DDM Analysis: APAM

Valuation Snapshot

Stable Growth	$59.83 - $113.91	$81.62
Multi-Stage	$54.60 - $59.35	$56.93
Blended Fair Value	$69.28
Current Price	$43.40
Upside	59.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.02%	7.09%	2.80	0.00	3.51	3.59	2.87	2.66	2.37	1.85	1.63	1.75
YoY Growth	-	-	0.00%	-100.00%	-2.26%	25.34%	7.88%	12.16%	28.06%	13.55%	-6.91%	24.19%
Dividend Yield	-	-	7.15%	0.00%	10.98%	9.13%	5.49%	12.36%	9.16%	5.56%	5.90%	5.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	265.23
(-) Cash Dividends Paid (M)	259.73
(=) Cash Retained (M)	5.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.05	33.15	19.89
Cash Retained (M)	5.50	5.50	5.50
(-) Cash Required (M)	-53.05	-33.15	-19.89
(=) Excess Retained (M)	-47.55	-27.65	-14.39
(/) Shares Outstanding (M)	70.83	70.83	70.83
(=) Excess Retained per Share	-0.67	-0.39	-0.20
LTM Dividend per Share	3.67	3.67	3.67
(+) Excess Retained per Share	-0.67	-0.39	-0.20
(=) Adjusted Dividend	3.00	3.28	3.46
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	4.83%	5.83%	6.83%
Fair Value	$59.83	$81.62	$113.91
Upside / Downside	37.87%	88.06%	162.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	265.23	280.70	297.07	314.39	332.73	352.13	362.69
Payout Ratio	97.93%	96.34%	94.76%	93.17%	91.59%	90.00%	92.50%
Projected Dividends (M)	259.73	270.42	281.49	292.92	304.73	316.92	335.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.08%	10.08%	10.08%
Growth Rate	4.83%	5.83%	6.83%
Year 1 PV (M)	243.34	245.66	247.98
Year 2 PV (M)	227.92	232.29	236.70
Year 3 PV (M)	213.42	219.59	225.87
Year 4 PV (M)	199.79	207.52	215.48
Year 5 PV (M)	186.97	196.06	205.50
PV of Terminal Value (M)	2,795.27	2,931.16	3,072.28
Equity Value (M)	3,866.71	4,032.28	4,203.82
Shares Outstanding (M)	70.83	70.83	70.83
Fair Value	$54.60	$56.93	$59.35
Upside / Downside	25.80%	31.18%	36.76%

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Artisan Partners Asset Management Inc. (APAM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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