DDM Analysis: AMG

Valuation Snapshot

Stable Growth	$115.73 - $168.14	$141.13
Multi-Stage	$219.56 - $242.15	$230.63
Blended Fair Value	$185.88
Current Price	$238.43
Upside	-22.04%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-53.63%	0.00%	0.04	0.04	0.05	0.05	0.50	1.95	1.92	1.34	0.00	0.00
YoY Growth	-	-	-6.67%	-6.25%	-5.88%	-89.88%	-74.27%	1.40%	43.43%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.02%	0.03%	0.03%	0.04%	0.34%	3.30%	1.73%	0.71%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	531.20
(-) Cash Dividends Paid (M)	1.20
(=) Cash Retained (M)	530.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.24	66.40	39.84
Cash Retained (M)	530.00	530.00	530.00
(-) Cash Required (M)	-106.24	-66.40	-39.84
(=) Excess Retained (M)	423.76	463.60	490.16
(/) Shares Outstanding (M)	33.48	33.48	33.48
(=) Excess Retained per Share	12.66	13.85	14.64
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	12.66	13.85	14.64
(=) Adjusted Dividend	12.69	13.88	14.68
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	-2.92%	-1.92%	-0.92%
Fair Value	$115.73	$141.13	$168.14
Upside / Downside	-51.46%	-40.81%	-29.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	531.20	521.00	510.99	501.18	491.55	482.11	496.58
Payout Ratio	0.23%	18.18%	36.14%	54.09%	72.05%	90.00%	92.50%
Projected Dividends (M)	1.20	94.72	184.65	271.09	354.14	433.90	459.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	-2.92%	-1.92%	-0.92%
Year 1 PV (M)	87.03	87.93	88.82
Year 2 PV (M)	155.88	159.11	162.37
Year 3 PV (M)	210.26	216.83	223.53
Year 4 PV (M)	252.37	262.93	273.82
Year 5 PV (M)	284.10	299.04	314.60
PV of Terminal Value (M)	6,360.06	6,694.44	7,042.75
Equity Value (M)	7,349.71	7,720.28	8,105.89
Shares Outstanding (M)	33.48	33.48	33.48
Fair Value	$219.56	$230.63	$242.15
Upside / Downside	-7.92%	-3.27%	1.56%

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Affiliated Managers Group, Inc. (AMG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener