Affiliated Managers Group, Inc.

NYSE:AMG Stock Report

Market Cap: US$5.5b

Affiliated Managers Group Valuation

Is AMG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AMG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AMG ($182.53) is trading below our estimate of fair value ($286.75)

Significantly Below Fair Value: AMG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AMG?

Key metric: As AMG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AMG. This is calculated by dividing AMG's market cap by their current earnings.
What is AMG's PE Ratio?
PE Ratio10.1x
EarningsUS$545.60m
Market CapUS$5.52b

Price to Earnings Ratio vs Peers

How does AMG's PE Ratio compare to its peers?

The above table shows the PE ratio for AMG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.1x
CNS Cohen & Steers
34.6x18.5%US$4.7b
JHG Janus Henderson Group
16.9x9.8%US$6.7b
VCTR Victory Capital Holdings
15.9x31.5%US$4.3b
APAM Artisan Partners Asset Management
13.2x6.9%US$3.5b
AMG Affiliated Managers Group
10.1x3.0%US$5.5b

Price-To-Earnings vs Peers: AMG is good value based on its Price-To-Earnings Ratio (10.1x) compared to the peer average (20.1x).

Price to Earnings Ratio vs Industry

How does AMG's PE Ratio compare vs other companies in the US Capital Markets Industry?

22 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADX Adams Diversified Equity Fund
3.6xn/aUS$2.26b
CET Central Securities
4.4xn/aUS$1.29b
GAM General American Investors Company
4.2xn/aUS$1.20b
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
AMG 10.1xIndustry Avg. 23.6xNo. of Companies73PE020406080100+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AMG is good value based on its Price-To-Earnings Ratio (10.1x) compared to the US Capital Markets industry average (23.6x).

Price to Earnings Ratio vs Fair Ratio

What is AMG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AMG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.1x
Fair PE Ratio14.6x

Price-To-Earnings vs Fair Ratio: AMG is good value based on its Price-To-Earnings Ratio (10.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AMG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$182.53
US$201.29
+10.3%
3.5%US$212.00US$193.00n/a7
Dec ’25US$187.54
US$195.71
+4.4%
5.1%US$208.00US$177.00n/a7
Nov ’25US$193.81
US$208.43
+7.5%
5.9%US$226.00US$184.00n/a7
Oct ’25US$175.77
US$203.14
+15.6%
6.2%US$226.00US$184.00n/a7
Sep ’25US$173.83
US$203.14
+16.9%
6.2%US$226.00US$184.00n/a7
Aug ’25US$178.92
US$200.43
+12.0%
8.2%US$226.00US$168.00n/a7
Jul ’25US$154.99
US$192.14
+24.0%
6.3%US$209.00US$168.00n/a7
Jun ’25US$162.60
US$192.14
+18.2%
6.3%US$209.00US$168.00n/a7
May ’25US$158.64
US$190.71
+20.2%
8.0%US$218.00US$168.00n/a7
Apr ’25US$165.89
US$185.00
+11.5%
5.9%US$205.00US$168.00n/a7
Mar ’25US$157.24
US$183.71
+16.8%
5.9%US$205.00US$168.00n/a7
Feb ’25US$151.27
US$175.86
+16.3%
6.5%US$190.00US$152.00n/a7
Jan ’25US$151.42
US$163.43
+7.9%
7.5%US$182.00US$144.00n/a7
Dec ’24US$136.81
US$156.29
+14.2%
5.7%US$171.00US$144.00US$187.547
Nov ’24US$123.26
US$159.00
+29.0%
5.5%US$176.00US$148.00US$193.817
Oct ’24US$130.34
US$164.86
+26.5%
5.8%US$181.00US$150.00US$175.777
Sep ’24US$135.82
US$164.86
+21.4%
5.8%US$181.00US$150.00US$173.837
Aug ’24US$141.79
US$166.43
+17.4%
6.7%US$189.00US$153.00US$178.927
Jul ’24US$149.89
US$177.57
+18.5%
7.6%US$197.00US$159.00US$154.997
Jun ’24US$141.49
US$178.71
+26.3%
7.6%US$197.00US$159.00US$162.607
May ’24US$145.13
US$177.94
+22.6%
9.5%US$195.50US$145.00US$158.648
Apr ’24US$142.42
US$185.50
+30.2%
9.2%US$198.00US$145.00US$165.898
Mar ’24US$161.02
US$188.50
+17.1%
9.1%US$200.00US$145.00US$157.248
Feb ’24US$176.39
US$177.63
+0.7%
9.9%US$196.00US$145.00US$151.278
Jan ’24US$158.43
US$170.31
+7.5%
10.8%US$192.00US$145.00US$151.428
Dec ’23US$162.60
US$164.56
+1.2%
9.3%US$192.00US$145.00US$136.818

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 07:51
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Affiliated Managers Group, Inc. is covered by 14 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Alexander ParisBarrington Research Associates, Inc.
Craig SiegenthalerBofA Global Research
William KatzCitigroup Inc