Intrinsic value of Affiliated Managers Group - AMG

Previous Close

$146.63

  Intrinsic Value

$281.61

stock screener

  Rating & Target

str. buy

+92%

Previous close

$146.63

 
Intrinsic value

$281.61

 
Up/down potential

+92%

 
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 2017), $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 8.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  2,420
  2,541
  2,668
  2,802
  2,942
  3,089
  3,243
  3,406
  3,576
  3,755
  3,942
  4,139
  4,346
  4,564
  4,792
  5,032
  5,283
  5,547
  5,825
  6,116
  6,422
  6,743
  7,080
  7,434
  7,806
  8,196
  8,606
  9,036
  9,488
  9,962
Variable operating expenses, $m
  309
  303
  298
  292
  286
  280
  274
  267
  260
  252
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -315
  -331
  -347
  -365
  -383
  -402
  -422
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
  1,553
  1,574
  1,597
  1,620
  1,643
  1,667
  1,691
  1,715
  1,740
  1,765
  1,379
  1,405
  1,431
  1,457
  1,484
  1,511
  1,538
  1,566
  1,593
  1,622
  1,650
  1,678
  1,708
  1,737
  1,766
  1,796
  1,825
  1,855
  1,886
  1,916
Operating income, $m
  868
  967
  1,071
  1,182
  1,298
  1,422
  1,552
  1,690
  1,836
  1,990
  2,563
  2,735
  2,916
  3,107
  3,308
  3,521
  3,745
  3,982
  4,231
  4,494
  4,772
  5,064
  5,372
  5,697
  6,040
  6,400
  6,780
  7,181
  7,602
  8,047
EBITDA, $m
  1,723
  1,844
  1,972
  2,107
  2,249
  2,400
  2,559
  2,726
  2,903
  3,090
  3,287
  3,494
  3,713
  3,944
  4,188
  4,444
  4,715
  5,000
  5,300
  5,617
  5,950
  6,302
  6,672
  7,061
  7,472
  7,904
  8,359
  8,839
  9,343
  9,875
Interest expense (income), $m
  85
  100
  113
  127
  141
  157
  173
  189
  207
  225
  245
  265
  287
  309
  333
  358
  384
  411
  440
  470
  502
  535
  570
  606
  645
  685
  728
  772
  819
  868
  920
Earnings before tax, $m
  768
  854
  944
  1,040
  1,142
  1,249
  1,363
  1,483
  1,610
  1,745
  2,298
  2,448
  2,607
  2,774
  2,951
  3,137
  3,334
  3,542
  3,761
  3,993
  4,237
  4,494
  4,766
  5,052
  5,354
  5,672
  6,008
  6,361
  6,734
  7,127
Tax expense, $m
  207
  230
  255
  281
  308
  337
  368
  401
  435
  471
  620
  661
  704
  749
  797
  847
  900
  956
  1,016
  1,078
  1,144
  1,213
  1,287
  1,364
  1,446
  1,532
  1,622
  1,718
  1,818
  1,924
Net income, $m
  560
  623
  689
  759
  834
  912
  995
  1,083
  1,176
  1,274
  1,678
  1,787
  1,903
  2,025
  2,154
  2,290
  2,434
  2,586
  2,746
  2,915
  3,093
  3,281
  3,479
  3,688
  3,909
  4,141
  4,386
  4,644
  4,916
  5,202

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
  8,931
  9,377
  9,846
  10,339
  10,855
  11,398
  11,968
  12,567
  13,195
  13,855
  14,547
  15,275
  16,038
  16,840
  17,682
  18,567
  19,495
  20,470
  21,493
  22,568
  23,696
  24,881
  26,125
  27,431
  28,803
  30,243
  31,755
  33,343
  35,010
  36,760
Adjusted assets (=assets-cash), $m
  8,931
  9,377
  9,846
  10,339
  10,855
  11,398
  11,968
  12,567
  13,195
  13,855
  14,547
  15,275
  16,038
  16,840
  17,682
  18,567
  19,495
  20,470
  21,493
  22,568
  23,696
  24,881
  26,125
  27,431
  28,803
  30,243
  31,755
  33,343
  35,010
  36,760
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
  4,441
  4,663
  4,896
  5,141
  5,398
  5,668
  5,952
  6,249
  6,562
  6,890
  7,234
  7,596
  7,976
  8,374
  8,793
  9,233
  9,694
  10,179
  10,688
  11,223
  11,784
  12,373
  12,992
  13,641
  14,323
  15,039
  15,791
  16,581
  17,410
  18,280
Working capital, $m
  -847
  -889
  -934
  -981
  -1,030
  -1,081
  -1,135
  -1,192
  -1,252
  -1,314
  -1,380
  -1,449
  -1,521
  -1,597
  -1,677
  -1,761
  -1,849
  -1,942
  -2,039
  -2,141
  -2,248
  -2,360
  -2,478
  -2,602
  -2,732
  -2,869
  -3,012
  -3,163
  -3,321
  -3,487
Total debt, $m
  2,092
  2,348
  2,616
  2,899
  3,195
  3,506
  3,832
  4,175
  4,535
  4,913
  5,310
  5,727
  6,165
  6,624
  7,107
  7,613
  8,145
  8,704
  9,290
  9,906
  10,552
  11,231
  11,944
  12,693
  13,479
  14,304
  15,170
  16,080
  17,035
  18,038
Total liabilities, $m
  5,117
  5,373
  5,642
  5,924
  6,220
  6,531
  6,858
  7,201
  7,561
  7,939
  8,336
  8,752
  9,190
  9,650
  10,132
  10,639
  11,171
  11,729
  12,316
  12,931
  13,578
  14,257
  14,970
  15,718
  16,504
  17,329
  18,196
  19,105
  20,061
  21,064
Total equity, $m
  3,813
  4,004
  4,204
  4,415
  4,635
  4,867
  5,110
  5,366
  5,634
  5,916
  6,212
  6,522
  6,848
  7,191
  7,550
  7,928
  8,324
  8,741
  9,178
  9,636
  10,118
  10,624
  11,155
  11,713
  12,299
  12,914
  13,559
  14,237
  14,949
  15,697
Total liabilities and equity, $m
  8,930
  9,377
  9,846
  10,339
  10,855
  11,398
  11,968
  12,567
  13,195
  13,855
  14,548
  15,274
  16,038
  16,841
  17,682
  18,567
  19,495
  20,470
  21,494
  22,567
  23,696
  24,881
  26,125
  27,431
  28,803
  30,243
  31,755
  33,342
  35,010
  36,761
Debt-to-equity ratio
  0.550
  0.590
  0.620
  0.660
  0.690
  0.720
  0.750
  0.780
  0.800
  0.830
  0.850
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  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
  560
  623
  689
  759
  834
  912
  995
  1,083
  1,176
  1,274
  1,678
  1,787
  1,903
  2,025
  2,154
  2,290
  2,434
  2,586
  2,746
  2,915
  3,093
  3,281
  3,479
  3,688
  3,909
  4,141
  4,386
  4,644
  4,916
  5,202
Depreciation, amort., depletion, $m
  855
  878
  901
  925
  951
  978
  1,006
  1,036
  1,067
  1,100
  723
  760
  798
  837
  879
  923
  969
  1,018
  1,069
  1,122
  1,178
  1,237
  1,299
  1,364
  1,432
  1,504
  1,579
  1,658
  1,741
  1,828
Funds from operations, $m
  1,416
  1,501
  1,590
  1,685
  1,785
  1,890
  2,001
  2,119
  2,243
  2,374
  2,401
  2,547
  2,700
  2,862
  3,033
  3,213
  3,403
  3,604
  3,815
  4,037
  4,271
  4,518
  4,778
  5,052
  5,341
  5,645
  5,965
  6,302
  6,657
  7,031
Change in working capital, $m
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
Cash from operations, $m
  1,456
  1,543
  1,635
  1,731
  1,834
  1,942
  2,055
  2,176
  2,303
  2,436
  2,467
  2,616
  2,773
  2,938
  3,113
  3,297
  3,491
  3,696
  3,912
  4,139
  4,378
  4,631
  4,896
  5,176
  5,471
  5,781
  6,108
  6,453
  6,815
  7,197
Maintenance CAPEX, $m
  -423
  -444
  -466
  -490
  -514
  -540
  -567
  -595
  -625
  -656
  -689
  -723
  -760
  -798
  -837
  -879
  -923
  -969
  -1,018
  -1,069
  -1,122
  -1,178
  -1,237
  -1,299
  -1,364
  -1,432
  -1,504
  -1,579
  -1,658
  -1,741
New CAPEX, $m
  -212
  -222
  -233
  -245
  -257
  -270
  -283
  -298
  -312
  -328
  -344
  -362
  -380
  -399
  -419
  -440
  -462
  -485
  -509
  -534
  -561
  -589
  -619
  -650
  -682
  -716
  -752
  -790
  -829
  -870
Cash from investing activities, $m
  -635
  -666
  -699
  -735
  -771
  -810
  -850
  -893
  -937
  -984
  -1,033
  -1,085
  -1,140
  -1,197
  -1,256
  -1,319
  -1,385
  -1,454
  -1,527
  -1,603
  -1,683
  -1,767
  -1,856
  -1,949
  -2,046
  -2,148
  -2,256
  -2,369
  -2,487
  -2,611
Free cash flow, $m
  821
  877
  935
  997
  1,062
  1,132
  1,205
  1,283
  1,365
  1,452
  1,433
  1,531
  1,633
  1,742
  1,857
  1,978
  2,107
  2,242
  2,385
  2,536
  2,695
  2,863
  3,040
  3,227
  3,425
  3,633
  3,852
  4,084
  4,328
  4,585
Issuance/(repayment) of debt, $m
  237
  256
  269
  282
  296
  311
  327
  343
  360
  378
  397
  417
  438
  460
  482
  507
  532
  559
  586
  616
  647
  679
  713
  748
  786
  825
  866
  910
  955
  1,003
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  
  237
  256
  269
  282
  296
  311
  327
  343
  360
  378
  397
  417
  438
  460
  482
  507
  532
  559
  586
  616
  647
  679
  713
  748
  786
  825
  866
  910
  955
  1,003
Total cash flow (excl. dividends), $m
  1,059
  1,133
  1,204
  1,279
  1,359
  1,443
  1,532
  1,626
  1,725
  1,830
  1,830
  1,947
  2,071
  2,202
  2,339
  2,485
  2,638
  2,800
  2,971
  3,151
  3,342
  3,542
  3,753
  3,976
  4,211
  4,458
  4,719
  4,994
  5,283
  5,588
Retained Cash Flow (-), $m
  -175
  -191
  -200
  -210
  -221
  -232
  -243
  -256
  -268
  -282
  -296
  -311
  -326
  -342
  -360
  -378
  -396
  -416
  -437
  -459
  -482
  -506
  -531
  -558
  -586
  -615
  -646
  -678
  -712
  -747
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
  90
  94
  99
  104
  109
  115
  120
  126
  133
  139
  146
  154
  161
  170
  178
  187
  196
  206
  216
  227
  239
  250
  263
  276
  290
  304
  320
  336
  352
  370
Cash available for distribution, $m
  1,067
  942
  1,004
  1,069
  1,138
  1,211
  1,288
  1,370
  1,457
  1,549
  1,534
  1,637
  1,745
  1,859
  1,980
  2,107
  2,242
  2,384
  2,534
  2,693
  2,860
  3,036
  3,222
  3,418
  3,625
  3,843
  4,073
  4,316
  4,571
  4,841
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
  1,023
  862
  873
  880
  882
  879
  870
  856
  837
  812
  729
  698
  663
  624
  581
  536
  488
  439
  390
  342
  296
  252
  211
  174
  141
  112
  87
  67
  50
  36
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 18.1
Price to Sales 3.9
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 8.5
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 2017 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% 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 3.9%.

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 183.5%.

Life of production assets of 10 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 -35%. 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 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 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 $8.2 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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