Affiliated Managers Group, Inc.

AI-generated fair value estimate for this company.

Method: 10-year DCF on economic net income (AMG's own owner-earnings metric, net of noncontrolling affiliate interests and AMG's own interest expense): $769M FY2025 base; 6%/yr growth yrs 1-5; 4%/yr yrs 6-10; 9.5% discount rate; 2.5% terminal growth; treated as direct equity cash flow (no separate net-debt subtraction, since NI is already post-interest); 25.86M current diluted shares.

Reasoning: AMG holds minority/majority equity stakes in independent boutique asset managers, so consolidated GAAP figures are distorted by affiliate minority interests; economic net income is management's standard distributable-earnings proxy and fits a direct equity DCF better than revenue or EBITDA.