Affiliated Managers Group Inc Stock Research

Market Summary

USD142.25+0.79

Market Closed

0.56%

AMG Stock Price

AMG RSI Chart

AMG Valuation

Market Cap

5.4B

Price/Earnings (Trailing)

4.75

Price/Sales (Trailing)

2.34

EV/EBITDA

4.06

Price/Free Cashflow

5.22

AMG Price/Sales (Trailing)

AMG Profitability

EBT Margin

74.97%

Return on Equity

35.47%

Return on Assets

12.9%

Free Cashflow Yield

19.16%

AMG Fundamentals

AMG Revenue

Revenue (TTM)

2.3B

Revenue Y/Y

-21.99%

Revenue Q/Q

-6.72%

AMG Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

336.04%

Earnings Q/Q

590.85%

Price Action

52 Week Range

108.12180.63

(Low)(High)

Last 7 days

0.6%

Last 30 days

2.3%

Last 90 days

-10.4%

Trailing 12 Months

7.3%

AMG Financial Health

Debt/Equity

0.78

Debt/Cashflow

0.42

AMG Investor Care

Dividend Yield

0.03%

Dividend/Share (TTM)

0.04

Buy Backs (1Y)

7.06%

Diluted EPS (TTM)

25.35

Peers (Alternatives to Affiliated Managers Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BX	61.1B	4.8B	1.41%	-25.25%	99.07	12.8	-62.27%	-88.42%
KKR	44.5B	7.8B	2.74%	-4.25%	-100.09	5.67	-64.76%	-115.12%
AMP	33.8B	14.5B	5.68%	13.67%	10.39	2.44	5.75%	-28.18%
BEN	12.3B	7.9B	-5.96%	-7.31%	14.52	1.57	-9.17%	-55.48%
MID-CAP
IVZ	7.8B	5.8B	-12.10%	-20.91%	11.43	1.29	-14.95%	-52.29%
HLI	5.6B	737.1M	-2.57%	5.80%	46.43	7.62	-67.95%	-74.36%
AMG	5.4B	2.3B	2.26%	7.32%	4.75	2.34	-3.43%	102.56%
EVR	4.8B	2.6B	0.30%	-0.52%	10.01	1.72	-21.95%	-46.68%
JHG	4.3B	2.1B	2.95%	-1.60%	15.81	2.09	-24.19%	-55.18%
LAZ	3.2B	2.7B	-11.23%	-14.69%	8.95	1.12	-18.40%	-60.07%
AMK	2.1B	646.6M	-7.79%	39.35%	21.45	3.26	15.54%	72.98%
SMALL-CAP
DHIL	494.4M	146.2M	-0.23%	-4.52%	11.23	3.38	-21.14%	-36.78%
VALU	457.1M	40.1M	0.43%	-29.95%	25.62	11.4	-0.04%	-31.55%
SCU	206.6M	434.9M	6.70%	-27.84%	82.34	0.37	-27.53%	-139.58%
PZN	161.6M	197.7M	0.84%	-7.62%	4	0.82	5.01%	-33.91%

Financials for Affiliated Managers Group

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-6.1%	2,330	2,482	2,478	2,461	2,412
Operating Expenses	-0.9%	1,674	1,689	1,659	1,648	1,631
S&GA Expenses	3.5%	386	373	362	358	347
EBITDA	59.2%	1,861	1,169	1,221	1,264	-
EBITDA Margin	69.6%	0.80*	0.47*	0.49*	0.51*	-
Earnings Before Taxes	65.5%	1,746	1,056	1,108	1,151	1,141
EBT Margin	76.3%	0.75*	0.43*	0.45*	0.47*	-
Interest Expenses	1.0%	114	113	114	113	111
Net Income	109.7%	1,146	546	562	562	566
Net Income Margin	123.4%	0.49*	0.22*	0.23*	0.23*	-
Free Cahsflow	-9.0%	1,043	1,147	1,202	1,204	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	5.3%	8,881	8,430	8,469	8,571	8,876
Cash Equivalents	-31.1%	429	623	607	501	909
Net PPE	-2.3%	69.00	70.00	71.00	74.00	74.00
Goodwill	0.8%	2,649	2,628	2,660	2,684	2,689
Liabilities	-1.1%	4,240	4,288	4,277	4,339	4,492
Long Term Debt	0.0%	2,535	2,535	2,534	2,578	2,490
Shareholder's Equity	16.8%	3,230	2,766	3,644	3,593	2,786
Retained Earnings	15.7%	5,718	4,941	4,829	4,719	4,570
Additional Paid-In Capital	-2.0%	696	710	652	557	652
Shares Outstanding	-1.3%	38.00	39.00	40.00	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-9.0%	1,055	1,159	1,215	1,215	1,259
Share Based Compensation	-2.5%	114	117	125	123	127
Cashflow From Investing	83.7%	-109	-672	-585	-717	-583
Cashflow From Financing	-47.4%	-1,402	-951	-772	-746	-798
Dividend Payments	0%	2.00	2.00	2.00	2.00	2.00
Buy Backs	56.7%	714	455	480	484	595

Risks for AMG

What is the probability of a big loss on AMG?

82.3%

Probability that Affiliated Managers Group stock will be more than 20% underwater in next one year

71.5%

Probability that Affiliated Managers Group stock will be more than 30% underwater in next one year.

38.5%

Probability that Affiliated Managers Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does AMG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Affiliated Managers Group was unfortunately bought at previous high price.

Drawdowns

Returns for AMG

Cumulative Returns on AMG

-1.2%

10-Year Cumulative Returns

-2.3%

7-Year Cumulative Returns

-2.3%

5-Year Cumulative Returns

26.7%

3-Year Cumulative Returns

What are the long-term rolling returns for AMG?

FIve years rolling returns for Affiliated Managers Group.

Annualized Returns

Which funds bought or sold AMG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Toroso Investments, LLC	added	413	1,075,000	1,372,000	0.02%
2023-05-22	EMC Capital Management	unchanged	-	-15,000	133,000	0.11%
2023-05-22	PUTNAM INVESTMENTS LLC	reduced	-11.32	-661,054	2,598,170	-%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-1.48	-1,018,220	7,880,780	-%
2023-05-18	JPMORGAN CHASE & CO	added	7.08	-938,003	24,090,000	-%
2023-05-18	SkyView Investment Advisors, LLC	added	1.11	-56,000	560,000	0.13%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-3.43	-916,000	6,034,000	0.01%
2023-05-17	Advisory Services Network, LLC	added	0.38	-28,221	260,914	0.01%
2023-05-17	VIRGINIA RETIREMENT SYSTEMS ET AL	reduced	-2.78	911,070	3,327,030	0.04%
2023-05-17	Thrivent Financial for Lutherans	reduced	-0.93	-174,000	1,416,000	-%

Latest Funds Activity

Are funds buying AMG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own AMG

No. of Funds

Affiliated Managers Group News

Schedule 13G FIlings of Affiliated Managers Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	clarkston capital partners, llc	5.94%	2,237,093	SC 13G
Feb 09, 2023	vanguard group inc	10.29%	3,874,869	SC 13G/A
Feb 08, 2023	morgan stanley	7.2%	2,703,663	SC 13G/A
Jan 24, 2023	blackrock inc.	9.3%	3,504,965	SC 13G/A
Jan 10, 2023	edgepoint investment group inc.	8.2%	3,089,345	SC 13G/A
Nov 10, 2022	vanguard group inc	10.09%	3,855,328	SC 13G/A
Feb 11, 2022	edgepoint investment group inc.	14.4%	5,838,819	SC 13G/A
Feb 09, 2022	vanguard group inc	8.89%	3,615,357	SC 13G/A
Feb 09, 2022	morgan stanley	6.5%	2,653,306	SC 13G/A
Feb 01, 2022	blackrock inc.	9.1%	3,687,323	SC 13G/A

AMG Fair Value

Recent SEC filings of Affiliated Managers Group

View All Filings

Date Filed	Form Type	Document
May 12, 2023	13F-NT	13F-NT
May 08, 2023	10-Q	Quarterly Report
May 01, 2023	8-K	Current Report
Apr 14, 2023	ARS	ARS
Apr 14, 2023	DEF 14A	DEF 14A
Apr 14, 2023	DEFA14A	DEFA14A
Mar 17, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading

Latest Insider Trading transactions for AMG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-16	Jeffery Reuben III	bought	500,816	137	3,650	-
2023-03-05	Erickson John R	sold (taxes)	-1,727,040	160	-10,743	head of affiliate engagement
2023-03-05	Palandjian Tracy P.	acquired	-	-	410	-
2023-03-05	Jamal Rizwan M	sold (taxes)	-2,224,110	160	-13,835	head of affiliate investments
2023-03-05	Wojcik Thomas M	sold (taxes)	-2,559,140	160	-15,919	chief financial officer
2023-03-05	Alvingham Karen L.	sold (taxes)	-4,822	160	-30.00	-
2023-03-05	Jamal Rizwan M	acquired	-	-	23,828	head of affiliate investments
2023-03-05	Matos Rodriguez Felix V.	acquired	-	-	380	-
2023-03-05	Alvingham Karen L.	acquired	-	-	392	-
2023-03-05	Ryan David Christopher	acquired	-	-	171	-

About Affiliated Managers Group

Jay C. Horgen

www.amg.com

4050

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. Affiliated Managers Group, Inc. was formed in 1993 and is based in West Palm Beach, Florida with additional offices in Prides Crossing, Massachusetts; Stamford, Connecticut; London, United Kingdom; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; Tokyo, Japan, Zurich, Switzerland and Delaware.

AMG Income Statement

2023-03-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Consolidated revenue	$ 517.4	$ 607.3
Consolidated expenses:
Compensation and related expenses	222.3	255.0
Selling, general and administrative	97.1	89.4
Intangible amortization and impairments	12.5	12.6
Interest expense	30.5	29.1
Depreciation and other amortization	3.7	3.4
Other expenses (net)	14.4	5.6
Total consolidated expenses	380.5	395.1
Equity method income (net)	58.6	48.6
Investment and other income	38.0	13.6
Income before income taxes	233.5	274.4
Income tax expense	45.0	55.7
Net income	188.5	218.7
Net income (non-controlling interests)	(54.0)	(72.7)
Net income (controlling interest)	$ 134.5	$ 146.0
Average shares outstanding (basic) (in shares)	35.9	39.7
Average shares outstanding (diluted) (in shares)	39.9	46.9
Earnings per share (basic) (in dollars per share)	$ 3.74	$ 3.68
Earnings per share (diluted) (in dollars per share)	$ 3.47	$ 3.44

AMG Balance Sheet

2023-03-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 832.8	$ 429.2
Receivables	408.6	316.0
Investments in marketable securities	457.7	716.9
Goodwill	2,648.9	2,648.7
Acquired client relationships (net)	1,866.1	1,876.0
Equity method investments in Affiliates (net)	1,920.2	2,139.5
Fixed assets (net)	67.1	68.5
Other investments	426.0	421.6
Other assets	268.4	264.6
Total assets	8,895.8	8,881.0
Liabilities and Equity
Payables and accrued liabilities	645.3	778.3
Debt	2,535.9	2,535.3
Deferred income tax liability (net)	476.3	464.7
Other liabilities	485.7	461.7
Total liabilities	4,143.2	4,240.0
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	533.2	465.4
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued in 2022 and 2023)	0.6	0.6
Additional paid-in capital	563.9	695.5
Accumulated other comprehensive loss	(178.3)	(203.4)
Retained earnings	5,852.3	5,718.2
Total stockholders' equity before treasury stock	6,238.5	6,210.9
Less: Treasury stock, at cost (22.7 shares in 2022 and 22.4 shares in 2023)	(2,966.6)	(2,980.6)
Total stockholders' equity	3,271.9	3,230.3
Non-controlling interests	947.5	945.3
Total equity	4,219.4	4,175.6
Total liabilities and equity	$ 8,895.8	$ 8,881.0