AFFILIATED MANAGERS GROUP, INC. (AMG)

Investment Advice

Latest Price

$347.94

TTM P/E

12.20

Normalized P/E

17.66

Div Yield

0.01%

Book Value

114.21

P/B Ratio

3.05

Valuation metrics

EPS: $22.74

Book value / share: $55.36

Formula: √(22.5 × EPS × BVPS)

Graham Number

$168.30

52% downside

Norm. op. income: $1.2B (median of 7yr)

Tax rate: 20%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$126.69

64% downside

Base FCF: $967M (median of recent 5yr)

Growth: 6%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$266.29

23% downside

EPS: $22.74

Target P/E: 18×

Formula: EPS × P/E

P/E Fair Value

$409.32

+18% upside

94.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	2.77M	$938.0M	10.42%	-94.9K	2026-06-30
MORGAN STANLEY	1.49M	$503.0M	5.59%	-245.3K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	1.39M	$470.0M	5.23%	+32.0K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	1.15M	$389.0M	4.33%	-23.7K	2026-06-30
Boston Partners	1.00M	$339.0M	3.77%	+30.7K	2026-06-30
ARIEL INVESTMENTS, LLC	999.7K	$338.0M	3.76%	-64.4K	2026-06-30
STATE STREET CORP	883.3K	$298.0M	3.32%	-43.4K	2026-06-30
MILLENNIUM MANAGEMENT LLC	875.1K	$296.0M	3.29%	+869.7K	2026-06-30
FULLER & THALER ASSET MANAGEMENT, INC.	857.8K	$290.0M	3.22%	+97.5K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	670.2K	$226.0M	2.52%	-48.1K	2026-06-30