Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

Affiliated Managers Group

DB:AFS
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AFS
DB
$3B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

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. The last earnings update was 29 days ago. More info.


Add to Portfolio Compare Print
  • Affiliated Managers Group is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Affiliated Managers Group has significant price volatility in the past 3 months.
AFS Share Price and Events
7 Day Returns
-5.7%
DB:AFS
12.3%
DE Capital Markets
7.2%
DE Market
1 Year Returns
-46.8%
DB:AFS
-8.8%
DE Capital Markets
-17.5%
DE Market
AFS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Affiliated Managers Group (AFS) -5.7% -31.5% -34.2% -46.8% -67.4% -74.6%
DE Capital Markets 12.3% -26.5% -16.8% -8.8% -29% -56.3%
DE Market 7.2% -22.3% -26.1% -17.5% -25.7% -29.1%
1 Year Return vs Industry and Market
  • AFS underperformed the Capital Markets industry which returned -8.8% over the past year.
  • AFS underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
AFS
Industry
5yr Volatility vs Market

AFS Value

 Is Affiliated Managers Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Affiliated Managers Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Affiliated Managers Group.

DB:AFS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $64.40 * 14.9%
$9.58
Book Value of Equity per Share Median Book Value from the past 5 years. $64.40
Discount Rate (Cost of Equity) See below 5.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AFS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 21%) (75.34%))
1.136
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.136 * 5.44%)
5.79%

Discounted Cash Flow Calculation for DB:AFS using Excess Returns Model Model

The calculations below outline how an intrinsic value for Affiliated Managers Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:AFS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14.9% – 5.79%) * $64.40)
$5.85
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $5.85 / (5.79% - -0.39%)
$94.72
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $64.40 + $94.72
$159.12
DB:AFS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AFS represents 0.88715x of NYSE:AMG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88715x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 159.12 x 0.88715
€141.17
Value per share (EUR) From above. €141.17
Current discount Discount to share price of €50.00
= -1 x (€50.00 - €141.17) / €141.17
64.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Affiliated Managers Group is available for.
Intrinsic value
>50%
Share price is €50 vs Future cash flow value of €141.17
Current Discount Checks
For Affiliated Managers Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Affiliated Managers Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Affiliated Managers Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Affiliated Managers Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Affiliated Managers Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AFS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.31
NYSE:AMG Share Price ** NYSE (2020-03-27) in USD $56.36
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 21.49x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Affiliated Managers Group.

DB:AFS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AMG Share Price ÷ EPS (both in USD)

= 56.36 ÷ 0.31

181.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Affiliated Managers Group is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Affiliated Managers Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Affiliated Managers Group's expected growth come at a high price?
Raw Data
DB:AFS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 181.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
64.6%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:AFS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 181.29x ÷ 64.6%

2.8x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Affiliated Managers Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Affiliated Managers Group's assets?
Raw Data
DB:AFS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $61.07
NYSE:AMG Share Price * NYSE (2020-03-27) in USD $56.36
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.42x
DB:AFS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AMG Share Price ÷ Book Value per Share (both in USD)

= 56.36 ÷ 61.07

0.92x

* Primary Listing of Affiliated Managers Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Affiliated Managers Group is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Affiliated Managers Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Affiliated Managers Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AFS Future Performance

 How is Affiliated Managers Group expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
64.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Affiliated Managers Group expected to grow at an attractive rate?
  • Affiliated Managers Group's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Affiliated Managers Group's earnings growth is expected to exceed the Germany market average.
  • Affiliated Managers Group's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AFS Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AFS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 64.6%
DB:AFS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts -7.2%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 41.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AFS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AFS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 1,947 710 369 8
2020-12-31 1,964 748 357 7
2020-03-28
DB:AFS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 2,240 929 16
2019-09-30 2,249 881 -158
2019-06-30 2,301 873 -120
2019-03-31 2,309 918 -110
2018-12-31 2,378 1,141 244
2018-09-30 2,418 1,246 710
2018-06-30 2,402 1,304 711
2018-03-31 2,373 1,253 720
2017-12-31 2,305 1,170 690
2017-09-30 2,251 1,166 525
2017-06-30 2,210 1,153 509
2017-03-31 2,194 1,147 491

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Affiliated Managers Group's earnings are expected to grow significantly at over 20% yearly.
  • Affiliated Managers Group's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AFS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Affiliated Managers Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AFS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 8.22 10.74 5.31 5.00
2020-12-31 7.69 9.72 4.86 5.00
2020-03-28
DB:AFS Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.31
2019-09-30 -3.07
2019-06-30 -2.29
2019-03-31 -2.08
2018-12-31 4.54
2018-09-30 13.10
2018-06-30 12.95
2018-03-31 12.98
2017-12-31 12.31
2017-09-30 9.37
2017-06-30 9.18
2017-03-31 8.95

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Affiliated Managers Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Affiliated Managers Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Affiliated Managers Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AFS Past Performance

  How has Affiliated Managers Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Affiliated Managers Group's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Affiliated Managers Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Affiliated Managers Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Affiliated Managers Group's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Affiliated Managers Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Affiliated Managers Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AFS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 2,239.60 15.70 376.80
2019-09-30 2,248.50 -158.10 386.60
2019-06-30 2,300.90 -119.50 397.90
2019-03-31 2,309.10 -110.20 406.90
2018-12-31 2,378.40 243.60 417.70
2018-09-30 2,418.00 710.20 417.80
2018-06-30 2,402.40 710.70 406.90
2018-03-31 2,373.10 720.00 390.80
2017-12-31 2,305.00 689.50 373.10
2017-09-30 2,251.30 524.50 381.10
2017-06-30 2,210.30 509.30 383.40
2017-03-31 2,193.50 491.30 391.90
2016-12-31 2,194.60 472.80 398.10
2016-09-30 2,234.00 470.00 400.00
2016-06-30 2,302.40 467.50 413.30
2016-03-31 2,394.90 485.50 430.00
2015-12-31 2,484.50 509.50 443.80
2015-09-30 2,535.90 534.60 456.50
2015-06-30 2,563.10 530.20 463.40
2015-03-31 2,552.80 502.90 471.90
2014-12-31 2,510.90 433.90 485.50
2014-09-30 2,463.70 437.70 488.50
2014-06-30 2,374.90 409.60 480.50
2014-03-31 2,279.70 375.30 457.20
2013-12-31 2,188.80 360.50 427.20
2013-09-30 2,085.80 277.40 397.40
2013-06-30 2,001.60 257.10 384.90
2013-03-31 1,890.00 199.00 374.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Affiliated Managers Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Affiliated Managers Group used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Affiliated Managers Group has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Affiliated Managers Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Affiliated Managers Group has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AFS Health

 How is Affiliated Managers Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Affiliated Managers Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Affiliated Managers Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Affiliated Managers Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Affiliated Managers Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Affiliated Managers Group Company Filings, last reported 2 months ago.

DB:AFS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,415.80 1,793.80 599.00
2019-09-30 4,480.30 1,792.60 433.10
2019-06-30 4,553.00 1,791.40 393.90
2019-03-31 4,515.10 1,780.70 341.60
2018-12-31 4,968.60 1,829.60 684.80
2018-09-30 5,290.10 1,841.40 592.20
2018-06-30 5,310.90 1,882.60 476.90
2018-03-31 5,364.20 1,861.50 415.20
2017-12-31 5,390.40 1,854.70 517.30
2017-09-30 5,208.90 1,913.60 467.10
2017-06-30 5,101.00 2,032.40 468.20
2017-03-31 5,102.50 2,026.00 409.10
2016-12-31 5,100.00 2,109.60 553.20
2016-09-30 4,808.30 2,113.30 635.20
2016-06-30 4,529.50 2,136.90 564.00
2016-03-31 4,430.70 2,300.80 505.80
2015-12-31 4,381.60 1,879.40 763.70
2015-09-30 4,301.20 1,799.90 713.50
2015-06-30 4,381.10 1,864.30 750.00
2015-03-31 4,288.00 1,924.00 631.10
2014-12-31 4,288.70 1,894.90 723.20
2014-09-30 4,217.60 1,290.90 718.30
2014-06-30 4,184.80 1,340.90 523.20
2014-03-31 4,036.30 1,440.50 883.10
2013-12-31 3,786.50 1,386.20 627.50
2013-09-30 3,616.70 1,435.60 655.30
2013-06-30 3,612.20 1,364.60 533.90
2013-03-31 3,550.00 1,464.00 470.50
  • Affiliated Managers Group's level of debt (40.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (44.2% vs 40.6% today).
  • Debt is well covered by operating cash flow (51.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13.4x coverage).
X
Financial health checks
We assess Affiliated Managers Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Affiliated Managers Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AFS Dividends

 What is Affiliated Managers Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.27%
Current annual income from Affiliated Managers Group dividends. Estimated to be 2.38% next year.
If you bought €2,000 of Affiliated Managers Group shares you are expected to receive €45 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Affiliated Managers Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Affiliated Managers Group's dividend is below the markets top 25% of dividend payers in Germany (4.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AFS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AFS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.40 2.00
2021-12-31 1.38 6.00
2020-12-31 1.28 6.00
2020-03-28
DB:AFS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-28 1.280 2.159
2020-02-03 1.280 1.543
2019-11-01 1.280 1.518
2019-10-28 1.280 1.568
2019-08-01 1.280 1.624
2019-07-29 1.280 1.498
2019-05-09 1.280 1.436
2019-05-06 1.280 1.346
2019-02-22 1.280 1.174
2019-02-04 1.280 1.189
2018-11-01 1.200 1.143
2018-10-29 1.200 1.047
2018-08-02 1.200 0.868
2018-07-30 1.200 0.762
2018-01-29 1.200 0.707
2017-10-30 0.800 0.406
2017-08-03 0.800 0.436
2017-07-31 0.800 0.437
2017-01-30 0.800 0.490

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Affiliated Managers Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Affiliated Managers Group only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Affiliated Managers Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (9.1x coverage).
X
Income/ dividend checks
We assess Affiliated Managers Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Affiliated Managers Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Affiliated Managers Group has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AFS Management

 What is the CEO of Affiliated Managers Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jay Horgen
COMPENSATION $5,820,685
AGE 48
TENURE AS CEO 0.8 years
CEO Bio

Mr. Jay C. Horgen has been the President at Affiliated Managers Group Inc. since February 04, 2019 and has been its Chief Executive Officer since May 29, 2019. Mr. Horgen served as Chief Financial Officer and Treasurer at Affiliated Managers Group Inc. since May 2011 until 2019 Mr. Horgen served as an Executive Vice President in charge of New Investments efforts at Affiliated Managers Group Inc. since joining on March 6, 2007 until May 2011. Mr. Horgen Founded Eastside Partners and served as its Managing Director. From 1993 to 2005, Mr. Horgen focused on asset management as an investment banker in the Financial Institutions Groups of Merrill Lynch & Co., where he was a managing director, and Goldman, Sachs & Co. In his 12 years of investment banking experience, Mr. Horgen participated in over 125 transactions for small-to-mid market private and public companies, including over 45 sale transactions and over 30 initial public offerings or add-on equity offerings. He developed an expertise in identifying, mentoring and advising high quality fast growing private companies. In recent years, Mr. Horgen led transactions for Calamos Investments, Gabelli Asset Management, Neuberger Berman, Boston Private and Bank of New York. He serves as a Member of the Advisory Board of Hirtle, Callaghan, & Co. He was a Director of Torch Technologies, Inc. since October 2005. Mr. Horgen received a B.A. in Economics and Mathematics from Yale University.

CEO Compensation
  • Jay's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jay's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Affiliated Managers Group management team in years:

1.2
Average Tenure
52
Average Age
  • The average tenure for the Affiliated Managers Group management team is less than 2 years, this suggests a new team.
Management Team

Sean Healey

TITLE
Executive Chairman
COMPENSATION
$12M
AGE
58
TENURE
1.8 yrs

Jay Horgen

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
48
TENURE
0.8 yrs

David Billings

TITLE
General Counsel & Secretary
COMPENSATION
$2M
AGE
56
TENURE
5.8 yrs

Nate Dalton

TITLE
Senior Advisor & Director
COMPENSATION
$8M
AGE
52
TENURE
0.8 yrs

Hugh Peter Cutler

TITLE
Executive VP & Head of Global Distribution
COMPENSATION
$3M
AGE
45
TENURE
3 yrs

Tom Wojcik

TITLE
Chief Financial Officer
TENURE
1.2 yrs

Aaron Galis

TITLE
Senior VP & Chief Accounting Officer
TENURE
0.4 yrs

Stephen Pruell

TITLE
Chief Information Officer & Senior VP
TENURE
1.2 yrs

Ali Lynn

TITLE
Chief Administrative Officer

Anjali Aggarwal

TITLE
VP of Investor Relations
Board of Directors Tenure

Average tenure and age of the Affiliated Managers Group board of directors in years:

7
Average Tenure
54.5
Average Age
  • The tenure for the Affiliated Managers Group board of directors is about average.
Board of Directors

Sean Healey

TITLE
Executive Chairman
COMPENSATION
$12M
AGE
58
TENURE
9.2 yrs

Jay Horgen

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
48
TENURE
0.8 yrs

Nate Dalton

TITLE
Senior Advisor & Director
COMPENSATION
$8M
AGE
52
TENURE
1.8 yrs

Jide Zeitlin

TITLE
Independent Director
COMPENSATION
$305K
AGE
55
TENURE
14.2 yrs

Sam Byrne

TITLE
Lead Independent Director
COMPENSATION
$330K
AGE
54
TENURE
0.7 yrs

Dwight Churchill

TITLE
Independent Director
COMPENSATION
$315K
AGE
65
TENURE
10.1 yrs

Pat Ryan

TITLE
Independent Director
COMPENSATION
$432K
AGE
60
TENURE
14.7 yrs

Tracy Palandjian

TITLE
Independent Director
COMPENSATION
$313K
AGE
48
TENURE
8 yrs

Niall Ferguson

TITLE
Independent Director
COMPENSATION
$293K
AGE
54
TENURE
5.9 yrs

Glenn Peter Earle

TITLE
Independent Director
COMPENSATION
$300K
AGE
61
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Affiliated Managers Group individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Mar 20 Buy Dwight Churchill Individual 13. Mar 20 13. Mar 20 1,000 €49.22 €49,217
12. Mar 20 Buy Jay Horgen Individual 12. Mar 20 12. Mar 20 10,000 €48.00 €480,045
05. Mar 20 Sell Hugh Peter Cutler Individual 03. Mar 20 03. Mar 20 -1,710 €64.27 €-109,896
05. Mar 20 Buy Hugh Peter Cutler Individual 03. Mar 20 03. Mar 20 1,710 €64.27 €109,896
03. Mar 20 Buy Thomas Wojcik Individual 02. Mar 20 02. Mar 20 1,350 €67.28 €90,821
26. Feb 20 Buy Samuel Byrne Individual 24. Feb 20 25. Feb 20 5,000 €78.37 €391,259
21. Feb 20 Buy Dwight Churchill Individual 20. Feb 20 20. Feb 20 2,500 €81.24 €203,088
19. Feb 20 Buy Jay Horgen Individual 18. Feb 20 18. Feb 20 10,000 €76.85 €768,454
16. Sep 19 Buy Samuel Byrne Individual 12. Sep 19 12. Sep 19 6,589 €80.38 €529,632
04. Sep 19 Sell Nathaniel Dalton Individual 30. Aug 19 30. Aug 19 -23,000 €69.88 €-1,607,266
28. Jun 19 Sell Jide Zeitlin Individual 28. Jun 19 28. Jun 19 -54,350 €81.04 €-4,404,684
17. May 19 Sell Hugh Peter Cutler Individual 13. May 19 13. May 19 -1,133 €81.60 €-92,458
17. May 19 Buy Hugh Peter Cutler Individual 13. May 19 13. May 19 1,133 €81.60 €92,458
13. May 19 Buy Jay Horgen Individual 10. May 19 10. May 19 11,000 €82.89 €911,818
X
Management checks
We assess Affiliated Managers Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Affiliated Managers Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AFS News

Simply Wall St News

AFS Company Info

Description

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. The company was formed as a corporation under the laws of Delaware in 1993. Affiliated Managers Group is based in Prides Crossing, Massachusetts.

Details
Name: Affiliated Managers Group, Inc.
AFS
Exchange: DB
Founded: 1993
$2,433,170,383
47,867,765
Website: http://www.amg.com
Address: Affiliated Managers Group, Inc.
777 South Flagler Drive,
West Palm Beach,
Florida, 33401,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AMG Common Stock New York Stock Exchange US USD 21. Nov 1997
DB AFS Common Stock Deutsche Boerse AG DE EUR 21. Nov 1997
LSE 0HAQ Common Stock London Stock Exchange GB USD 21. Nov 1997
BRSE AFS Common Stock Berne Stock Exchange CH CHF 21. Nov 1997
Number of employees
Current staff
Staff numbers
4,000
Affiliated Managers Group employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 20:30
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/28
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.