Artisan Partners Asset Management Inc. (APAM)

Investment Advice

Latest Price

$36.73

TTM P/E

8.83

Normalized P/E

10.06

Div Yield

10.78%

Book Value

6.34

P/B Ratio

5.79

Valuation metrics

EPS: $4.05

Book value / share: $5.44

Formula: √(22.5 × EPS × BVPS)

Graham Number

$22.26

39% downside

Norm. op. income: $358M (median of 7yr)

Tax rate: 19%

Discount rate: 10%

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

Earnings Power Value

$36.60

0% downside

Base FCF: $306M (median of recent 5yr)

Growth: -3%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$37.51

+2% upside

EPS: $4.05

Target P/E: 10×

Formula: EPS × P/E

P/E Fair Value

$40.50

+10% upside

88.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	11.20M	$386.0M	13.81%	+838.3K	2026-06-30
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	5.17M	$178.0M	6.38%	-392.9K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	4.21M	$145.0M	5.19%	+78.7K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	3.06M	$105.0M	3.78%	+31.2K	2026-06-30
STATE STREET CORP	2.95M	$101.0M	3.64%	+106.6K	2026-06-30
Sixth Street Partners Management Company, L.P.	2.81M	$97.0M	3.47%	--	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	2.81M	$97.0M	3.47%	+262.9K	2026-06-30
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.	2.47M	$85.0M	3.04%	-121.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	2.26M	$77.0M	2.79%	+181.4K	2026-06-30
MORGAN STANLEY	1.98M	$68.0M	2.45%	-125.5K	2026-06-30