Intrinsic value of Affiliated Managers Group - AMG

Previous Close

$195.30

  Intrinsic Value

$192.34

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

-33%

Previous close

$195.30

 
Intrinsic value

$192.34

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

-33%

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 10.9

 

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
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  2,195
  2,263
  2,337
  2,418
  2,506
  2,600
  2,701
  2,808
  2,923
  3,046
  3,175
  3,313
  3,459
  3,614
  3,777
  3,949
  4,131
  4,323
  4,526
  4,739
  4,964
  5,201
  5,450
  5,712
  5,988
  6,278
  6,584
  6,905
  7,242
  7,597
  7,970
Variable operating expenses, $m
 
  1,248
  1,280
  1,315
  1,354
  1,394
  1,438
  1,485
  1,535
  1,588
  1,645
  1,442
  1,506
  1,573
  1,644
  1,719
  1,798
  1,882
  1,970
  2,063
  2,161
  2,264
  2,372
  2,486
  2,606
  2,733
  2,866
  3,005
  3,152
  3,307
  3,469
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
  1,532
  1,571
  1,613
  1,660
  1,707
  1,759
  1,814
  1,872
  1,934
  2,000
  1,805
  1,879
  1,955
  2,035
  2,120
  2,209
  2,303
  2,402
  2,506
  2,615
  2,729
  2,849
  2,975
  3,107
  3,247
  3,392
  3,545
  3,705
  3,874
  4,050
Operating income, $m
  705
  731
  766
  805
  847
  892
  941
  994
  1,051
  1,111
  1,176
  1,508
  1,581
  1,659
  1,741
  1,829
  1,922
  2,020
  2,124
  2,233
  2,349
  2,472
  2,601
  2,737
  2,881
  3,032
  3,192
  3,360
  3,537
  3,724
  3,920
EBITDA, $m
  835
  1,049
  1,086
  1,126
  1,170
  1,218
  1,269
  1,325
  1,384
  1,448
  1,515
  1,588
  1,665
  1,746
  1,833
  1,924
  2,022
  2,124
  2,233
  2,348
  2,469
  2,597
  2,732
  2,875
  3,025
  3,184
  3,351
  3,527
  3,712
  3,907
  4,113
Interest expense (income), $m
  85
  91
  98
  105
  113
  122
  131
  142
  152
  164
  176
  189
  203
  218
  233
  250
  267
  285
  305
  325
  346
  369
  393
  418
  444
  472
  501
  532
  564
  598
  634
Earnings before tax, $m
  975
  641
  669
  700
  733
  770
  810
  852
  898
  947
  1,000
  1,318
  1,378
  1,441
  1,508
  1,579
  1,655
  1,735
  1,819
  1,908
  2,003
  2,103
  2,208
  2,319
  2,436
  2,560
  2,690
  2,828
  2,973
  3,126
  3,286
Tax expense, $m
  236
  173
  181
  189
  198
  208
  219
  230
  243
  256
  270
  356
  372
  389
  407
  426
  447
  468
  491
  515
  541
  568
  596
  626
  658
  691
  726
  764
  803
  844
  887
Net income, $m
  473
  468
  488
  511
  535
  562
  591
  622
  656
  691
  730
  962
  1,006
  1,052
  1,101
  1,153
  1,208
  1,266
  1,328
  1,393
  1,462
  1,535
  1,612
  1,693
  1,779
  1,869
  1,964
  2,064
  2,170
  2,282
  2,399

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
  8,572
  8,854
  9,161
  9,492
  9,848
  10,230
  10,638
  11,073
  11,536
  12,028
  12,550
  13,103
  13,688
  14,306
  14,959
  15,648
  16,376
  17,143
  17,951
  18,802
  19,699
  20,643
  21,637
  22,682
  23,782
  24,938
  26,155
  27,433
  28,778
  30,191
Adjusted assets (=assets-cash), $m
  8,318
  8,572
  8,854
  9,161
  9,492
  9,848
  10,230
  10,638
  11,073
  11,536
  12,028
  12,550
  13,103
  13,688
  14,306
  14,959
  15,648
  16,376
  17,143
  17,951
  18,802
  19,699
  20,643
  21,637
  22,682
  23,782
  24,938
  26,155
  27,433
  28,778
  30,191
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
  1,641
  1,695
  1,753
  1,817
  1,885
  1,958
  2,036
  2,119
  2,208
  2,302
  2,402
  2,508
  2,620
  2,738
  2,863
  2,995
  3,134
  3,281
  3,436
  3,599
  3,770
  3,951
  4,141
  4,341
  4,552
  4,773
  5,006
  5,251
  5,508
  5,779
Working capital, $m
  0
  -444
  -458
  -474
  -491
  -510
  -529
  -550
  -573
  -597
  -622
  -649
  -678
  -708
  -740
  -774
  -810
  -847
  -887
  -929
  -973
  -1,019
  -1,068
  -1,120
  -1,174
  -1,231
  -1,290
  -1,353
  -1,420
  -1,489
  -1,562
Total debt, $m
  2,110
  2,270
  2,444
  2,633
  2,837
  3,057
  3,293
  3,545
  3,813
  4,099
  4,403
  4,724
  5,065
  5,426
  5,808
  6,211
  6,636
  7,085
  7,558
  8,057
  8,582
  9,135
  9,718
  10,331
  10,976
  11,654
  12,368
  13,118
  13,907
  14,737
  15,609
Total liabilities, $m
  5,130
  5,289
  5,463
  5,652
  5,856
  6,076
  6,312
  6,564
  6,832
  7,118
  7,422
  7,743
  8,084
  8,445
  8,827
  9,230
  9,655
  10,104
  10,577
  11,076
  11,601
  12,154
  12,737
  13,350
  13,995
  14,673
  15,387
  16,137
  16,926
  17,756
  18,628
Total equity, $m
  3,620
  3,283
  3,391
  3,509
  3,635
  3,772
  3,918
  4,074
  4,241
  4,418
  4,607
  4,807
  5,018
  5,242
  5,479
  5,729
  5,993
  6,272
  6,566
  6,875
  7,201
  7,545
  7,906
  8,287
  8,687
  9,108
  9,551
  10,017
  10,507
  11,022
  11,563
Total liabilities and equity, $m
  8,750
  8,572
  8,854
  9,161
  9,491
  9,848
  10,230
  10,638
  11,073
  11,536
  12,029
  12,550
  13,102
  13,687
  14,306
  14,959
  15,648
  16,376
  17,143
  17,951
  18,802
  19,699
  20,643
  21,637
  22,682
  23,781
  24,938
  26,154
  27,433
  28,778
  30,191
Debt-to-equity ratio
  0.583
  0.690
  0.720
  0.750
  0.780
  0.810
  0.840
  0.870
  0.900
  0.930
  0.960
  0.980
  1.010
  1.040
  1.060
  1.080
  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
  1.340
  1.350
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
  468
  488
  511
  535
  562
  591
  622
  656
  691
  730
  962
  1,006
  1,052
  1,101
  1,153
  1,208
  1,266
  1,328
  1,393
  1,462
  1,535
  1,612
  1,693
  1,779
  1,869
  1,964
  2,064
  2,170
  2,282
  2,399
Depreciation, amort., depletion, $m
  130
  317
  319
  321
  323
  326
  328
  331
  333
  336
  340
  80
  84
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
Funds from operations, $m
  1,045
  785
  807
  832
  859
  888
  919
  953
  989
  1,028
  1,069
  1,042
  1,089
  1,139
  1,192
  1,248
  1,308
  1,371
  1,437
  1,508
  1,582
  1,661
  1,743
  1,831
  1,923
  2,021
  2,123
  2,231
  2,345
  2,465
  2,592
Change in working capital, $m
  19
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
Cash from operations, $m
  1,026
  798
  822
  848
  876
  906
  939
  974
  1,012
  1,052
  1,095
  1,069
  1,118
  1,170
  1,224
  1,282
  1,343
  1,408
  1,477
  1,550
  1,626
  1,707
  1,792
  1,882
  1,977
  2,077
  2,183
  2,294
  2,411
  2,535
  2,665
Maintenance CAPEX, $m
  0
  -53
  -55
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
New CAPEX, $m
  -20
  -49
  -54
  -59
  -63
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -210
  -221
  -233
  -245
  -257
  -270
Cash from investing activities, $m
  -1,332
  -102
  -109
  -115
  -121
  -129
  -136
  -143
  -151
  -160
  -168
  -177
  -186
  -196
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -392
  -412
  -432
  -454
Free cash flow, $m
  -306
  696
  713
  733
  754
  777
  803
  831
  860
  893
  927
  893
  932
  974
  1,019
  1,066
  1,116
  1,169
  1,226
  1,285
  1,349
  1,415
  1,486
  1,561
  1,639
  1,722
  1,810
  1,902
  2,000
  2,102
  2,211
Issuance/(repayment) of debt, $m
  230
  160
  174
  189
  204
  220
  236
  252
  269
  286
  304
  322
  341
  361
  381
  403
  425
  449
  473
  499
  525
  553
  582
  613
  645
  679
  714
  750
  789
  829
  872
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
  160
  174
  189
  204
  220
  236
  252
  269
  286
  304
  322
  341
  361
  381
  403
  425
  449
  473
  499
  525
  553
  582
  613
  645
  679
  714
  750
  789
  829
  872
Total cash flow (excl. dividends), $m
  -133
  856
  887
  922
  958
  997
  1,039
  1,082
  1,129
  1,178
  1,230
  1,215
  1,273
  1,335
  1,400
  1,469
  1,541
  1,618
  1,699
  1,784
  1,874
  1,969
  2,068
  2,174
  2,284
  2,401
  2,524
  2,653
  2,789
  2,932
  3,083
Retained Cash Flow (-), $m
  -783
  -94
  -108
  -117
  -127
  -136
  -146
  -156
  -167
  -177
  -188
  -200
  -212
  -224
  -237
  -250
  -264
  -279
  -294
  -310
  -326
  -343
  -362
  -381
  -400
  -421
  -443
  -466
  -490
  -515
  -541
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
 
  1,193
  779
  804
  831
  861
  892
  926
  962
  1,001
  1,042
  1,015
  1,061
  1,111
  1,163
  1,219
  1,277
  1,340
  1,405
  1,475
  1,548
  1,625
  1,707
  1,793
  1,884
  1,980
  2,081
  2,187
  2,299
  2,417
  2,541
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
 
  1,142
  711
  696
  679
  660
  638
  615
  589
  561
  531
  466
  436
  404
  372
  339
  305
  272
  240
  209
  180
  152
  127
  104
  84
  67
  52
  40
  30
  22
  16
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. is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities. The equity method investments in the Mutual Fund distribution channel are made in advisory or sub-advisory relationships with active return-oriented mutual funds, Undertakings for Collective Investment in Transferable Securities and other retail products. The equity method investments in the High Net Worth distribution channel are made in relationships with high net worth and ultra-high net worth individuals, families, trusts, foundations, endowments and retirement plans.

FINANCIAL RATIOS  of  Affiliated Managers Group (AMG)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 5.2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.4
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 3.1% 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 55.981 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 $10.9 billion.

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COMPANY NEWS

▶ [$$] Asset Manager, Up 25%, Isn't Done   [Sep-15-17 11:37PM  Barrons.com]
▶ Flow Show: Asset Manager Roundup   [Aug-11-17 11:06AM  Barrons.com]
▶ Affiliated Managers beats 2Q profit forecasts   [Jul-31-17 10:57PM  Associated Press]
▶ AMG to Announce Second Quarter Results on July 31, 2017   [Jul-24-17 06:39PM  GlobeNewswire]
▶ Behind Analysts Positive Ratings   [Jul-10-17 10:37AM  Market Realist]
▶ AMG to Invest in Wealth Management Venture   [08:15AM  GlobeNewswire]
▶ AMG Expects Fundraising in Private Equity   [07:39AM  Market Realist]
▶ Affiliates Continue to Drive AMGs Performance   [Jul-07-17 06:06PM  Market Realist]
▶ Janus-Henderson Merger: The Wait Is Over   [Jun-13-17 04:56PM  Market Realist]
▶ 3 Stocks With Zillow-Like Return Potential   [Jun-10-17 10:47AM  Motley Fool]
▶ The Biggest Loser: Affiliated Managers Group Drops 5.9%   [May-01-17 04:49PM  Barrons.com]
▶ Affiliated Managers tops 1Q profit forecasts   [07:42AM  Associated Press]
▶ 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]
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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