Artisan Partners Asset 管理

Artisan Partners Asset Management Inc receives a 4-star quantitative star rating, illustrating our stance that this share class offers a somewhat attractive opportunity for investors. The stock currently trades at a 11% discount to our quantitative fair value estimate of $38.71 per share; however, some caution is warranted due to this estimate's medium uncertainty rating.

The company's profitability strengthens our fair value estimate. Highly profitable companies are often more resilient in recessions and are likely to generate stronger future cash flows for shareholders. Reflecting the firm's profitability is its earnings yield of 10.5%, which ranks in the top 20% compared with global peers. This suggests that it is generating substantial earnings relative to its share price, which contributes to our view that shares are cheap.

Conversely, the company's valuation metrics are potentially concerning. A company's valuation metrics provide insights into the market's expectations for its future growth and profitability. The firm's book value yield of 17.0%, for example, sits in the bottom 20% globally. The market value of this company's shares looks expensive relative to the book (accounting) value of equity, which, despite our favorable price/fair value ratio, is a negative attribute.

The company's narrow economic moat rating suggests it should be able to maintain robust profitability for a decade or longer before competition erodes its advantage. Its moat is bolstered by its strong financial health, which indicates low near-term bankruptcy risk.