Value Expectations

developed its proprietary framework, Economic Margin, to correct distortions created by traditional accounting-based analysis. The Economic Margin Framework is more than just a performance metric, as it encompasses a valuation system that explicitly addresses the four main value drivers of enterprise value: profitability, competition, growth, and cost of capital. Unlike traditional valuation approaches that utilize highly sensitive perpetuity assumptions, AFG’s approach incorporates company specific competitive advantage periods which identify companies that may lose excess returns over time faster than their competitors. AFG provides its clients a clear and robust set of applications to easily compare valuations and corporate performance over time, firms, industries and countries. By understanding differences between a stock’s intrinsic value and market price, management effectiveness, and earnings quality, the firm’s recommendations outperform the market regardless of a company’s sector, size, or growth/value orientation. AFG’s research covers companies traded on U.S. exchanges. Canada, UK, and Japan will be available the second quarter of 2008 and will expand to over 16 countries by the end of the year. To learn more about our global research, click here. AFG's Client Benefits Include: - Identifying Under/Over Valued Companies - Ability to evaluate a company's ability to create shareholder value - Understanding market expectations embedded in stock prices - Tools and Research to help portfolio managers/analyst focus on investment decision-making.

-Recent Market Movement Reviews
-Macro Valuation Trends
-Sector Analysis
-Political Impact on Markets
-Special Studies.

The term Value Expectations is derived from our ability to calculate market expectations embedded in stock prices, sectors and indexes.

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