ARTISAN PARTNERS ASSET MA -A (APAM)
US04316A1088 - Common Stock
Taking everything into account, APAM scores 5 out of 10 in our fundamental rating. APAM was compared to 212 industry peers in the Capital Markets industry. While APAM belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. APAM is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
APAM had positive earnings in the past year.
In the past year APAM had a positive cash flow from operations.
APAM had positive earnings in each of the past 5 years.
APAM had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
APAM has a better Return On Assets (13.83%) than 94.76% of its industry peers.
APAM has a better Return On Equity (65.46%) than 99.05% of its industry peers.
APAM's Return On Invested Capital of 30.58% is amongst the best of the industry. APAM outperforms 98.10% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for APAM is significantly above the industry average of 8.44%.
The last Return On Invested Capital (30.58%) for APAM is well below the 3 year average (47.74%), which needs to be investigated, but indicates that APAM had better years and this may not be a problem.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 13.83% | ||
| ROE | 65.46% | ||
| ROIC | 30.58% |
ROA(3y)18.18%
ROA(5y)17.1%
ROE(3y)81.02%
ROE(5y)89.96%
ROIC(3y)47.74%
ROIC(5y)52%
1.3 Margins
APAM's Profit Margin of 20.87% is in line compared to the rest of the industry. APAM outperforms 53.33% of its industry peers.
APAM's Profit Margin has improved in the last couple of years.
APAM has a Operating Margin (31.14%) which is comparable to the rest of the industry.
APAM's Operating Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 31.14% | ||
| PM (TTM) | 20.87% | ||
| GM | N/A |
OM growth 3Y-7.96%
OM growth 5Y-3.29%
PM growth 3Y-0.46%
PM growth 5Y4.37%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
APAM has more shares outstanding than it did 1 year ago.
APAM has more shares outstanding than it did 5 years ago.
APAM has a better debt/assets ratio than last year.
2.2 Solvency
APAM has an Altman-Z score of 2.95. This is not the best score and indicates that APAM is in the grey zone with still only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.95, APAM is in the better half of the industry, outperforming 75.24% of the companies in the same industry.
APAM has a debt to FCF ratio of 0.76. This is a very positive value and a sign of high solvency as it would only need 0.76 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 0.76, APAM belongs to the top of the industry, outperforming 86.19% of the companies in the same industry.
APAM has a Debt/Equity ratio of 0.62. This is a neutral value indicating APAM is somewhat dependend on debt financing.
APAM has a better Debt to Equity ratio (0.62) than 65.24% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 0.76 | ||
| Altman-Z | 2.95 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
A Current Ratio of 0.54 indicates that APAM may have some problems paying its short term obligations.
APAM has a worse Current ratio (0.54) than 75.71% of its industry peers.
APAM has a Quick Ratio of 0.54. This is a bad value and indicates that APAM is not financially healthy enough and could expect problems in meeting its short term obligations.
APAM's Quick ratio of 0.54 is on the low side compared to the rest of the industry. APAM is outperformed by 75.71% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.54 | ||
| Quick Ratio | 0.54 |
3. Growth
3.1 Past
APAM shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -7.69%.
Measured over the past years, APAM shows a decrease in Earnings Per Share. The EPS has been decreasing by -0.41% on average per year.
APAM shows a decrease in Revenue. In the last year, the revenue decreased by -1.83%.
Measured over the past years, APAM shows a small growth in Revenue. The Revenue has been growing by 3.31% on average per year.
EPS 1Y (TTM)-7.69%
EPS 3Y-4.72%
EPS 5Y-0.41%
EPS Q2Q%0%
Revenue 1Y (TTM)-1.83%
Revenue growth 3Y2.73%
Revenue growth 5Y3.31%
Sales Q2Q%N/A
3.2 Future
The Earnings Per Share is expected to grow by 11.65% on average over the next years. This is quite good.
Based on estimates for the next years, APAM will show a very negative growth in Revenue. The Revenue will decrease by -23.45% on average per year.
EPS Next Y19.89%
EPS Next 2Y12.88%
EPS Next 3Y11.65%
EPS Next 5YN/A
Revenue Next Year14.26%
Revenue Next 2Y11.36%
Revenue Next 3Y-23.45%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
APAM is valuated correctly with a Price/Earnings ratio of 15.29.
APAM's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 28.05. APAM is valued slightly cheaper when compared to this.
APAM is valuated reasonably with a Price/Forward Earnings ratio of 12.00.
APAM's Price/Forward Earnings ratio is in line with the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.07, APAM is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.29 | ||
| Fwd PE | 12 |
4.2 Price Multiples
83.33% of the companies in the same industry are more expensive than APAM, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of APAM indicates a somewhat cheap valuation: APAM is cheaper than 61.43% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.45 | ||
| EV/EBITDA | 10.73 |
4.3 Compensation for Growth
APAM's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
APAM has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.77
PEG (5Y)N/A
EPS Next 2Y12.88%
EPS Next 3Y11.65%
5. Dividend
5.1 Amount
APAM has a Yearly Dividend Yield of 5.87%, which is a nice return.
Compared to an average industry Dividend Yield of 7.08, APAM has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.37, APAM pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.87% |
5.2 History
The dividend of APAM has a limited annual growth rate of 0.87%.
APAM has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)0.87%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
91.82% of the earnings are spent on dividend by APAM. This is not a sustainable payout ratio.
The dividend of APAM is growing, but earnings are growing more, so the dividend growth is sustainable.
DP91.82%
EPS Next 2Y12.88%
EPS Next 3Y11.65%
ARTISAN PARTNERS ASSET MA -A
NYSE:APAM (5/31/2024, 7:23:26 PM)
After market: 44.03 0 (0%)44.03
+0.62 (+1.43%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap3.54B
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.87% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
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PT rev (1m)
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EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
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Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.29 | ||
| Fwd PE | 12 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)0.77
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 13.83% | ||
| ROE | 65.46% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 31.14% | ||
| PM (TTM) | 20.87% | ||
| GM | N/A | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.66
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 0.54 | ||
| Quick Ratio | 0.54 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
High Growth Momentum
Growth
EPS 1Y (TTM)-7.69%
EPS 3Y-4.72%
EPS 5Y
EPS Q2Q%
EPS Next Y19.89%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-1.83%
Revenue growth 3Y2.73%
Revenue growth 5Y
Sales Q2Q%
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
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