What is Affiliated Managers Group, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Affiliated Managers Group, Inc.'s reported free cash flow gives $331.88 per share. The share price was $373.69 on September 25, 2026, 13% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -4.5% | 10.0% | $177.87 | -52% |
| Base | 0.5% | 9.0% | $331.88 | -11% |
| Bull | 5.5% | 8.0% | $631.73 | +69% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $438.66 | $470.67 | $509.79 | $558.70 | $621.58 |
| 8.0% | $359.43 | $380.19 | $404.72 | $434.16 | $470.14 |
| 9.0% | $301.31 | $315.51 | $331.88 | $350.99 | $373.57 |
| 10.0% | $256.87 | $266.96 | $278.40 | $291.47 | $306.56 |
| 11.0% | $221.77 | $229.17 | $237.44 | $246.74 | $257.29 |
Where the presets come from
Base: years 1 to 5 grow at Affiliated Managers Group, Inc.'s revenue growth rate over the last 5 fiscal years (0.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions