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Jupiter Fund Management Plc (GB:JUP)
LSE:JUP
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Jupiter Fund Management Plc
(LSE:JUP)
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Rating:73Outperform
Price Target:
216.00p
▲(11.00% Upside)
Action:ReiteratedDate:12/07/25
Jupiter Fund Management Plc shows strong technical indicators and positive corporate events, including strategic leadership changes and growth in assets under management. While financial performance indicates strong equity and cash flow positions, declining revenue and profitability remain concerns. The stock is reasonably valued with an attractive dividend yield, making it a moderately appealing investment.
Positive Factors
Low leverage / strong capital structure
Very low leverage and a high equity ratio provide durable financial resilience. This reduces refinancing risk, supports client confidence and liquidity needs during market stress, and preserves capacity for strategic investment or selective acquisitions over the medium term.
Positive free cash flow and cash conversion
Sustained positive free cash flow and efficient cash conversion underpin operational flexibility. Reliable cash generation funds dividends, business development and technology investment, and buffers fee volatility tied to AUM movements over multiple quarters.
High gross profit margin
A ~60% gross margin reflects structurally profitable fee-based operations. High margins give room to invest in talent, distribution and product capability, helping maintain competitive active-management positioning even if revenue growth is uneven.
Negative Factors
Declining revenue and profitability trend
Multi-year revenue and profitability decline signals structural pressure on fee income, potentially from client outflows, fee compression or performance headwinds. Persistent revenue erosion reduces reinvestment capacity and can pressure margins and strategic initiatives.
Declining assets and shareholders' equity since 2021
Falling total assets and equity over several years weakens the firm’s growth runway and capital buffer. This can limit M&A, product expansion and distribution spending, and may reflect structural outflows or valuation impacts that impair competitive positioning.
Negative revenue growth rate
A negative revenue growth rate indicates shrinking top-line momentum tied to AUM or fee pressure. Sustained negative growth strains profitability, risks talent attrition if performance incentives drop, and makes it harder to fund strategic initiatives over the medium term.
Jupiter Fund Management Plc (JUP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£937.90M
Dividend Yield2.7%
Average Volume (3M)1.66M
Price to Earnings (P/E)16.4
Beta (1Y)1.09
Revenue Growth-4.38%
EPS GrowthN/A
CountryUK
Employees492
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.16
Shares Outstanding528,630,100
10 Day Avg. Volume1,539,683
30 Day Avg. Volume1,657,990
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.54
Price to Sales (P/S)1.13
P/FCF Ratio6.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£159.89Price Target Upside-17.84% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.12
Revenue Forecast (FY)£411.46M
Jupiter Fund Management Plc Business Overview & Revenue Model
Company DescriptionJupiter Fund Management Plc is a publicly owned investment manager. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients. It invests in the public equity markets across U.K., Europe and global emerging markets. The firm also invests in fixed income markets, fund of funds products, hedge funds, and absolute return funds. Jupiter Fund Management Plc was founded in 1985 and is based in London, United Kingdom.
How the Company Makes MoneyJupiter Fund Management generates revenue primarily through management fees charged to clients for managing their investment portfolios. These fees are typically calculated as a percentage of the assets under management (AUM). Additionally, the company may earn performance fees based on the investment performance relative to benchmarks, rewarding it for achieving superior returns for clients. Key revenue streams include fees from institutional clients, retail clients, and intermediary channels. The firm also benefits from various strategic partnerships that enhance its distribution capabilities and expand its client reach. Overall, Jupiter's revenue model is heavily dependent on the growth of AUM, which is influenced by market conditions, investment performance, and client inflows.
Jupiter Fund Management Plc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call presents a clear and broad improvement in operational and investment momentum — record gross flows, the first annual net inflows since 2017, material AUM recovery (and further scale via the CCLA acquisition), marked improvement in investment performance across 1-, 3- and 5-year horizons, and ahead-of-schedule cost savings. These positives are balanced against structural challenges: a still-elevated cost/income ratio (82%), a lower average AUM and fee margin pressure in 2025 (65 bps), short-term compensation accounting impacts, lumpy/uncertain performance fees (GBP 120m in 2025 vs a conservative GBP 20m baseline for 2026), and near-term acquisition/integration costs and potential minor outflows from CCLA. Overall management tone is constructive and confident, and the company demonstrates multiple leading indicators pointing in the right direction while acknowledging and planning to manage the remaining risks.Q4-2025 Updates
Positive Updates
Dramatic Improvement in Investment Performance
1-year outperformance jumped by 42 percentage points to 84% of AUM outperforming peer medians; nearly 70% of AUM in the top quartile (1-year). 3-year outperformance increased to 68% (from 61% prior year) with nearly half of total AUM in the top quartile; 5-year outperformance at 75% with >60% in the top quartile.
Record Gross Flows and First Net Inflows Since 2017
Gross flows hit a record GBP 16.9 billion in 2025. Net inflows were GBP 1.3 billion (first calendar-year net inflows since 2017), with institutional net inflows of GBP 1.0 billion and retail net inflows GBP 0.3 billion (over GBP 2.0 billion in H2).
Material AUM Growth and Scale Expansion
AUM recovered from a low of GBP 43 billion in April to GBP 54 billion at year-end (up nearly 19% year-on-year) and now manages over GBP 70 billion after the CCLA acquisition; end-of-year AUM was up >12% on 2025 average and up nearly 20% from the start of the year.
Strong Performance Fee Contribution
Performance fee revenues were GBP 120 million in 2025, materially above guidance and a key driver of profit; management committed to distributing 50% (GBP 60 million) of 2025 performance fees to shareholders.
Ahead-of-Schedule Cost Savings
Non-compensation costs were GBP 11 million below expectations and GBP 6 million below most recent guidance, achieving targeted full-year non-comp savings over a year ahead of schedule and enabling a reduction in overall operating costs of GBP 5 million versus 2024 (excluding performance fees).
Strategic and Diversifying Acquisitions
Completed acquisition of CCLA (GBP 15 billion AUM) adding a new nonprofit client channel with no client overlap; also acquired Origin Asset Management team and a European equities team, broadening capabilities and driving inorganic scale.
Shareholder Returns and Capital Management
Announced additional distributions equivalent to GBP 60 million (50% of performance fees) split equally between a GBP 30 million buyback and a special dividend (5.7p). Ordinary dividends (full-year) of 4.4p and total distributions equivalent to 15.8p per share; canceled over 7% of issued share capital since 2022.
Operational Efficiency and Workforce Engagement
Delivered lowest headcount since 2014 while increasing investment team size compared to 10 years ago; employee engagement score improved to 88% (up 9 points year-on-year and 9 points above financial services benchmark).
Negative Updates
High Cost-Income Ratio and Shortfall to Target
Reported cost/income ratio of 82% for 2025, above management's 70% target; management expects to move materially closer to 70% but the ratio remains elevated in the near term.
Average AUM and Fee Margin Pressure
Average AUM for 2025 fell c.5% to GBP 48 billion, which reduced revenues; net management fee margin declined to 65 basis points for 2025 (run-rate 64 bps at year-end) and guidance expects ~63 bps average in 2026 (excluding CCLA).
Volatility and Concentration of Performance Fees
Performance fees were lumpy: GBP 120 million in 2025 but management's conservative baseline for 2026 is ~GBP 20 million, highlighting earnings volatility and difficulty of forecasting performance fees.
Short-Term Rise in Compensation Ratio
Total compensation ratio reached 50% in 2025 (above historical 45–49% range), driven largely by share-price-related accounting impacts; management expects the ratio to decline by ~2 percentage points in 2026 toward 48%.
CCLA Performance Softness and Potential Outflows
CCLA's flagship charity fund has lagged benchmarks in recent years after seven years of prior outperformance; management is conservatively expecting a minor level of outflows from CCLA strategies through 2026.
Acquisition and Integration Costs Ahead
Acquisition-related exceptional items were GBP 6 million in 2025; management expects GBP 14 million of cash exceptional costs in 2026, net cash acquisition/integration costs of ~GBP 17 million, and additional noncash intangible amortization (guidance of ~GBP 5 million p.a. until finalized).
Underlying Profitability Without Performance Fees Is Modest
Underlying profits excluding performance fees were GBP 62 million, producing EPS of 8.7p excluding performance fees—significantly lower than EPS including performance fees (19.4p), illustrating sensitivity to performance fee realization.
Business-Mix Effects Toward Lower-Margin Areas
Growth skewed toward lower-fee parts of the business (e.g., systematic/other lower-margin areas), contributing to the reduction in blended fee margin and putting short-term pressure on revenue per AUM.
Company Guidance
Management gave detailed 2026 guidance: they remain focused on a 70% cost/income target, underpinned by a minimum GBP15m of targeted savings (plus a minimum GBP16m of CCLA run‑rate synergies by end‑2027, with ~GBP4m included in 2026), and expect compensation to fall to c.48% (down from 50% in 2025) while non‑comp costs (ex‑CCLA) are guided to c.GBP106m; 2025 net management revenues were GBP311m (average AUM GBP48bn; year‑end AUM GBP54bn after recovering from an April low of GBP43bn), total combined net revenue including performance fees was c.GBP431m (performance fees were GBP120m in 2025, with management conservatively penciling in c.GBP20m for 2026), and fee margins are guided to c.63bps on average for 2026 (end‑2025 run‑rate 64bps; 2025 average 65bps); CCLA brings GBP15bn AUM at a c.43bps run‑rate margin and is expected to have c.GBP32m compensation and c.GBP20m non‑comp costs (11 months), with acquisition/integration net cash costs of c.GBP17m (cash exceptional c.GBP14m in 2026, ~GBP5m in 2027) and an illustrative annual non‑cash intangible charge of GBP5m; capital remains strong (well above 2.5x higher capital requirement), management will return capital via ordinary dividends (full‑year ordinary dividend 4.4p), a special 5.7p dividend and a GBP30m buyback (50% of 2025 performance fees = GBP60m distribution split 50/50), and they expect to deliver a meaningful portion of CCLA synergies by end‑2026 while continuing to target scale and top‑line growth after GBP16.9bn gross flows and GBP1.3bn net inflows in 2025 (YTD positive flows >GBP1bn and pro forma AUM now >GBP70bn including CCLA).Jupiter Fund Management Plc Financial Statement Overview
Summary
Jupiter Fund Management Plc's financial statements reflect a company with strong equity positioning and efficient cash generation, but facing declining revenue and profitability pressures. The low leverage and strong equity ratios are positives, but attention is needed to reverse the downward revenue trend to sustain future growth.Income Statement
Jupiter Fund Management Plc shows declining revenue and profitability over the past few years, with total revenue decreasing from 2021 to 2024. The gross profit margin remains relatively healthy at 60.7% in 2024, but net profit margin improvements are dampened by past losses, such as the net income loss in 2023. EBIT and EBITDA margins have decreased, indicating pressure on operating efficiency.62
Positive
Balance Sheet
The balance sheet reflects a strong equity position with a debt-to-equity ratio of 0.11 in 2024, suggesting low leverage. The equity ratio of 66.4% indicates a strong capital structure. However, declining total assets and stockholders' equity since 2021 may raise concerns about future growth potential.75
Positive
Cash Flow
Free cash flow declined from 2023 to 2024, but the company maintained a positive free cash flow, which is a positive sign for liquidity. The operating cash flow to net income ratio is healthy in 2024, indicating efficient cash generation from operations despite net income volatility.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 361.40M | 402.50M | 405.60M | 378.70M | 616.10M | 504.70M |
| Gross Profit | 344.30M | 244.50M | 343.00M | 305.70M | 540.70M | 444.70M |
| EBITDA | 89.70M | 110.60M | 41.20M | 95.30M | 237.40M | 214.90M |
| Net Income | 58.50M | 65.20M | -12.90M | 47.90M | 149.60M | 105.30M |
Balance Sheet | ||||||
| Total Assets | 1.21B | 1.26B | 1.21B | 1.24B | 1.34B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 437.10M | 502.90M | 445.90M | 396.90M | 383.90M | 400.40M |
| Total Debt | 0.00 | 90.80M | 93.80M | 95.80M | 100.40M | 103.40M |
| Total Liabilities | 366.80M | 422.50M | 418.10M | 398.10M | 439.90M | 459.70M |
| Stockholders Equity | 841.00M | 834.00M | 789.50M | 843.30M | 900.80M | 886.30M |
Cash Flow | ||||||
| Free Cash Flow | 55.40M | 66.30M | 84.50M | 153.50M | 181.40M | 102.20M |
| Operating Cash Flow | 56.00M | 73.90M | 88.00M | 158.80M | 184.90M | 104.80M |
| Investing Cash Flow | -16.20M | -182.20M | -56.60M | 34.10M | -13.10M | 63.10M |
| Financing Cash Flow | -45.80M | 101.90M | -37.80M | -112.50M | -162.60M | -159.20M |
Jupiter Fund Management Plc Technical Analysis
Positive
194.60
Price Trends
177.70
Positive
162.90
Positive
138.56
Positive
Market Momentum
1.89
Positive
54.61
Neutral
31.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUP, the sentiment is Positive. The current price of 194.6 is above the 20-day moving average (MA) of 188.95, above the 50-day MA of 177.70, and above the 200-day MA of 138.56, indicating a neutral trend. The MACD of 1.89 indicates Positive momentum. The RSI at 54.61 is Neutral, neither overbought nor oversold. The STOCH value of 31.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:JUP.
Jupiter Fund Management Plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £9.09B | 17.21 | 8.30% | 5.37% | 4.78% | -4.86% | |
76 Outperform | £600.22M | 15.46 | 31.19% | 8.73% | 7.71% | -7.39% | |
76 Outperform | £2.22B | 35.36 | 4.75% | 4.91% | 14.05% | -3.07% | |
73 Outperform | £937.90M | 16.44 | 7.11% | 2.70% | -4.38% | ― | |
72 Outperform | £249.35M | 37.74 | 7.58% | 5.14% | -13.29% | 63.87% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £156.08M | 12.74 | 9.72% | 21.31% | -15.65% | -12.27% |
* Financial Sector Average
GB:JUP
Jupiter Fund Management Plc
194.60
122.80
171.03%
GB:BRK
Brooks Macdonald
1,615.00
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19.51%
GB:LIO
Liontrust Asset Management
271.00
-83.45
-23.54%
GB:POLR
Polar Capital Holdings
644.00
225.36
53.83%
GB:RAT
Rathbones Group PLC
2,210.00
647.54
41.44%
GB:SDR
Schroders
586.00
234.73
66.82%
Jupiter Fund Management Plc Corporate Events
Business Operations and StrategyM&A Transactions
Jupiter Fund Management Completes Acquisition of CCLA Investment Management
Positive
Feb 2, 2026
Jupiter Fund Management has completed its acquisition of CCLA Investment Management, following receipt of all necessary regulatory approvals, finalising a deal first announced in July 2025. The group is maintaining its target of at least £16 million in annual run-rate cost synergies once CCLA is fully integrated, a goal it expects to achieve by the end of 2027, while CCLA brings £15.0 billion in assets under management as of 31 December 2025, strengthening Jupiter’s scale and positioning in the asset management market.
The most recent analyst rating on (GB:JUP) stock is a Hold with a £204.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.
Business Operations and StrategyPrivate Placements and Financing
Jupiter Fund Management Sets Up Forward Share Deal to Fund Staff Incentive Plans
Neutral
Dec 31, 2025
Jupiter Fund Management has arranged a forward share transaction via JTC Employer Solutions Trustee Limited, acting as trustee of the Jupiter Employee Benefit Trust, with Morgan Stanley & Co. International to secure ordinary shares in the company for employee long-term incentive plans. The arrangement, which will commence in the first quarter of 2026 and cover up to 25.9 million shares, is designed to meet existing, planned and anticipated commitments under these schemes without immediately issuing or holding new shares, signalling a structured approach to managing future staff remuneration and potential dilution for shareholders.
The most recent analyst rating on (GB:JUP) stock is a Buy with a £167.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.
Business Operations and StrategyExecutive/Board Changes
Jupiter Fund Management Appoints Nathan Bostock as New Chair
Positive
Nov 19, 2025
Jupiter Fund Management Plc has announced the appointment of Nathan Bostock as the new Chair, succeeding David Cruickshank, effective from April 1, 2026, pending regulatory approval. Bostock, with extensive experience in financial services, is expected to guide Jupiter through its next phase of growth, leveraging his leadership skills to capitalize on strategic opportunities in the investment management sector.
The most recent analyst rating on (GB:JUP) stock is a Buy with a £164.00 price target. To see the full list of analyst forecasts on Jupiter Fund Management Plc stock, see the GB:JUP Stock Forecast page.
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.