Man Group PLC (GB:EMG)
LSE:EMG
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Man Group plc
(LSE:EMG)
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Rating:73Outperform
Price Target:
270.00 p
â–²(2.51% Upside)
Action:ReiteratedDate:03/04/26
The score is driven primarily by stable but less efficient financial performance (growth and positive FCF offset by margin/return compression and higher leverage). Earnings-call fundamentals are supportive (record AUM and strong inflows), while technicals are mixed with only modest near-term momentum and valuation is helped by the high dividend but tempered by a mid-to-high P/E.
Positive Factors
Record AUM and market share gains
Sustained, large-scale AUM growth driven by both investment performance and very strong net inflows materially strengthens the recurring management‑fee base. Persistent market share gains signal durable client validation, improving long‑term revenue stability and scale economics across distribution channels.
Negative Factors
Material margin compression
A sharp decline in net margins erodes the firm's ability to convert revenue into durable profits and free cash flow. Persistent margin compression — driven by mix shifts to lower‑margin products and higher fixed costs — constrains capital returns, reinvestment and resilience through market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Record AUM and market share gains
Sustained, large-scale AUM growth driven by both investment performance and very strong net inflows materially strengthens the recurring management‑fee base. Persistent market share gains signal durable client validation, improving long‑term revenue stability and scale economics across distribution channels.
Read all positive factors
Man Group plc (EMG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.95B
Dividend Yield5.71%
Average Volume (3M)3.43M
Price to Earnings (P/E)19.6
Beta (1Y)1.39
Revenue Growth-10.85%
EPS Growth-42.02%
CountryUK
Employees1,777
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.12
Shares Outstanding1,152,663,700
10 Day Avg. Volume2,964,652
30 Day Avg. Volume3,427,142
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)2.22
Price to Sales (P/S)2.34
P/FCF Ratio13.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£295.71Price Target Upside12.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.37
Revenue Forecast (FY)£1.71B
Man Group plc Business Overview & Revenue Model
Company Description
Man Group Plc is a publicly owned investment manager. The firm provides long-only and alternative investment management services worldwide. It offers a range of liquid investment products and solutions, which include quantitative, multi-manager an...
How the Company Makes Money
Man Group primarily makes money by charging fees for managing client assets. The core revenue stream is management fees, typically calculated as a percentage of assets under management (AUM) and accrued over time as long as client capital remains ...
Man Group plc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presents a largely positive picture: record AUM, exceptional net inflows, increased run‑rate net management fees and clear progress on strategic priorities (diversification, credit expansion, product launches and AI partnerships). These positives were tempered by meaningful short‑term challenges — notably trend‑following underperformance in H1, lower performance fees versus 2024, margin compression from AUM mix shift and one‑off non‑core charges. Overall the firm emphasizes resilience, strategic progress and multi‑year optionality (performance fee backlog, seed program, strong client engagement), while acknowledging near‑term earnings and mix headwinds.Positive Updates
Record AUM and Strong Net Flows
AUM ended the year at $227.6–$228.0 billion, up nearly $60.0 billion since the end of 2024, driven by $21.4 billion of positive investment performance and $28.7 billion of net inflows. Record gross and net inflows were nearly 20% ahead of the industry; the firm has taken market share for the sixth consecutive year.
Negative Updates
Trend‑Following Underperformance in H1
Trend‑following strategies experienced a prolonged period of underperformance in the first half (continuation from Q2 2024) driven by whipsaw market conditions; this materially impacted alternatives' relative performance and contributed to investor outflows in that category earlier in the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Record AUM and Strong Net Flows
AUM ended the year at $227.6–$228.0 billion, up nearly $60.0 billion since the end of 2024, driven by $21.4 billion of positive investment performance and $28.7 billion of net inflows. Record gross and net inflows were nearly 20% ahead of the industry; the firm has taken market share for the sixth consecutive year.
Read all positive updates
Company Guidance
Guidance-wise, Man Group said it will move from fixed cash-cost and compensation-ratio targets to managing to a core PBT margin range of 30–40% from 2026 (calibrated around a 35% average core PBT margin 2020–2025 and can fall outside in exceptional performance‑fee years), and introduced updated reporting categories (previous categorization to be provided through Q3). Key metrics cited alongside that guidance include AUM of $227.6bn (c. $228bn) driven by $21.4bn of investment performance and $28.7bn of net inflows, run‑rate net management fees of $1.182bn (highest in >10 years) with a run‑rate net management fee margin of 52bps (down from 63bps), net revenue of almost $1.4bn, performance fees of $281m, $38m investment gains, fixed cash costs of $430m, a 48% compensation ratio, core PBT of $407m and core management‑fee PBT of $294m (core management‑fee EPS $0.196), total core EPS $0.276 (performance‑fee EPS $0.08), proposed final dividend $0.115 (total dividend $0.172), NTA $723m (cash $173m), performance‑fee eligible AUM $59.6bn ($36.6bn at HWM, $17.4bn within 5%), a median Monte Carlo 2026 performance‑fee outcome of $471m (c.$350m accrued as of Feb 20), $4.9bn uncalled commitments, $603m gross seed investments (12 strategies seeded, $400m redeployed), and a capital‑allocation waterfall that remains dividend‑first with $300m returned to shareholders last year (including a $100m buyback at an average 182p).Man Group plc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.49B | 1.43B | 1.17B | 1.73B | 1.48B |
| Gross Profit | 1.20B | 921.00M | 762.00M | 1.24B | 787.00M |
| EBITDA | 362.45M | 499.00M | 377.00M | 856.00M | 709.00M |
| Net Income | 178.67M | 298.00M | 234.00M | 608.00M | 487.00M |
Balance Sheet | |||||
| Total Assets | 4.76B | 4.57B | 4.38B | 3.30B | 2.92B |
| Cash, Cash Equivalents and Short-Term Investments | 291.11M | 225.00M | 180.00M | 457.00M | 323.00M |
| Total Debt | 284.00M | 248.00M | 423.00M | 253.00M | 250.00M |
| Total Liabilities | 3.19B | 2.90B | 2.77B | 1.60B | 1.27B |
| Stockholders Equity | 1.57B | 1.68B | 1.61B | 1.70B | 1.65B |
Cash Flow | |||||
| Free Cash Flow | 261.37M | 607.00M | 304.00M | 692.00M | 435.00M |
| Operating Cash Flow | 279.75M | 648.00M | 337.00M | 737.00M | 484.00M |
| Investing Cash Flow | -76.57M | -29.00M | -191.00M | -40.00M | -67.00M |
| Financing Cash Flow | -351.22M | -439.00M | -329.00M | -623.00M | -377.00M |
Man Group plc Technical Analysis
Positive
263.40
Price Trends
260.04
Positive
243.79
Positive
210.54
Positive
Market Momentum
-0.43
Negative
57.29
Neutral
77.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:EMG, the sentiment is Positive. The current price of 263.4 is above the 20-day moving average (MA) of 252.05, above the 50-day MA of 260.04, and above the 200-day MA of 210.54, indicating a bullish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 57.29 is Neutral, neither overbought nor oversold. The STOCH value of 77.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:EMG.
Man Group plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £4.03B | 5.71 | 41.35% | 5.93% | 4.28% | 5.18% | |
77 Outperform | £3.61B | 9.24 | 6.50% | 7.21% | -7.11% | 0.45% | |
76 Outperform | £8.95B | 11.95 | 12.35% | 5.37% | 4.78% | -4.86% | |
74 Outperform | £846.15M | 8.25 | 11.49% | 2.70% | -4.38% | ― | |
73 Outperform | £2.95B | 19.57 | 11.51% | 5.71% | -10.85% | -42.02% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
52 Neutral | £6.98B | 22.80 | 9.49% | 7.09% | 9.86% | -134.41% |
* Financial Sector Average
GB:EMG
Man Group plc
263.40
112.17
74.17%
GB:JUP
Jupiter Fund Management Plc
166.00
100.97
155.27%
GB:SDR
Schroders
577.50
300.30
108.33%
GB:ABDN
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202.50
87.47
76.04%
GB:MNG
M&G Plc
293.10
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80.44%
GB:N91
Ninety One
217.20
102.63
89.57%
Man Group plc Corporate Events
Regulatory Filings and Compliance
Man Group Chair Anne Wade Buys Additional Shares in Insider Deal
Positive
Mar 23, 2026
Man Group plc has disclosed that its chair of the board, Anne Wade, has purchased 6,000 ordinary shares in the company at a price of 242.80 pence per share on 20 March 2026. The transaction, carried out on the London Stock Exchange and reported un...
Regulatory Filings and Compliance
Man Group Senior Independent Director Increases Stake with Share Purchase
Positive
Mar 23, 2026
Man Group plc reported that Senior Independent Director and person discharging managerial responsibilities (PDMR), Laurie Fitch, has purchased 5,000 ordinary shares in the company at a price of 242.1996 pence per share. The on-market transaction, ...
Executive/Board ChangesRegulatory Filings and Compliance
Man Group grants long-term share awards to senior executives
Neutral
Mar 13, 2026
Man Group plc has granted new long-term incentive awards and nil-cost share options over ordinary shares to senior executives, including chief executive officer Robyn Grew, chief financial and operating officer Antoine Forterre and president Steve...
Executive/Board ChangesRegulatory Filings and Compliance
Man Group executives exercise share awards and disclose transactions under incentive plans
Neutral
Mar 13, 2026
Man Group has disclosed that senior executives, including Chief Executive Officer Robyn Grew, Chief Financial Officer and Chief Operating Officer Antoine Forterre, and President Steven Desmyter, acquired ordinary shares through the vesting of cond...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Man Group Publishes 2025 Annual Report and 2026 AGM Materials
Neutral
Mar 6, 2026
Man Group plc has submitted its Annual Report for the year ended 31 December 2025, the notice of its 2026 annual general meeting and the related proxy form to the UK National Storage Mechanism. These documents, including an ESEF-compliant version ...
Regulatory Filings and Compliance
Man Group Director Laurie Fitch Increases Stake with Share Purchase
Positive
Mar 2, 2026
Man Group plc has disclosed a share purchase by non-executive director Laurie Fitch, who acquired 13,566 ordinary shares in the company on 2 March 2026. The transaction, executed on the London Stock Exchange at a price of 266.1756 pence per share,...
Regulatory Filings and Compliance
Man Group Updates Share Capital and Voting Rights Structure
Neutral
Mar 2, 2026
Man Group plc has disclosed that its total issued listed share capital as of 27 February 2026 stands at 1,229,361,229 ordinary shares, of which 77,843,556 are held in treasury. This leaves 1,151,517,673 ordinary shares in circulation carrying voti...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Man Group lifts assets to $227.6bn as inflows surge despite softer earnings
Positive
Feb 26, 2026
Man Group reported strong asset growth for 2025, with assets under management rising 35% to $227.6 billion on the back of $28.7 billion in net inflows and solid relative investment performance, particularly in long-only strategies. Despite record ...
Business Operations and StrategyExecutive/Board Changes
Man Group refreshes board as senior independent director retires
Neutral
Feb 26, 2026
Man Group plc announced a series of board changes, including the retirement of Senior Independent Director Richard Berliand, who will leave the board on 28 February 2026 after a decade of service. He will be succeeded as Senior Independent Directo...
Regulatory Filings and Compliance
Man Group Updates Total Voting Rights and Share Capital
Neutral
Feb 2, 2026
Man Group plc has disclosed that its total issued listed share capital as of 30 January 2026 stands at 1,229,361,229 ordinary shares, of which 78,033,680 are held in treasury. This leaves 1,151,327,549 ordinary shares carrying voting rights, a key...
Business Operations and StrategyExecutive/Board Changes
Man Group Strengthens Board With Appointment of Former HSBC Europe Chief Colin Bell
Positive
Jan 28, 2026
Man Group plc has appointed Colin Bell as a non-executive director effective 1 March 2026, with roles on both the Audit and Risk Committee and the Nomination and Governance Committee, reinforcing the firm’s board-level oversight in key gover...
Regulatory Filings and Compliance
Man Group Confirms Total Voting Rights Following Year-End Share Capital Update
Neutral
Jan 2, 2026
Man Group plc reported that as of 31 December 2025 its total issued listed share capital stood at 1,229,361,229 ordinary shares, of which 78,091,573 are held in treasury, leaving 1,151,269,656 ordinary shares carrying voting rights. The company no...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.