ARTISAN PARTNERS ASSET MA -A (APAM) Stock Fundamental Analysis
NYSE:APAM - New York Stock Exchange, Inc. - US04316A1088 - Common Stock - Currency: USD
Overall APAM gets a fundamental rating of 5 out of 10. We evaluated APAM against 233 industry peers in the Capital Markets industry. While APAM has a great profitability rating, 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
APAM had positive earnings in the past year.
APAM had a positive operating cash flow in the past year.
Each year in the past 5 years APAM has been profitable.
In the past 5 years APAM always reported a positive cash flow from operatings.
1.2 Ratios
APAM has a Return On Assets of 21.26%. This is amongst the best in the industry. APAM outperforms 99.14% of its industry peers.
With an excellent Return On Equity value of 81.70%, APAM belongs to the best of the industry, outperforming 98.71% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 51.80%, APAM belongs to the top of the industry, outperforming 99.57% of the companies in the same industry.
APAM had an Average Return On Invested Capital over the past 3 years of 34.78%. This is significantly above the industry average of 7.84%.
The last Return On Invested Capital (51.80%) for APAM is above the 3 year average (34.78%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 21.26% | ||
| ROE | 81.7% | ||
| ROIC | 51.8% |
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 20.97% is fine compared to the rest of the industry. APAM outperforms 61.80% of its industry peers.
In the last couple of years the Profit Margin of APAM has grown nicely.
The Operating Margin of APAM (32.63%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of APAM has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.63% | ||
| PM (TTM) | 20.97% | ||
| 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
APAM has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, APAM has more shares outstanding
Compared to 1 year ago, APAM has an improved debt to assets ratio.
2.2 Solvency
APAM has an Altman-Z score of 4.17. This indicates that APAM is financially healthy and has little risk of bankruptcy at the moment.
APAM's Altman-Z score of 4.17 is amongst the best of the industry. APAM outperforms 82.40% of its industry peers.
APAM has a debt to FCF ratio of 0.58. This is a very positive value and a sign of high solvency as it would only need 0.58 years to pay back of all of its debts.
APAM has a better Debt to FCF ratio (0.58) than 89.70% of its industry peers.
A Debt/Equity ratio of 0.56 indicates that APAM is somewhat dependend on debt financing.
APAM's Debt to Equity ratio of 0.56 is fine compared to the rest of the industry. APAM outperforms 66.09% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 0.58 | ||
| Altman-Z | 4.17 |
ROIC/WACCN/A
WACCN/A
2.3 Liquidity
APAM has a Current Ratio of 0.65. 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 Current ratio of 0.65 is on the low side compared to the rest of the industry. APAM is outperformed by 70.82% of its industry peers.
APAM has a Quick Ratio of 0.65. 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 has a Quick ratio of 0.65. This is in the lower half of the industry: APAM underperforms 70.39% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.65 | ||
| Quick Ratio | 0.65 |
3. Growth
3.1 Past
APAM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 23.26%, which is quite impressive.
The Earnings Per Share has been growing slightly by 5.86% on average over the past years.
Looking at the last year, APAM shows a quite strong growth in Revenue. The Revenue has grown by 14.02% in the last year.
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 5.96% 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 Y-4.18%
EPS Next 2Y0.25%
EPS Next 3Y5.96%
EPS Next 5YN/A
Revenue Next Year1.86%
Revenue Next 2Y3.52%
Revenue Next 3Y-26.12%
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 stable.
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
Based on the Price/Earnings ratio of 12.55, the valuation of APAM can be described as correct.
60.94% of the companies in the same industry are more expensive than APAM, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 26.98. APAM is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 12.49 indicates a correct valuation of APAM.
Based on the Price/Forward Earnings ratio, APAM is valued a bit cheaper than 60.52% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of APAM to the average of the S&P500 Index (21.49), we can say APAM is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.55 | ||
| Fwd PE | 12.49 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, APAM is valued cheaply inside the industry as 91.42% of the companies are valued more expensively.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of APAM indicates a somewhat cheap valuation: APAM is cheaper than 75.54% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.46 | ||
| EV/EBITDA | 7.63 |
4.3 Compensation for Growth
APAM has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)2.14
EPS Next 2Y0.25%
EPS Next 3Y5.96%
5. Dividend
5.1 Amount
APAM has a Yearly Dividend Yield of 6.85%, which is a nice return.
APAM's Dividend Yield is a higher than the industry average which is at 8.00.
Compared to an average S&P500 Dividend Yield of 2.42, APAM pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.85% |
5.2 History
The dividend of APAM has a limited annual growth rate of 2.62%.
APAM has paid a dividend for at least 10 years, which is 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
APAM pays out 84.33% of its income as dividend. This is not a sustainable payout ratio.
APAM's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP84.33%
EPS Next 2Y0.25%
EPS Next 3Y5.96%
44.55
+0.02 (+0.04%)
Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners92.09%
Inst Owner Change0.5%
Ins Owners2%
Ins Owner Change12.25%
Market Cap3.59B
Analysts48.89
Price Target41.88 (-5.99%)
Short Float %4.2%
Short Ratio4.52
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.85% |
Yearly Dividend2.77
Dividend Growth(5Y)2.62%
DP84.33%
Div Incr Years1
Div Non Decr Years1
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.96%
Min EPS beat(2)7.79%
Max EPS beat(2)8.14%
EPS beat(4)3
Avg EPS beat(4)2.89%
Min EPS beat(4)-4.86%
Max EPS beat(4)8.14%
EPS beat(8)4
Avg EPS beat(8)0.73%
EPS beat(12)7
Avg EPS beat(12)0.14%
EPS beat(16)8
Avg EPS beat(16)-0.4%
Revenue beat(2)0
Avg Revenue beat(2)-1.73%
Min Revenue beat(2)-2.94%
Max Revenue beat(2)-0.52%
Revenue beat(4)0
Avg Revenue beat(4)-2.17%
Min Revenue beat(4)-3.23%
Max Revenue beat(4)-0.52%
Revenue beat(8)0
Avg Revenue beat(8)-2.29%
Revenue beat(12)1
Avg Revenue beat(12)-1.96%
Revenue beat(16)1
Avg Revenue beat(16)-2.1%
PT rev (1m)9.5%
PT rev (3m)-5.74%
EPS NQ rev (1m)0.86%
EPS NQ rev (3m)-8.53%
EPS NY rev (1m)2.07%
EPS NY rev (3m)-5.59%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.9%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.6%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.55 | ||
| Fwd PE | 12.49 | ||
| P/S | 2.59 | ||
| P/FCF | 10.46 | ||
| P/OCF | 10.36 | ||
| P/B | 10.08 | ||
| P/tB | 10.08 | ||
| EV/EBITDA | 7.63 |
EPS(TTM)3.55
EY7.97%
EPS(NY)3.57
Fwd EY8.01%
FCF(TTM)4.26
FCFY9.56%
OCF(TTM)4.3
OCFY9.65%
SpS17.22
BVpS4.42
TBVpS4.42
PEG (NY)N/A
PEG (5Y)2.14
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 21.26% | ||
| ROE | 81.7% | ||
| ROCE | 64.5% | ||
| ROIC | 51.8% | ||
| ROICexc | 82.04% | ||
| ROICexgc | 82.04% | ||
| OM | 32.63% | ||
| PM (TTM) | 20.97% | ||
| GM | N/A | ||
| FCFM | 24.74% |
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-Score6
Asset Turnover1.01
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 0.58 | ||
| Debt/EBITDA | 0.43 | ||
| Cap/Depr | 31.19% | ||
| Cap/Sales | 0.22% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 74.86% | ||
| Profit Quality | 117.96% | ||
| Current Ratio | 0.65 | ||
| Quick Ratio | 0.65 | ||
| Altman-Z | 4.17 |
F-Score6
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 Y-4.18%
EPS Next 2Y0.25%
EPS Next 3Y5.96%
EPS Next 5YN/A
Revenue 1Y (TTM)14.02%
Revenue growth 3Y-3.24%
Revenue growth 5Y6.83%
Sales Q2Q%0%
Revenue Next Year1.86%
Revenue Next 2Y3.52%
Revenue Next 3Y-26.12%
Revenue Next 5YN/A
EBIT growth 1Y44.81%
EBIT growth 3Y-12.14%
EBIT growth 5Y5.28%
EBIT Next Year5.65%
EBIT Next 3Y5.49%
EBIT Next 5YN/A
FCF growth 1Y53.81%
FCF growth 3Y0.59%
FCF growth 5Y5.77%
OCF growth 1Y43.24%
OCF growth 3Y0.47%
OCF growth 5Y4.73%