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ARTISAN PARTNERS ASSET MA -A (APAM) Stock Fundamental Analysis

NYSE:APAM - New York Stock Exchange, Inc. - US04316A1088 - Common Stock - Currency: USD

42.21  -1.72 (-3.92%)

After market: 42.21 0 (0%)

Fundamental Rating

5

Overall APAM gets a fundamental rating of 5 out of 10. We evaluated APAM against 225 industry peers in the Capital Markets industry. Both the profitability and the financial health of APAM get a neutral evaluation. Nothing too spectacular is happening here. APAM is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year APAM was profitable.
APAM had a positive operating cash flow in the past year.
Of the past 5 years APAM 4 years were profitable.
APAM had a positive operating cash flow in 4 of the past 5 years.
APAM Yearly Net Income VS EBIT VS OCF VS FCFAPAM Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M

1.2 Ratios

APAM has a better Return On Assets (17.87%) than 97.72% of its industry peers.
With an excellent Return On Equity value of 77.35%, APAM belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
With an excellent Return On Invested Capital value of 36.30%, APAM belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for APAM is significantly above the industry average of 6.82%.
The 3 year average ROIC (47.74%) for APAM is well above the current ROIC(36.30%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 17.87%
ROE 77.35%
ROIC 36.3%
ROA(3y)18.18%
ROA(5y)17.1%
ROE(3y)81.02%
ROE(5y)89.96%
ROIC(3y)47.74%
ROIC(5y)52%
APAM Yearly ROA, ROE, ROICAPAM Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80 100

1.3 Margins

Looking at the Profit Margin, with a value of 21.67%, APAM is in line with its industry, outperforming 57.53% of the companies in the same industry.
In the last couple of years the Profit Margin of APAM has grown nicely.
With a Operating Margin value of 30.99%, APAM perfoms like the industry average, outperforming 52.51% of the companies in the same industry.
APAM's Operating Margin has declined in the last couple of years.
Industry RankSector Rank
OM 30.99%
PM (TTM) 21.67%
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
APAM Yearly Profit, Operating, Gross MarginsAPAM Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40

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5

2. Health

2.1 Basic Checks

There is no outstanding debt for APAM. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
APAM Yearly Shares OutstandingAPAM Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
APAM Yearly Total Debt VS Total AssetsAPAM Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B

2.2 Solvency

APAM has an Altman-Z score of 3.25. This indicates that APAM is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 3.25, APAM is in the better half of the industry, outperforming 78.08% of the companies in the same industry.
APAM has a debt to FCF ratio of 0.63. This is a very positive value and a sign of high solvency as it would only need 0.63 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 0.63, APAM belongs to the best of the industry, outperforming 89.04% of the companies in the same industry.
A Debt/Equity ratio of 0.54 indicates that APAM is somewhat dependend on debt financing.
APAM has a better Debt to Equity ratio (0.54) than 68.04% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 0.63
Altman-Z 3.25
ROIC/WACCN/A
WACCN/A
APAM Yearly LT Debt VS Equity VS FCFAPAM Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

2.3 Liquidity

A Current Ratio of 0.62 indicates that APAM may have some problems paying its short term obligations.
With a Current ratio value of 0.62, APAM is not doing good in the industry: 69.86% of the companies in the same industry are doing better.
A Quick Ratio of 0.62 indicates that APAM may have some problems paying its short term obligations.
With a Quick ratio value of 0.62, APAM is not doing good in the industry: 69.86% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.62
Quick Ratio 0.62
APAM Yearly Current Assets VS Current LiabilitesAPAM Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 23.26% over the past year.
APAM shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 5.86% yearly.
EPS 1Y (TTM)23.26%
EPS 3Y-10.97%
EPS 5Y5.86%
EPS Q2Q%0%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%0%

3.2 Future

The Earnings Per Share is expected to grow by 4.83% on average over the next years.
Based on estimates for the next years, APAM will show a very negative growth in Revenue. The Revenue will decrease by -26.12% on average per year.
EPS Next Y0.71%
EPS Next 2Y4.53%
EPS Next 3Y4.83%
EPS Next 5YN/A
Revenue Next Year5.66%
Revenue Next 2Y6.35%
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.
APAM Yearly Revenue VS EstimatesAPAM Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
APAM Yearly EPS VS EstimatesAPAM Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4 5

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 11.89, which indicates a very decent valuation of APAM.
Based on the Price/Earnings ratio, APAM is valued a bit cheaper than the industry average as 62.10% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 29.62. APAM is valued rather cheaply when compared to this.
With a Price/Forward Earnings ratio of 10.88, 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 64.84% of the companies are valued more expensively.
APAM's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.70.
Industry RankSector Rank
PE 11.89
Fwd PE 10.88
APAM Price Earnings VS Forward Price EarningsAPAM Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

APAM's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. APAM is cheaper than 90.87% of the companies in the same industry.
APAM's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. APAM is cheaper than 70.32% of the companies in the same industry.
Industry RankSector Rank
P/FCF 10.76
EV/EBITDA 7.86
APAM Per share dataAPAM EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
The decent profitability rating of APAM may justify a higher PE ratio.
PEG (NY)16.82
PEG (5Y)2.03
EPS Next 2Y4.53%
EPS Next 3Y4.83%

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6

5. Dividend

5.1 Amount

APAM has a Yearly Dividend Yield of 6.78%, which is a nice return.
Compared to an average industry Dividend Yield of 10.21, APAM has a dividend in line with its industry peers.
APAM's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 6.78%

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.
The dividend of APAM decreased recently.
Dividend Growth(5Y)0.87%
Div Incr Years1
Div Non Decr Years1
APAM Yearly Dividends per shareAPAM Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4

5.3 Sustainability

APAM pays out 72.60% 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.
DP72.6%
EPS Next 2Y4.53%
EPS Next 3Y4.83%
APAM Yearly Income VS Free CF VS DividendAPAM Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M
APAM Dividend Payout.APAM Dividend Payout, showing the Payout Ratio.APAM Dividend Payout.PayoutRetained Earnings

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ARTISAN PARTNERS ASSET MA -A

NYSE:APAM (2/21/2025, 8:04:00 PM)

After market: 42.21 0 (0%)

42.21

-1.72 (-3.92%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-04 2025-02-04/amc
Earnings (Next)04-21 2025-04-21/amc
Inst Owners92.92%
Inst Owner Change-91.27%
Ins Owners2.62%
Ins Owner Change3.23%
Market Cap3.39B
Analysts48.89
Price Target45.14 (6.94%)
Short Float %3.66%
Short Ratio5.81
Dividend
Industry RankSector Rank
Dividend Yield 6.78%
Yearly Dividend2.3
Dividend Growth(5Y)0.87%
DP72.6%
Div Incr Years1
Div Non Decr Years1
Ex-Date02-14 2025-02-14 (0.5)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.18%
Min EPS beat(2)-4.86%
Max EPS beat(2)0.5%
EPS beat(4)2
Avg EPS beat(4)-1.03%
Min EPS beat(4)-4.86%
Max EPS beat(4)3.79%
EPS beat(8)4
Avg EPS beat(8)-0.69%
EPS beat(12)5
Avg EPS beat(12)-1.82%
EPS beat(16)7
Avg EPS beat(16)-1.3%
Revenue beat(2)0
Avg Revenue beat(2)-2.61%
Min Revenue beat(2)-3.23%
Max Revenue beat(2)-1.99%
Revenue beat(4)0
Avg Revenue beat(4)-2.84%
Min Revenue beat(4)-4.31%
Max Revenue beat(4)-1.82%
Revenue beat(8)0
Avg Revenue beat(8)-2.13%
Revenue beat(12)1
Avg Revenue beat(12)-2.34%
Revenue beat(16)1
Avg Revenue beat(16)-1.97%
PT rev (1m)-2.48%
PT rev (3m)0%
EPS NQ rev (1m)-1.55%
EPS NQ rev (3m)-1.55%
EPS NY rev (1m)-0.29%
EPS NY rev (3m)-0.36%
Revenue NQ rev (1m)-0.27%
Revenue NQ rev (3m)-0.27%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 11.89
Fwd PE 10.88
P/S 2.55
P/FCF 10.76
P/OCF 10.54
P/B 9.12
P/tB 9.12
EV/EBITDA 7.86
EPS(TTM)3.55
EY8.41%
EPS(NY)3.88
Fwd EY9.19%
FCF(TTM)3.92
FCFY9.29%
OCF(TTM)4
OCFY9.49%
SpS16.52
BVpS4.63
TBVpS4.63
PEG (NY)16.82
PEG (5Y)2.03
Profitability
Industry RankSector Rank
ROA 17.87%
ROE 77.35%
ROCE 45.11%
ROIC 36.3%
ROICexc 52.35%
ROICexgc 52.35%
OM 30.99%
PM (TTM) 21.67%
GM N/A
FCFM 23.74%
ROA(3y)18.18%
ROA(5y)17.1%
ROE(3y)81.02%
ROE(5y)89.96%
ROIC(3y)47.74%
ROIC(5y)52%
ROICexc(3y)65.7%
ROICexc(5y)77.37%
ROICexgc(3y)66.61%
ROICexgc(5y)78.62%
ROCE(3y)59.33%
ROCE(5y)64.63%
ROICexcg growth 3Y-26.61%
ROICexcg growth 5Y-18.81%
ROICexc growth 3Y-26.25%
ROICexc growth 5Y-18.68%
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
F-Score8
Asset Turnover0.82
Health
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 0.63
Debt/EBITDA 0.47
Cap/Depr 66.85%
Cap/Sales 0.5%
Interest Coverage 250
Cash Conversion 76.37%
Profit Quality 109.53%
Current Ratio 0.62
Quick Ratio 0.62
Altman-Z 3.25
F-Score8
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)143.08%
Cap/Depr(5y)152.27%
Cap/Sales(3y)1.11%
Cap/Sales(5y)1.18%
Profit Quality(3y)131.67%
Profit Quality(5y)152.96%
High Growth Momentum
Growth
EPS 1Y (TTM)23.26%
EPS 3Y-10.97%
EPS 5Y5.86%
EPS Q2Q%0%
EPS Next Y0.71%
EPS Next 2Y4.53%
EPS Next 3Y4.83%
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%0%
Revenue Next Year5.66%
Revenue Next 2Y6.35%
Revenue Next 3Y-26.12%
Revenue Next 5YN/A
EBIT growth 1Y38.5%
EBIT growth 3Y-5.45%
EBIT growth 5Y-0.09%
EBIT Next Year19.46%
EBIT Next 3Y10.02%
EBIT Next 5YN/A
FCF growth 1Y11.05%
FCF growth 3Y-8.76%
FCF growth 5Y-3.04%
OCF growth 1Y6.94%
OCF growth 3Y-7.98%
OCF growth 5Y-3.29%