Intrinsic value of Affiliated Managers Group - AMG

Previous Close

$95.51

  Intrinsic Value

$311.64

stock screener

  Rating & Target

str. buy

+226%

Previous close

$95.51

 
Intrinsic value

$311.64

 
Up/down potential

+226%

 
Rating

str. buy

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

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 0001), $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 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  2,423
  2,546
  2,675
  2,811
  2,953
  3,103
  3,260
  3,424
  3,597
  3,778
  3,968
  4,168
  4,377
  4,597
  4,828
  5,071
  5,325
  5,592
  5,873
  6,167
  6,476
  6,801
  7,142
  7,499
  7,875
  8,269
  8,683
  9,118
  9,574
  10,053
Variable operating expenses, $m
  308
  303
  298
  292
  286
  280
  273
  266
  259
  251
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -275
  -288
  -303
  -318
  -334
  -351
  -368
  -387
  -406
  -426
Fixed operating expenses, $m
  1,244
  1,271
  1,299
  1,328
  1,357
  1,387
  1,417
  1,448
  1,480
  1,513
  1,546
  1,580
  1,615
  1,650
  1,687
  1,724
  1,762
  1,801
  1,840
  1,881
  1,922
  1,964
  2,008
  2,052
  2,097
  2,143
  2,190
  2,238
  2,288
  2,338
Total operating expenses, $m
  1,552
  1,574
  1,597
  1,620
  1,643
  1,667
  1,690
  1,714
  1,739
  1,764
  1,378
  1,403
  1,429
  1,455
  1,482
  1,509
  1,536
  1,564
  1,591
  1,619
  1,647
  1,676
  1,705
  1,734
  1,763
  1,792
  1,822
  1,851
  1,882
  1,912
Operating income, $m
  870
  971
  1,078
  1,191
  1,310
  1,436
  1,569
  1,710
  1,858
  2,014
  2,590
  2,764
  2,948
  3,142
  3,346
  3,562
  3,789
  4,029
  4,282
  4,548
  4,829
  5,125
  5,437
  5,766
  6,112
  6,477
  6,861
  7,266
  7,693
  8,142
EBITDA, $m
  1,357
  1,463
  1,573
  1,691
  1,814
  1,945
  2,083
  2,228
  2,382
  2,544
  2,715
  2,895
  3,085
  3,286
  3,498
  3,721
  3,956
  4,204
  4,466
  4,742
  5,032
  5,338
  5,661
  6,001
  6,359
  6,736
  7,134
  7,552
  7,993
  8,457
Interest expense (income), $m
  85
  100
  113
  127
  142
  158
  174
  191
  209
  228
  247
  268
  290
  313
  336
  362
  388
  416
  445
  475
  507
  541
  576
  613
  652
  693
  736
  781
  828
  878
  930
Earnings before tax, $m
  770
  858
  951
  1,049
  1,153
  1,262
  1,378
  1,501
  1,630
  1,767
  2,322
  2,475
  2,636
  2,805
  2,985
  3,174
  3,374
  3,584
  3,806
  4,041
  4,288
  4,549
  4,824
  5,114
  5,419
  5,741
  6,080
  6,438
  6,815
  7,212
Tax expense, $m
  208
  232
  257
  283
  311
  341
  372
  405
  440
  477
  627
  668
  712
  757
  806
  857
  911
  968
  1,028
  1,091
  1,158
  1,228
  1,302
  1,381
  1,463
  1,550
  1,642
  1,738
  1,840
  1,947
Net income, $m
  562
  627
  694
  766
  842
  922
  1,006
  1,096
  1,190
  1,290
  1,695
  1,807
  1,924
  2,048
  2,179
  2,317
  2,463
  2,617
  2,779
  2,950
  3,130
  3,321
  3,521
  3,733
  3,956
  4,191
  4,439
  4,700
  4,975
  5,265

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  8,939
  9,394
  9,872
  10,372
  10,898
  11,449
  12,028
  12,635
  13,272
  13,941
  14,643
  15,379
  16,153
  16,964
  17,817
  18,711
  19,650
  20,636
  21,671
  22,757
  23,898
  25,095
  26,353
  27,673
  29,058
  30,513
  32,041
  33,645
  35,329
  37,097
Adjusted assets (=assets-cash), $m
  8,939
  9,394
  9,872
  10,372
  10,898
  11,449
  12,028
  12,635
  13,272
  13,941
  14,643
  15,379
  16,153
  16,964
  17,817
  18,711
  19,650
  20,636
  21,671
  22,757
  23,898
  25,095
  26,353
  27,673
  29,058
  30,513
  32,041
  33,645
  35,329
  37,097
Revenue / Adjusted assets
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
Average production assets, $m
  2,280
  2,396
  2,517
  2,645
  2,779
  2,920
  3,067
  3,222
  3,385
  3,555
  3,734
  3,922
  4,119
  4,326
  4,543
  4,772
  5,011
  5,262
  5,526
  5,803
  6,094
  6,400
  6,720
  7,057
  7,410
  7,781
  8,171
  8,580
  9,009
  9,460
Working capital, $m
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
Total debt, $m
  2,097
  2,358
  2,631
  2,918
  3,219
  3,535
  3,867
  4,215
  4,580
  4,963
  5,365
  5,787
  6,230
  6,695
  7,184
  7,696
  8,234
  8,799
  9,392
  10,015
  10,668
  11,354
  12,075
  12,831
  13,625
  14,459
  15,334
  16,253
  17,218
  18,231
Total liabilities, $m
  5,122
  5,383
  5,656
  5,943
  6,244
  6,560
  6,892
  7,240
  7,605
  7,988
  8,390
  8,812
  9,256
  9,721
  10,209
  10,721
  11,260
  11,824
  12,417
  13,040
  13,693
  14,380
  15,100
  15,856
  16,650
  17,484
  18,360
  19,279
  20,244
  21,257
Total equity, $m
  3,817
  4,011
  4,215
  4,429
  4,653
  4,889
  5,136
  5,395
  5,667
  5,953
  6,252
  6,567
  6,897
  7,244
  7,608
  7,990
  8,391
  8,812
  9,253
  9,717
  10,204
  10,716
  11,253
  11,816
  12,408
  13,029
  13,682
  14,366
  15,085
  15,840
Total liabilities and equity, $m
  8,939
  9,394
  9,871
  10,372
  10,897
  11,449
  12,028
  12,635
  13,272
  13,941
  14,642
  15,379
  16,153
  16,965
  17,817
  18,711
  19,651
  20,636
  21,670
  22,757
  23,897
  25,096
  26,353
  27,672
  29,058
  30,513
  32,042
  33,645
  35,329
  37,097
Debt-to-equity ratio
  0.550
  0.590
  0.620
  0.660
  0.690
  0.720
  0.750
  0.780
  0.810
  0.830
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
Adjusted equity ratio
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  562
  627
  694
  766
  842
  922
  1,006
  1,096
  1,190
  1,290
  1,695
  1,807
  1,924
  2,048
  2,179
  2,317
  2,463
  2,617
  2,779
  2,950
  3,130
  3,321
  3,521
  3,733
  3,956
  4,191
  4,439
  4,700
  4,975
  5,265
Depreciation, amort., depletion, $m
  487
  491
  495
  499
  504
  509
  513
  519
  524
  530
  124
  131
  137
  144
  151
  159
  167
  175
  184
  193
  203
  213
  224
  235
  247
  259
  272
  286
  300
  315
Funds from operations, $m
  1,049
  1,118
  1,189
  1,265
  1,345
  1,430
  1,520
  1,614
  1,714
  1,819
  1,820
  1,937
  2,061
  2,192
  2,330
  2,476
  2,630
  2,792
  2,963
  3,143
  3,333
  3,534
  3,745
  3,968
  4,203
  4,450
  4,711
  4,986
  5,275
  5,580
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  1,051
  1,119
  1,191
  1,267
  1,347
  1,432
  1,521
  1,616
  1,716
  1,821
  1,822
  1,939
  2,063
  2,194
  2,333
  2,478
  2,632
  2,795
  2,966
  3,146
  3,337
  3,537
  3,749
  3,972
  4,207
  4,454
  4,715
  4,990
  5,280
  5,585
Maintenance CAPEX, $m
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
New CAPEX, $m
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -277
  -291
  -305
  -321
  -337
  -353
  -371
  -390
  -409
  -429
  -451
Cash from investing activities, $m
  -182
  -192
  -202
  -212
  -222
  -234
  -245
  -257
  -269
  -284
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -418
  -439
  -461
  -484
  -508
  -534
  -561
  -588
  -618
  -649
  -681
  -715
  -751
Free cash flow, $m
  869
  927
  989
  1,055
  1,125
  1,198
  1,276
  1,359
  1,446
  1,538
  1,524
  1,627
  1,735
  1,850
  1,971
  2,099
  2,234
  2,376
  2,526
  2,685
  2,852
  3,029
  3,215
  3,411
  3,618
  3,836
  4,066
  4,309
  4,564
  4,834
Issuance/(repayment) of debt, $m
  242
  261
  274
  287
  301
  316
  332
  348
  365
  383
  402
  422
  443
  465
  488
  513
  538
  565
  593
  623
  654
  686
  720
  756
  794
  834
  875
  919
  965
  1,013
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  242
  261
  274
  287
  301
  316
  332
  348
  365
  383
  402
  422
  443
  465
  488
  513
  538
  565
  593
  623
  654
  686
  720
  756
  794
  834
  875
  919
  965
  1,013
Total cash flow (excl. dividends), $m
  1,111
  1,188
  1,263
  1,342
  1,426
  1,514
  1,608
  1,707
  1,811
  1,921
  1,926
  2,049
  2,179
  2,315
  2,459
  2,611
  2,772
  2,941
  3,119
  3,308
  3,506
  3,715
  3,935
  4,167
  4,412
  4,670
  4,942
  5,228
  5,529
  5,847
Retained Cash Flow (-), $m
  -178
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -315
  -330
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
  -537
  -564
  -592
  -621
  -652
  -685
  -719
  -755
Prev. year cash balance distribution, $m
  184
  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
  1,116
  993
  1,059
  1,128
  1,201
  1,279
  1,361
  1,447
  1,539
  1,636
  1,627
  1,734
  1,848
  1,969
  2,096
  2,229
  2,371
  2,520
  2,678
  2,844
  3,019
  3,204
  3,398
  3,604
  3,820
  4,049
  4,289
  4,543
  4,810
  5,092
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,070
  909
  921
  929
  931
  928
  919
  905
  884
  857
  772
  740
  703
  661
  615
  567
  516
  464
  412
  361
  312
  266
  223
  184
  149
  118
  92
  70
  53
  38
Current shareholders' claim on cash, %
  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 11.8
Price to Sales 2.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 5.6
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 $2305 million for the last fiscal year's total revenue generated by Affiliated Managers Group. The default revenue input number comes from 0001 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 5.1% 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 4.3%, 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 13.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1217 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 5.4% 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 94.1%.

Life of production assets of 208.3 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 -1%. 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 - $3822.2 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 53.432 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 $5.1 billion.

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COMPANY NEWS

▶ MGH receives $40M for ALS center named after Sean Healey   [Nov-28-18 04:09PM  American City Business Journals]
▶ New Strong Sell Stocks for November 2nd   [Nov-02-18 08:23AM  Zacks]
▶ Affiliated Managers: 3Q Earnings Snapshot   [07:57AM  Associated Press]
▶ AMG to Announce Third Quarter Results on October 29, 2018   [Oct-22-18 04:54PM  GlobeNewswire]
▶ John Rogers Comments on Affiliated Managers Group   [Oct-17-18 04:39PM  GuruFocus.com]
▶ Reassessing Asset Managers' Moats   [Sep-14-18 07:00AM  Morningstar]
▶ New Strong Sell Stocks for September 10th   [Sep-10-18 09:14AM  Zacks]
▶ New Strong Sell Stocks for August 20th   [Aug-20-18 07:11AM  Zacks]
▶ New Strong Sell Stocks for August 14th   [Aug-14-18 09:00AM  Zacks]
▶ New Strong Sell Stocks for August 7th   [Aug-07-18 07:13AM  Zacks]
▶ AMG to Announce Second Quarter Results on July 30, 2018   [Jul-23-18 05:01PM  GlobeNewswire]
▶ A Change at the Top of AMG   [May-29-18 12:07PM  Barrons.com]
▶ Long-time AMG CEO Healey steps down after ALS diagnosis   [11:45AM  American City Business Journals]
▶ Affiliated Managers: 1Q Earnings Snapshot   [07:58AM  Associated Press]
▶ NYSE trader earnings preview: Apple, McDonald's, Tesla and Alibaba   [Apr-27-18 02:33PM  Yahoo Finance Video]
▶ AMG to Announce First Quarter Results on April 30, 2018   [Apr-24-18 08:00AM  GlobeNewswire]
▶ Third Avenue's Marty Whitman Dies at 93   [Apr-17-18 04:54PM  Barrons.com]
▶ Affiliated Managers Group Has Another Great Year   [Jan-31-18 10:01AM  Motley Fool]
▶ Affiliated Managers beats 4Q profit forecasts   [07:55AM  Associated Press]
▶ 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]

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