managers Group at the current share price and the inputted number of shares is $9.4 billion.


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COMPANY NEWS

▶ AMG to Announce First Quarter Results on May 1, 2017   [Apr-27-17 09:31AM  GlobeNewswire]
▶ Hey Asset Managers, Take Cues From Affiliated Managers!   [Apr-19-17 09:54AM  Barrons.com]
▶ U.S. Asset Managers Still Face Difficult Future   [Mar-13-17 07:00AM  Morningstar]
▶ Analysts Praise Affiliated Managers' Earnings   [10:49AM  at Barrons.com]
▶ [$$] Anxious Mutual-Fund Industry Looks to Curtail Withdrawals   [Dec-13-16 04:33PM  at The Wall Street Journal]
▶ Is UGI Corp (UGI) A Good Stock To Buy?   [Dec-09-16 04:06PM  at Insider Monkey]
▶ Asset Managers: BlackRock's 3Q AUM Growth Outstrips All   [Dec-01-16 02:42PM  at Barrons.com]
▶ AMG to Announce Third Quarter Results on October 31, 2016   [Oct-25-16 05:12PM  Business Wire]
▶ AMG Completes Investments in Winton and PFM   [Oct-04-16 05:59PM  Business Wire]
▶ AMG Funds Completes Successful Integration of Aston Funds   [Oct-03-16 08:40AM  Business Wire]
▶ Stock Market Outlook: A Little Too Buoyant?   [07:00AM  at Morningstar]
Stock chart of AMG Financial statements of AMG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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