Affiliated Managers Group (AMG) Could Be 13% Undervalued Following Its Alternatives Growth Narrative

Affiliated Managers Group (AMG) is drawing attention ahead of its upcoming catalyst, with the company set to report second quarter and first half 2026 results and host a conference call on July 30.

See our latest analysis for Affiliated Managers Group.

Affiliated Managers Group shares have shown strong momentum into the upcoming earnings call, with the latest share price at $358.29, a 90 day share price return of 22.88% and a 1 year total shareholder return of 66.08%.

If you are assessing how this kind of performance compares with other opportunities in the market, it can help to widen the search using a curated stock list such as the 18 top founder-led companies

Affiliated Managers Group has delivered strong recent returns and solid profitability, but a strong business and a strong stock are not always the same thing. Is AMG’s current price still reasonable value?

Most Popular Narrative: 12.9% Undervalued

Affiliated Managers Group's most followed valuation narrative places fair value at about $411 per share, compared with the latest close at $358.29. This frames a double digit discount and sets up a detailed case built around alternatives growth, margins and capital returns.

Record-breaking inflows and rapid expansion in alternative assets, AMG increased alternative AUM by 20% in six months and reported its strongest organic growth quarter in 12 years, positioning the company to benefit from persistent global demand for yield, diversification, and differentiated strategies. This directly supports top-line revenue and potential net margin improvement due to higher fee structures in alternatives.

Read the complete narrative.

Want to see what sits behind that valuation gap for Affiliated Managers Group? The narrative leans on rising revenue, shifting profit margins and a different future earnings multiple. Curious how those moving pieces combine with share repurchases to back into the fair value estimate and discount rate applied?

Result: Fair Value of $411 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Affiliated Managers Group’s story could change quickly if fundraising in private markets slows, or if key affiliates such as Pantheon or AQR experience performance setbacks.

Find out about the key risks to this Affiliated Managers Group narrative.

Another View: SWS DCF Model On Affiliated Managers Group

While the analyst narrative points to Affiliated Managers Group trading about 12.9% below an estimated fair value of roughly $411, the Simply Wall St DCF model lands in a different place, with a future cash flow value of $355.95 versus the current $358.29 price, suggesting the stock is slightly above that estimate. When two methods point in different directions like this, which set of assumptions do you trust more?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Affiliated Managers Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Seeing both risks and rewards for Affiliated Managers Group in this article, it makes sense to review the data yourself and decide quickly where you stand. Then weigh these opposing signals with the help of the 3 key rewards and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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