Morningstar

Affiliated Managers Group Inc AMG

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Stock XNYS Rating as of
$180.25 +4.48 (2.55%)
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As of Delayed Price Closed

Company Report

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Affiliated Managers Group: Lowered Moat Rating to None From Narrow on Diminished Intangible Assets

Greggory Warren

We've lowered our moat rating for Affiliated Managers Group to none from narrow. Our fair value estimate remains in place at $184 per share. While AMG has some moatworthy characteristics—like a portfolio of well-respected boutique asset managers, well-forged distribution channels, and a track record of generating excess returns—these attributes and other intangibles continue to diminish, much as they do for the rest of the US-based traditional asset managers.

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Price vs Fair Value

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AMG is trading at a 14% premium.
Price
$180.25
Fair Value
$198.00
Uncertainty
High
1-Star Price
$532.90
5-Star Price
$124.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

AMG's affiliate model provides it with a diverse product mix offering exposure to value and growth equity strategies, emerging-market equities, fixed-income, and alternatives.

Bears

AMG's global equity performance has been slightly weaker, with just 40%, 53%, and 65% of global equity assets (27% of AUM) beating their benchmarks on a 3-, 5-, and 10-year basis, respectively, at the end of June 2024.

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News

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Trading Information

Previous Close Price
$175.77
Day Range
$175.38–180.38
52-Week Range
$120.22–189.81
Bid/Ask
$179.72 / $204.02
Market Cap
$5.37 Bil
Volume/Avg
170,343 / 222,329

Key Statistics

Price/Earnings (Normalized)
8.59
Price/Sales
3.56
Dividend Yield (Trailing)
0.02%
Dividend Yield (Forward)
0.02%
Total Yield
16.34%

Company Profile

Affiliated Managers Group offers investment strategies to investors through its network of affiliates. The firm typically buys a majority interest in small to midsize boutique asset managers, receiving a fixed percentage of revenue from these firms in return. Affiliates operate independently, with AMG providing strategic, operational, and technology support, as well as global distribution. At the end of June 2024, AMG's affiliate network—which includes firms like AQR Capital Management, and Pantheon in alternative assets and other products (which accounted for 37% of AUM), Artemis, Genesis, Harding Loevner, and Tweedy Browne in global and emerging-market equities (27%) and Frontier, River Road, Parnassus, and Yacktman in US equities (21%)—had $701.0 billion in managed assets.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
4,000
Website
https://www.amg.com

Competitors

Valuation

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Metric
AMG
JHG
BEN
Price/Earnings (Normalized)
 8.5912.537.50
Price/Book Value
 1.651.350.81
Price/Sales
 3.562.691.21
Price/Cash Flow
 7.2111.227.61
Price/Earnings
AMG
JHG
BEN

Financial Strength

Metric
AMG
JHG
BEN
Quick Ratio
 2.343.853.48
Current Ratio
 2.344.053.48
Interest Coverage
 9.5050.1915.08
Quick Ratio
AMG
JHG
BEN

Profitability

Metric
AMG
JHG
BEN
Return on Assets (Normalized)
 8.19%8.52%4.44%
Return on Equity (Normalized)
 21.12%12.13%11.27%
Return on Invested Capital (Normalized)
 11.32%10.82%4.98%
Return on Assets
AMG
JHG
BEN

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