Jupiter Fund Management Plc (GB:JUP)
LSE:JUP
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Jupiter Fund Management Plc
(LSE:JUP)
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Rating:74Outperform
Price Target:
186.00 p
▲(12.05% Upside)
Action:ReiteratedDate:03/04/26
The score is led by improved financial performance supported by a strong, low-leverage balance sheet, plus an earnings-call outlook showing better flows and investment performance with active capital returns. Valuation is supportive due to the low P/E. These positives are moderated by historically volatile earnings/cash flows, guidance implying fee margin pressure and lumpy performance fees, and only mixed near-term technical signals.
Positive Factors
Conservative balance sheet / low leverage
Zero reported debt in 2025 and a substantial equity base give the firm durable financial flexibility. This conservatism supports capital returns, acquisition financing (e.g., CCLA), and resilience through AUM volatility, reducing solvency and refinancing risk over the medium term.
Negative Factors
High cost-to-income ratio
An elevated 82% cost/income ratio limits margin expansion from revenue growth and requires sustained cost reductions to hit the 70% target. Until structural cost-incomes improve, profitability remains sensitive to AUM and fee pressures, constraining durable earnings upside.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Zero reported debt in 2025 and a substantial equity base give the firm durable financial flexibility. This conservatism supports capital returns, acquisition financing (e.g., CCLA), and resilience through AUM volatility, reducing solvency and refinancing risk over the medium term.
Read all positive factors
Jupiter Fund Management Plc (JUP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£846.15M
Dividend Yield2.7%
Average Volume (3M)1.66M
Price to Earnings (P/E)8.3
Beta (1Y)1.00
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 Ratio0.14
Price to Book (P/B)0.91
Price to Sales (P/S)1.73
P/FCF Ratio13.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£156.31Price Target Upside-5.84% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.13
Revenue Forecast (FY)£438.51M
Jupiter Fund Management Plc Business Overview & Revenue Model
Company Description
Jupiter 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 ...
How the Company Makes Money
Jupiter makes money primarily by charging fees for managing client assets (assets under management, or AUM). Its main revenue stream is management fees, typically calculated as a percentage of AUM and accrued over time; these fees are earned acros...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 479.20M | 402.50M | 405.60M | 378.70M | 616.10M |
| Gross Profit | 426.30M | 244.50M | 343.00M | 305.70M | 540.70M |
| EBITDA | 144.40M | 110.60M | 41.20M | 95.30M | 237.40M |
| Net Income | 100.40M | 65.20M | -12.90M | 47.90M | 149.60M |
Balance Sheet | |||||
| Total Assets | 1.24B | 1.26B | 1.21B | 1.24B | 1.34B |
| Cash, Cash Equivalents and Short-Term Investments | 403.00M | 502.90M | 445.90M | 396.90M | 383.90M |
| Total Debt | 38.70M | 90.80M | 93.80M | 95.80M | 100.40M |
| Total Liabilities | 336.50M | 422.50M | 418.10M | 398.10M | 439.90M |
| Stockholders Equity | 906.10M | 834.00M | 789.50M | 843.30M | 900.80M |
Cash Flow | |||||
| Free Cash Flow | 62.00M | 66.30M | 84.50M | 153.50M | 181.40M |
| Operating Cash Flow | 62.50M | 73.90M | 88.00M | 158.80M | 184.90M |
| Investing Cash Flow | 80.00M | -182.20M | -56.60M | 34.10M | -13.10M |
| Financing Cash Flow | -86.70M | 101.90M | -37.80M | -112.50M | -162.60M |
Jupiter Fund Management Plc Technical Analysis
Neutral
166.00
Price Trends
181.80
Negative
170.33
Negative
150.78
Positive
Market Momentum
-5.07
Positive
43.75
Neutral
43.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUP, the sentiment is Neutral. The current price of 166 is below the 20-day moving average (MA) of 171.15, below the 50-day MA of 181.80, and above the 200-day MA of 150.78, indicating a neutral trend. The MACD of -5.07 indicates Positive momentum. The RSI at 43.75 is Neutral, neither overbought nor oversold. The STOCH value of 43.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | £623.43M | 5.68 | 30.00% | 8.73% | 7.71% | -7.39% | |
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% | ― | |
72 Outperform | £219.25M | 13.32 | 7.58% | 5.14% | -13.29% | 63.87% | |
70 Outperform | £2.17B | 17.89 | 4.75% | 4.91% | 14.05% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £153.18M | 11.47 | 9.72% | 21.31% | -15.65% | -12.27% |
* Financial Sector Average
GB:JUP
Jupiter Fund Management Plc
166.00
100.97
155.27%
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GB:LIO
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252.50
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-5.89%
GB:POLR
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654.00
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98.79%
GB:RAT
Rathbones Group PLC
2,100.00
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GB:SDR
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108.33%
Jupiter Fund Management Plc Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Launches £30m Share Buyback to Cut Share Capital
Positive
Apr 8, 2026
Jupiter Fund Management plc has launched a new share buyback programme for 2026, authorising the repurchase of ordinary shares up to the lower of £30 million in value or 3% of its issued share capital. The initiative is part of its capital ma...
Business Operations and StrategyRegulatory Filings and Compliance
Jupiter Extends Free Share Awards to All Staff Under Incentive Plan
Positive
Apr 1, 2026
Jupiter Fund Management has granted free shares worth £2,000 to all employees under its Share Incentive Plan, with awards pro-rated for part-time staff and subject to a three-year forfeiture period. The move extends to international employees...
Regulatory Filings and Compliance
Jupiter CEO Transfers Shares to ISA in Neutral Ownership Change
Neutral
Mar 30, 2026
Jupiter Fund Management plc disclosed that its chief executive officer, Matthew Beesley, and his closely associated person, Emma Beesley, have transferred holdings of Jupiter ordinary shares from their Fund and Share Accounts into their Stocks Sh...
Regulatory Filings and Compliance
Jupiter CEO Discloses Off-Market Transfer of Shares to PCA
Neutral
Mar 27, 2026
Jupiter Fund Management has disclosed an internal share transfer involving its chief executive, Matthew Beesley, in line with UK Market Abuse Regulation reporting requirements. Beesley transferred 11,500 ordinary shares in the company to his close...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Jupiter Fund Management Publishes 2025 Report and Sets Date for 2026 AGM
Neutral
Mar 24, 2026
Jupiter Fund Management plc has published its Annual Report and Accounts for the year ended 31 December 2025, making the document available on its website for investors and other stakeholders. The company has also circulated the report to sharehol...
Executive/Board Changes
Jupiter Awards Long-Term Nil-Cost Share Options to Top Executives
Positive
Mar 4, 2026
Jupiter Fund Management plc has granted significant nil-cost share options to its top executives under its 2018 Deferred Bonus Plan and Long Term Incentive Plan. Chief executive officer Matthew Beesley received options over a total of 1,186,372 sh...
Other
Jupiter Executives Exercise Options and Sell Shares Under Incentive Plans
Neutral
Mar 3, 2026
Jupiter Fund Management has disclosed a series of share option exercises and related share sales by its chief executive, Matthew Beesley, and chief financial and operating officer, Wayne Mepham. Both executives exercised options under the company&...
Regulatory Filings and Compliance
Jupiter Director James Macpherson Increases Stake with Share Purchase
Positive
Feb 27, 2026
Jupiter Fund Management plc reported that non-executive director James Macpherson purchased 30,000 ordinary shares in the company on 27 February 2026 at a price of £1.93744 per share. The transaction, executed on the London Stock Exchange, in...
Regulatory Filings and Compliance
Jupiter Fund Management Confirms Total Voting Rights and Share Capital
Neutral
Feb 27, 2026
Jupiter Fund Management plc has confirmed that, as of 27 February 2026, its issued share capital comprises 528,630,125 ordinary shares of 2 pence each, with each share carrying one voting right. The company holds no shares in treasury, so the tota...
Stock BuybackRegulatory Filings and Compliance
Jupiter Completes Treasury Share Cancellation, Confirming New Voting Rights Base
Neutral
Feb 26, 2026
Jupiter Fund Management plc has cancelled 16,349,385 ordinary shares previously held in treasury as part of its ongoing share buyback and cancellation programme initiated in 2025. Following this cancellation, the company holds no shares in treasur...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Jupiter Fund Management rebounds with strong 2025 inflows and profits
Positive
Feb 26, 2026
Jupiter Fund Management reported a sharp rebound in 2025, with assets under management rising 19% to £54.0bn and net inflows of £1.3bn, its first full year of positive flows since 2017. Underlying profit before tax jumped to £138.3m...
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 ...
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.