Associated Capital Group, Inc.

AI-generated fair value estimate for this company.

Method: Net asset value (sum-of-the-parts): Q1 2026 10-Q book equity of $919.8M, consisting mostly of $353.6M cash/T-bills and $519.1M of marked-to-market investment securities and partnerships (merger-arbitrage and long/short value strategies), used as a proxy for portfolio NAV; plus a capitalized value for the standalone asset-management franchise of roughly 3x annualized fee revenue (~$10.1M run-rate, i.e. Q1 revenue of $2.524M x4, generated on $1.5B AUM) = about $30M; total estimated equity value of ~$950M divided by 20.655M total shares outstanding (1.734M Class A + 18.921M Class B) = about $46.00/share.

Reasoning: ACGP is primarily an investment holding company whose value comes from a marked-to-market securities portfolio rather than steady, predictable operating cash flow, so NAV is more appropriate than a DCF; book value already closely approximates fair portfolio value, and a modest multiple is added for the separate fee-generating asset-management business.