A month has gone by since the last earnings report for Affiliated Managers Group (AMG). Shares have added about 18.9% in that time frame, outperforming the S&P 500.

距离Affiliated Managers Group (AMG)上次发布收益报告已经过去一个月了。在此期间，该股上涨了约18.9%，表现优于标准普尔500指数。

Will the recent positive trend continue leading up to its next earnings release, or is Affiliated Managers due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.Affiliated Managers Q3 Earnings Beat, AUM Balance Down

近期的积极趋势会持续到下一次财报发布之前吗?还是说，其附属基金经理们将面临回调?在我们深入了解投资者和分析师最近的反应之前，让我们先快速浏览一下最新的收益报告，以便更好地把握重要的驱动因素。附属经理人第三季度收益超过，资产管理基金余额下降

Affiliated Managers’ third-quarter 2020 economic earnings of $3.27 per share surpassed the Zacks Consensus Estimate of $2.86. Also, the bottom line grew 3.5% year over year.

附属管理公司2020年第三季度的每股经济收益为3.27美元，超过了Zacks共识估计的2.86美元。此外，净利润同比增长3.5%。

The results reflect lower operating expenses and a robust liquidity position. However, lower revenues, fall in assets under management (AUM) balance and decline in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were headwinds.

这一结果反映了较低的运营费用和稳健的流动性状况。然而，营收下降、管理资产(AUM)余额下降以及调整后的息税折旧及摊销前利润(EBITDA)下降都是不利因素。

Economic net income was $152.1 million, down 4.6% from the prior-year quarter.Revenues & AUM Down, Expenses Fall

经济净收入为1.521亿美元，较上年同期下降4.6%。收入和资产管理规模下降，支出下降

Total revenues fell 9.9% year over year to $494.8 million. However, the top line beat the Zacks Consensus Estimate of $478.4 million.

总收入同比下降9.9%，至4.948亿美元。然而，它的收入超过了Zacks的共识估计的4.784亿美元。

Adjusted EBITDA was $181.2 million, down 12.3% from the year-ago quarter.

经调整的EBITDA为1.812亿美元，较上年同期下降12.3%。

Total expenses decreased 3.8% to $359.2 million. Decline in compensation and related expenses, and selling, general and administrative costs primarily led to the fall.

总费用下降3.8%，为3.592亿美元。薪酬和相关费用的下降，以及销售、一般和管理成本的下降是导致这一下降的主要原因。

As of Sep 30, 2020, total AUM was $653.5 billion, down 12.9% year over year. Net client cash outflows of $14 billion hurt AUM.Capital & Liquidity Position Decent

截至2020年9月30日，管理资产总额为6535亿美元，同比下降12.9%。客户净现金流出140亿美元，损害了资产管理市场。资本和流动性状况良好

As of Sep 30, 2020, Affiliated Managers had $929.4 million in cash and cash equivalents compared with $539.6 million on Dec 31, 2019. The company had $2.3 billion of debt, up 28.8% from the Dec 31, 2019 level.

截至2020年9月30日，附属经理拥有9.294亿美元现金和现金等价物，而2019年12月31日为5.396亿美元。该公司负债23亿美元，较2019年12月31日的水平增长28.8%。

Shareholders’ equity as of Sep 30, 2020 was $2.8 billion compared with $2.9 billion as of Dec 31, 2019.Share Repurchase Update

截至2020年9月30日，股东权益为28亿美元，而截至2019年12月31日，股东权益为29亿美元。股票回购更新

During the third quarter, the company repurchased shares worth $85 million.Fourth-Quarter 2020 Outlook

在第三季度，该公司回购了价值8500万美元的股票。2020年第四季度的前景

Management expects adjusted EBITDA of $200-$230 million, based on present AUM level. Performance fee is anticipated to be in the range of $20-$50 million.

管理层预计，根据目前的资产管理规模，调整后的EBITDA为2 - 2.3亿美元。绩效费预计在2000万- 5000万美元之间。

Interest expenses are expected to be $27 million, suggesting 12.5% increase from the prior quarter level owing hybrid debt issuance in September 2020. Controlling interest depreciation is expected to remain at the third quarter level of $3 million.

预计利息支出为2,700万美元，这意味着2020年9月发行混合债券的利息支出较上一季度增长12.5%。控制利息折旧预计将保持在第三季度的水平300万美元。

The company’s share of reported amortization and impairments are expected to be approximately $50 million, down 15.3% sequentially. Intangible related deferred taxes are projected to be approximately $5 million.

该公司报告的摊销和减值份额预计约为5000万美元，环比下降15.3%。相关的无形递延税预计约为500万美元。

Other economic items (excluding any mark-to-market impact) is anticipated to be $1 million.

其他经济项目(不包括任何按市值计算的影响)预计为100万美元。

Adjusted weighted average share count is estimated to be $45.4 million.

调整加权平均股票总数估计为4540万美元。

GAAP tax rate is expected to be 25%. Additionally, cash tax rate is expected to be 21%.

GAAP税率预计为25%。此外，现金税率预计为21%。

In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 8.14% due to these changes.

在过去的一个月里，投资者在评估中见证了一个上升的趋势。由于这些变化，共识估计已经改变了8.14%。

Currently, Affiliated Managers has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.

目前，附属管理公司的平均增长分数为C，尽管在动量分数前面稍落后于d。然而，该股票在价值方面被分配了a级，使其在这种投资策略的前五分之一。

Outlook

前景

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Affiliated Managers has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

对这只股票的预估一直呈上升趋势，这些预估的幅度看起来很有希望。值得注意的是，附属经理的Zacks排名是第3(持有)。我们预计该股票在未来几个月内会有相应的回报。

Affiliated Managers Group, Inc. (AMG):免费股票分析报告

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