Intrinsic value of Affiliated Managers Group - AMG

Previous Close

$212.92

  Intrinsic Value

$222.08

stock screener

  Rating & Target

hold

+4%

Previous close

$212.92

 
Intrinsic value

$222.08

 
Up/down potential

+4%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  2,195
  2,360
  2,531
  2,708
  2,893
  3,085
  3,285
  3,493
  3,710
  3,935
  4,170
  4,415
  4,670
  4,936
  5,215
  5,505
  5,809
  6,126
  6,458
  6,805
  7,168
  7,549
  7,947
  8,364
  8,800
  9,258
  9,737
  10,240
  10,767
  11,319
  11,899
Variable operating expenses, $m
 
  1,290
  1,364
  1,442
  1,522
  1,606
  1,693
  1,783
  1,877
  1,976
  2,078
  1,922
  2,033
  2,149
  2,270
  2,396
  2,528
  2,667
  2,811
  2,962
  3,120
  3,286
  3,459
  3,640
  3,831
  4,030
  4,238
  4,457
  4,687
  4,927
  5,179
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
  1,574
  1,655
  1,740
  1,828
  1,919
  2,014
  2,112
  2,214
  2,322
  2,433
  2,285
  2,406
  2,531
  2,661
  2,797
  2,939
  3,088
  3,243
  3,405
  3,574
  3,751
  3,936
  4,129
  4,332
  4,544
  4,764
  4,997
  5,240
  5,494
  5,760
Operating income, $m
  705
  786
  875
  968
  1,065
  1,166
  1,271
  1,381
  1,495
  1,613
  1,737
  2,130
  2,265
  2,406
  2,553
  2,708
  2,869
  3,038
  3,215
  3,400
  3,594
  3,798
  4,011
  4,234
  4,469
  4,715
  4,973
  5,243
  5,527
  5,825
  6,138
EBITDA, $m
  835
  1,106
  1,199
  1,297
  1,398
  1,504
  1,613
  1,728
  1,847
  1,971
  2,101
  2,236
  2,378
  2,525
  2,679
  2,841
  3,010
  3,186
  3,371
  3,565
  3,768
  3,980
  4,203
  4,436
  4,681
  4,938
  5,208
  5,491
  5,787
  6,099
  6,426
Interest expense (income), $m
  85
  91
  107
  125
  142
  161
  180
  200
  221
  243
  266
  289
  314
  339
  366
  394
  423
  454
  486
  519
  554
  591
  629
  669
  711
  755
  801
  849
  899
  952
  1,008
Earnings before tax, $m
  975
  695
  768
  844
  923
  1,005
  1,091
  1,180
  1,273
  1,370
  1,472
  1,840
  1,951
  2,066
  2,187
  2,314
  2,446
  2,584
  2,729
  2,881
  3,040
  3,207
  3,382
  3,566
  3,758
  3,960
  4,172
  4,394
  4,628
  4,873
  5,131
Tax expense, $m
  236
  188
  207
  228
  249
  271
  295
  319
  344
  370
  397
  497
  527
  558
  591
  625
  660
  698
  737
  778
  821
  866
  913
  963
  1,015
  1,069
  1,126
  1,187
  1,250
  1,316
  1,385
Net income, $m
  473
  507
  561
  616
  674
  734
  796
  862
  930
  1,000
  1,074
  1,343
  1,424
  1,508
  1,597
  1,689
  1,785
  1,886
  1,992
  2,103
  2,219
  2,341
  2,469
  2,603
  2,743
  2,891
  3,046
  3,208
  3,378
  3,557
  3,745

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
  8,938
  9,586
  10,259
  10,959
  11,687
  12,444
  13,231
  14,051
  14,905
  15,795
  16,722
  17,689
  18,699
  19,752
  20,853
  22,003
  23,205
  24,462
  25,777
  27,153
  28,593
  30,101
  31,680
  33,334
  35,068
  36,884
  38,788
  40,783
  42,876
  45,070
Adjusted assets (=assets-cash), $m
  8,318
  8,938
  9,586
  10,259
  10,959
  11,687
  12,444
  13,231
  14,051
  14,905
  15,795
  16,722
  17,689
  18,699
  19,752
  20,853
  22,003
  23,205
  24,462
  25,777
  27,153
  28,593
  30,101
  31,680
  33,334
  35,068
  36,884
  38,788
  40,783
  42,876
  45,070
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
  1,711
  1,835
  1,964
  2,098
  2,237
  2,382
  2,533
  2,689
  2,853
  3,023
  3,201
  3,386
  3,579
  3,781
  3,991
  4,211
  4,441
  4,682
  4,934
  5,197
  5,473
  5,761
  6,064
  6,380
  6,712
  7,060
  7,424
  7,806
  8,206
  8,626
Working capital, $m
  0
  -462
  -496
  -531
  -567
  -605
  -644
  -685
  -727
  -771
  -817
  -865
  -915
  -968
  -1,022
  -1,079
  -1,139
  -1,201
  -1,266
  -1,334
  -1,405
  -1,480
  -1,558
  -1,639
  -1,725
  -1,815
  -1,909
  -2,007
  -2,110
  -2,219
  -2,332
Total debt, $m
  2,110
  2,496
  2,896
  3,311
  3,743
  4,192
  4,659
  5,145
  5,651
  6,177
  6,726
  7,299
  7,895
  8,518
  9,168
  9,847
  10,557
  11,299
  12,074
  12,885
  13,734
  14,623
  15,553
  16,528
  17,548
  18,618
  19,738
  20,913
  22,144
  23,435
  24,789
Total liabilities, $m
  5,130
  5,515
  5,915
  6,330
  6,762
  7,211
  7,678
  8,164
  8,670
  9,196
  9,745
  10,318
  10,914
  11,537
  12,187
  12,866
  13,576
  14,318
  15,093
  15,904
  16,753
  17,642
  18,572
  19,547
  20,567
  21,637
  22,757
  23,932
  25,163
  26,454
  27,808
Total equity, $m
  3,620
  3,423
  3,671
  3,929
  4,197
  4,476
  4,766
  5,068
  5,382
  5,709
  6,049
  6,405
  6,775
  7,162
  7,565
  7,987
  8,427
  8,888
  9,369
  9,873
  10,400
  10,951
  11,529
  12,134
  12,767
  13,431
  14,127
  14,856
  15,620
  16,421
  17,262
Total liabilities and equity, $m
  8,750
  8,938
  9,586
  10,259
  10,959
  11,687
  12,444
  13,232
  14,052
  14,905
  15,794
  16,723
  17,689
  18,699
  19,752
  20,853
  22,003
  23,206
  24,462
  25,777
  27,153
  28,593
  30,101
  31,681
  33,334
  35,068
  36,884
  38,788
  40,783
  42,875
  45,070
Debt-to-equity ratio
  0.583
  0.730
  0.790
  0.840
  0.890
  0.940
  0.980
  1.020
  1.050
  1.080
  1.110
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
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
  507
  561
  616
  674
  734
  796
  862
  930
  1,000
  1,074
  1,343
  1,424
  1,508
  1,597
  1,689
  1,785
  1,886
  1,992
  2,103
  2,219
  2,341
  2,469
  2,603
  2,743
  2,891
  3,046
  3,208
  3,378
  3,557
  3,745
Depreciation, amort., depletion, $m
  130
  320
  324
  328
  333
  337
  342
  347
  352
  358
  364
  107
  113
  119
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  213
  224
  235
  247
  260
  274
  288
Funds from operations, $m
  1,388
  827
  885
  944
  1,006
  1,071
  1,139
  1,209
  1,282
  1,358
  1,438
  1,450
  1,537
  1,628
  1,723
  1,822
  1,926
  2,034
  2,148
  2,268
  2,393
  2,524
  2,661
  2,805
  2,956
  3,115
  3,281
  3,455
  3,639
  3,831
  4,033
Change in working capital, $m
  362
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
Cash from operations, $m
  1,026
  860
  918
  979
  1,043
  1,109
  1,178
  1,250
  1,324
  1,402
  1,484
  1,498
  1,587
  1,680
  1,777
  1,879
  1,985
  2,097
  2,213
  2,336
  2,464
  2,598
  2,739
  2,887
  3,042
  3,204
  3,375
  3,554
  3,742
  3,939
  4,146
Maintenance CAPEX, $m
  0
  -53
  -57
  -61
  -65
  -70
  -75
  -79
  -84
  -90
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -274
New CAPEX, $m
  -20
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -178
  -185
  -193
  -202
  -211
  -220
  -230
  -241
  -252
  -263
  -276
  -289
  -302
  -317
  -332
  -348
  -364
  -382
  -401
  -420
Cash from investing activities, $m
  -1,332
  -172
  -181
  -190
  -199
  -209
  -220
  -230
  -241
  -253
  -265
  -279
  -292
  -306
  -321
  -337
  -353
  -370
  -389
  -408
  -427
  -449
  -471
  -494
  -519
  -545
  -572
  -599
  -629
  -661
  -694
Free cash flow, $m
  -306
  687
  737
  789
  843
  900
  958
  1,019
  1,083
  1,149
  1,219
  1,220
  1,295
  1,374
  1,456
  1,542
  1,632
  1,726
  1,825
  1,928
  2,036
  2,149
  2,268
  2,392
  2,523
  2,660
  2,803
  2,954
  3,112
  3,279
  3,453
Issuance/(repayment) of debt, $m
  230
  386
  400
  415
  432
  449
  467
  486
  506
  527
  549
  572
  597
  623
  650
  679
  710
  742
  776
  811
  849
  889
  930
  974
  1,021
  1,069
  1,121
  1,175
  1,231
  1,291
  1,354
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
  386
  400
  415
  432
  449
  467
  486
  506
  527
  549
  572
  597
  623
  650
  679
  710
  742
  776
  811
  849
  889
  930
  974
  1,021
  1,069
  1,121
  1,175
  1,231
  1,291
  1,354
Total cash flow (excl. dividends), $m
  -133
  1,073
  1,137
  1,205
  1,275
  1,349
  1,425
  1,505
  1,589
  1,676
  1,768
  1,792
  1,892
  1,997
  2,106
  2,221
  2,342
  2,468
  2,600
  2,739
  2,885
  3,038
  3,198
  3,367
  3,544
  3,729
  3,924
  4,129
  4,344
  4,570
  4,807
Retained Cash Flow (-), $m
  -783
  -234
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -355
  -370
  -387
  -404
  -422
  -440
  -460
  -481
  -504
  -527
  -552
  -578
  -605
  -634
  -664
  -696
  -729
  -764
  -801
  -840
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
 
  1,270
  889
  947
  1,007
  1,070
  1,135
  1,204
  1,275
  1,349
  1,427
  1,437
  1,522
  1,610
  1,703
  1,800
  1,901
  2,008
  2,119
  2,236
  2,358
  2,486
  2,621
  2,762
  2,910
  3,065
  3,229
  3,400
  3,579
  3,768
  3,966
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  1,206
  797
  798
  794
  783
  767
  745
  717
  685
  647
  578
  537
  494
  449
  403
  357
  312
  269
  228
  191
  157
  127
  100
  78
  59
  44
  32
  23
  16
  11
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 26.3
Price to Sales 5.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 12.4
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 7.5% 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 5.3%, 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 55.932 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 $11.9 billion.

RELATED COMPANIES Price Int.Val. Rating
BLK BlackRock 589.68 2,354.18  str.buy
DHIL Diamond Hill I 215.48 433.38  str.buy
NTRS Northern Trust 106.89 173.60  str.buy
VRTS Virtus Investm 131.05 1,667.38  str.buy
SAMG Silvercrest As 16.00 49.43  str.buy
MN Manning&Napier 4.20 75.80  str.buy
PZN Pzena Investme 12.75 95.68  str.buy
WHG Westwood Holdi 68.47 61.29  hold

COMPANY NEWS

▶ Sticking to a Risk-Averse Process, Even When It Hurts   [Jan-06-18 10:18PM  Morningstar]
▶ Lowered Expectations: Legg Mason, AMG Downgraded   [Jan-03-18 10:11AM  Barrons.com]
▶ AMG Appoints Kevin Haran as Head of Australian Distribution   [Dec-21-17 04:30PM  GlobeNewswire]
▶ AMG Names Karen L. Yerburgh to its Board of Directors   [Nov-14-17 07:45AM  GlobeNewswire]
▶ Affiliated Managers tops 3Q profit forecasts   [08:01AM  Associated Press]
▶ AMG to Announce Third Quarter Results on October 30, 2017   [Oct-24-17 08:45AM  GlobeNewswire]
▶ [$$] 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]
Financial statements of AMG
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.