ARTISAN PARTNERS ASSET MA -A (APAM) Stock Fundamental Analysis
NYSE:APAM - US04316A1088 - Common Stock
46.72 USD
+1.78 (+3.96%)
46.72 USD
0 (0%)
We assign a fundamental rating of 6 out of 10 to APAM. APAM was compared to 237 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 has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year APAM was profitable.
In the past year APAM had a positive cash flow from operations.
Each year in the past 5 years APAM has been profitable.
Each year in the past 5 years APAM had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 17.01%, APAM belongs to the top of the industry, outperforming 96.62% of the companies in the same industry.
APAM has a Return On Equity of 64.35%. This is amongst the best in the industry. APAM outperforms 98.73% of its industry peers.
APAM has a better Return On Invested Capital (36.68%) than 100.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for APAM is significantly above the industry average of 7.69%.
The 3 year average ROIC (34.78%) for APAM is below the current ROIC(36.68%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 17.01% | ||
| ROE | 64.35% | ||
| ROIC | 36.68% |
ROA(3y)14.66%
ROA(5y)17.13%
ROE(3y)64.55%
ROE(5y)81.8%
ROIC(3y)34.78%
ROIC(5y)46.29%
1.3 Margins
APAM's Profit Margin of 21.62% is in line compared to the rest of the industry. APAM outperforms 58.23% of its industry peers.
In the last couple of years the Profit Margin of APAM has grown nicely.
With a Operating Margin value of 32.44%, APAM perfoms like the industry average, outperforming 56.96% of the companies in the same industry.
APAM's Operating Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.44% | ||
| PM (TTM) | 21.62% | ||
| GM | N/A |
OM growth 3Y-9.19%
OM growth 5Y-1.45%
PM growth 3Y-4.94%
PM growth 5Y4.74%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
Compared to 1 year ago, APAM has more shares outstanding
The number of shares outstanding for APAM has been increased compared to 5 years ago.
APAM has a better debt/assets ratio than last year.
2.2 Solvency
APAM has an Altman-Z score of 3.76. This indicates that APAM is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of APAM (3.76) is better than 81.01% of its industry peers.
The Debt to FCF ratio of APAM is 0.62, which is an excellent value as it means it would take APAM, only 0.62 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of APAM (0.62) is better than 90.72% of its industry peers.
APAM has a Debt/Equity ratio of 0.52. This is a neutral value indicating APAM is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.52, APAM is in the better half of the industry, outperforming 65.40% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.52 | ||
| Debt/FCF | 0.62 | ||
| Altman-Z | 3.76 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
A Current Ratio of 0.72 indicates that APAM may have some problems paying its short term obligations.
With a Current ratio value of 0.72, APAM is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
A Quick Ratio of 0.72 indicates that APAM may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.72, APAM is doing worse than 66.24% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.72 | ||
| Quick Ratio | 0.72 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 23.26% over the past year.
Measured over the past 5 years, APAM shows a small growth in Earnings Per Share. The EPS has been growing by 5.86% on average per year.
The Revenue has grown by 14.02% in the past year. This is quite good.
Measured over the past years, APAM shows a small growth in Revenue. The Revenue has been growing by 6.83% on average per year.
EPS 1Y (TTM)23.26%
EPS 3Y-10.97%
EPS 5Y5.86%
EPS Q2Q%0%
Revenue 1Y (TTM)14.02%
Revenue growth 3Y-3.24%
Revenue growth 5Y6.83%
Sales Q2Q%0%
3.2 Future
The Earnings Per Share is expected to grow by 6.47% on average over the next years.
APAM is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -26.12% yearly.
EPS Next Y3.29%
EPS Next 2Y6.33%
EPS Next 3Y6.47%
EPS Next 5YN/A
Revenue Next Year5.49%
Revenue Next 2Y7.55%
Revenue Next 3Y-26.12%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
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 13.16.
Based on the Price/Earnings ratio, APAM is valued a bit cheaper than 60.76% of the companies in the same industry.
APAM is valuated cheaply when we compare the Price/Earnings ratio to 27.24, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 11.64, the valuation of APAM can be described as very reasonable.
Based on the Price/Forward Earnings ratio, APAM is valued a bit cheaper than the industry average as 64.56% of the companies are valued more expensively.
APAM is valuated cheaply when we compare the Price/Forward Earnings ratio to 35.82, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.16 | ||
| Fwd PE | 11.64 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, APAM is valued cheaper than 88.61% of the companies in the same industry.
70.89% of the companies in the same industry are more expensive than APAM, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.77 | ||
| EV/EBITDA | 9.66 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates APAM does not grow enough to justify the current Price/Earnings ratio.
The decent profitability rating of APAM may justify a higher PE ratio.
PEG (NY)4
PEG (5Y)2.24
EPS Next 2Y6.33%
EPS Next 3Y6.47%
5. Dividend
5.1 Amount
APAM has a Yearly Dividend Yield of 6.83%, which is a nice return.
APAM's Dividend Yield is a higher than the industry average which is at 7.89.
Compared to an average S&P500 Dividend Yield of 2.32, APAM pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.83% |
5.2 History
The dividend of APAM has a limited annual growth rate of 2.62%.
APAM has been paying a dividend for at least 10 years, so it has a reliable track record.
APAM has decreased its dividend recently.
Dividend Growth(5Y)2.62%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
102.11% of the earnings are spent on dividend by APAM. This is not a sustainable payout ratio.
APAM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP102.11%
EPS Next 2Y6.33%
EPS Next 3Y6.47%
46.72
+1.78 (+3.96%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners92.79%
Inst Owner Change-1.31%
Ins Owners2%
Ins Owner Change10.28%
Market Cap3.77B
Analysts48.89
Price Target46.54 (-0.39%)
Short Float %4.59%
Short Ratio5.32
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.83% |
Yearly Dividend2.77
Dividend Growth(5Y)2.62%
DP102.11%
Div Incr Years1
Div Non Decr Years1
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)4.45%
Min EPS beat(2)0.77%
Max EPS beat(2)8.14%
EPS beat(4)4
Avg EPS beat(4)4.3%
Min EPS beat(4)0.5%
Max EPS beat(4)8.14%
EPS beat(8)5
Avg EPS beat(8)1.45%
EPS beat(12)8
Avg EPS beat(12)0.99%
EPS beat(16)8
Avg EPS beat(16)-0.38%
Revenue beat(2)0
Avg Revenue beat(2)-2.48%
Min Revenue beat(2)-2.94%
Max Revenue beat(2)-2.01%
Revenue beat(4)0
Avg Revenue beat(4)-1.87%
Min Revenue beat(4)-2.94%
Max Revenue beat(4)-0.52%
Revenue beat(8)0
Avg Revenue beat(8)-2.17%
Revenue beat(12)1
Avg Revenue beat(12)-1.85%
Revenue beat(16)1
Avg Revenue beat(16)-2.18%
PT rev (1m)1.67%
PT rev (3m)21.67%
EPS NQ rev (1m)3.33%
EPS NQ rev (3m)5.51%
EPS NY rev (1m)5.12%
EPS NY rev (3m)10.02%
Revenue NQ rev (1m)1.4%
Revenue NQ rev (3m)1.9%
Revenue NY rev (1m)3.56%
Revenue NY rev (3m)3.56%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.16 | ||
| Fwd PE | 11.64 | ||
| P/S | 3.32 | ||
| P/FCF | 11.77 | ||
| P/OCF | 11.72 | ||
| P/B | 9.88 | ||
| P/tB | 9.88 | ||
| EV/EBITDA | 9.66 |
EPS(TTM)3.55
EY7.6%
EPS(NY)4.01
Fwd EY8.59%
FCF(TTM)3.97
FCFY8.5%
OCF(TTM)3.99
OCFY8.53%
SpS14.08
BVpS4.73
TBVpS4.73
PEG (NY)4
PEG (5Y)2.24
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 17.01% | ||
| ROE | 64.35% | ||
| ROCE | 45.67% | ||
| ROIC | 36.68% | ||
| ROICexc | 59.75% | ||
| ROICexgc | 59.75% | ||
| OM | 32.44% | ||
| PM (TTM) | 21.62% | ||
| GM | N/A | ||
| FCFM | 28.2% |
ROA(3y)14.66%
ROA(5y)17.13%
ROE(3y)64.55%
ROE(5y)81.8%
ROIC(3y)34.78%
ROIC(5y)46.29%
ROICexc(3y)45.82%
ROICexc(5y)67.07%
ROICexgc(3y)46.19%
ROICexgc(5y)68.12%
ROCE(3y)43.3%
ROCE(5y)57.63%
ROICexcg growth 3Y-25.48%
ROICexcg growth 5Y-14.62%
ROICexc growth 3Y-25.17%
ROICexc growth 5Y-14.51%
OM growth 3Y-9.19%
OM growth 5Y-1.45%
PM growth 3Y-4.94%
PM growth 5Y4.74%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.79
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.52 | ||
| Debt/FCF | 0.62 | ||
| Debt/EBITDA | 0.53 | ||
| Cap/Depr | 12.73% | ||
| Cap/Sales | 0.11% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 84.97% | ||
| Profit Quality | 130.44% | ||
| Current Ratio | 0.72 | ||
| Quick Ratio | 0.72 | ||
| Altman-Z | 3.76 |
F-Score5
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)130.45%
Cap/Depr(5y)104.84%
Cap/Sales(3y)1.09%
Cap/Sales(5y)0.82%
Profit Quality(3y)143.69%
Profit Quality(5y)143%
High Growth Momentum
Growth
EPS 1Y (TTM)23.26%
EPS 3Y-10.97%
EPS 5Y5.86%
EPS Q2Q%0%
EPS Next Y3.29%
EPS Next 2Y6.33%
EPS Next 3Y6.47%
EPS Next 5YN/A
Revenue 1Y (TTM)14.02%
Revenue growth 3Y-3.24%
Revenue growth 5Y6.83%
Sales Q2Q%0%
Revenue Next Year5.49%
Revenue Next 2Y7.55%
Revenue Next 3Y-26.12%
Revenue Next 5YN/A
EBIT growth 1Y-7.96%
EBIT growth 3Y-12.14%
EBIT growth 5Y5.28%
EBIT Next Year9.08%
EBIT Next 3Y8.43%
EBIT Next 5YN/A
FCF growth 1Y21.77%
FCF growth 3Y0.59%
FCF growth 5Y5.77%
OCF growth 1Y15.91%
OCF growth 3Y0.47%
OCF growth 5Y4.73%