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Jupiter Fund Management Plc
(LSE:JUP)
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Rating:74Outperform
Price Target:
179.00 p
â–²(9.82% Upside)
Action:Reiterated
Date: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
Very low leverage and reported zero debt in 2025 provide Jupiter with durable financial flexibility to withstand market stress, fund inorganic growth (e.g., CCLA), sustain ordinary dividends and buybacks, and invest in distribution without increasing leverage.
Negative Factors
Earnings and cashflow volatility
Historical swings in revenue and periodic losses make fee income and distributable earnings unpredictable, complicating long-term planning. Volatile performance fees and cashflows hinder consistent margin expansion and require larger capital or earnings cushions to maintain payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and reported zero debt in 2025 provide Jupiter with durable financial flexibility to withstand market stress, fund inorganic growth (e.g., CCLA), sustain ordinary dividends and buybacks, and invest in distribution without increasing leverage.
Read all positive factors
Jupiter Fund Management Plc (JUP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£802.84M
Dividend Yield2.59%
Average Volume (3M)1.66M
Price to Earnings (P/E)7.6
Beta (1Y)0.79
Revenue Growth37.81%
EPS Growth83.65%
CountryUK
Employees442
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.21
Shares Outstanding518,751,100
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
£180.00Price Target Upside10.43% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.14
Revenue Forecast (FY)£452.44M
Jupiter Fund Management Plc Business Overview & Revenue Model
Company Description
Jupiter Fund Management Plc operates as a publicly traded asset management firm. It oversees a diverse array of investment vehicles for its clientele, including collective investment schemes, alternative investment strategies, bespoke client portf...
How the Company Makes Money
Jupiter Fund Management primarily earns revenue by charging fees on assets it manages (assets under management, or AUM). The main revenue stream is recurring management fees, typically calculated as a percentage of average AUM across its funds and...
Jupiter Fund Management Plc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 538.30M | 479.20M | 402.50M | 405.60M | 378.70M | 616.10M |
| Gross Profit | 480.30M | 426.30M | 244.50M | 343.00M | 305.70M | 540.70M |
| EBITDA | 153.40M | 144.40M | 110.60M | 41.20M | 95.30M | 237.40M |
| Net Income | 104.00M | 100.40M | 65.20M | -12.90M | 47.90M | 149.60M |
Balance Sheet | ||||||
| Total Assets | 1.34B | 1.24B | 1.26B | 1.21B | 1.24B | 1.34B |
| Cash, Cash Equivalents and Short-Term Investments | 430.00M | 403.00M | 502.90M | 445.90M | 396.90M | 383.90M |
| Total Debt | 0.00 | 38.70M | 90.80M | 93.80M | 95.80M | 100.40M |
| Total Liabilities | 447.90M | 336.50M | 422.50M | 418.10M | 398.10M | 439.90M |
| Stockholders Equity | 888.50M | 906.10M | 834.00M | 789.50M | 843.30M | 900.80M |
Cash Flow | ||||||
| Free Cash Flow | 153.90M | 62.00M | 66.30M | 84.50M | 153.50M | 181.40M |
| Operating Cash Flow | 157.70M | 62.50M | 73.90M | 88.00M | 158.80M | 184.90M |
| Investing Cash Flow | 19.50M | 80.00M | -182.20M | -56.60M | 34.10M | -13.10M |
| Financing Cash Flow | -34.10M | -86.70M | 101.90M | -37.80M | -112.50M | -162.60M |
Jupiter Fund Management Plc Technical Analysis
Negative
163.00
Price Trends
167.18
Negative
162.74
Negative
160.30
Negative
Market Momentum
-0.87
Positive
43.32
Neutral
20.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUP, the sentiment is Negative. The current price of 163 is below the 20-day moving average (MA) of 167.61, below the 50-day MA of 167.18, and above the 200-day MA of 160.30, indicating a bearish trend. The MACD of -0.87 indicates Positive momentum. The RSI at 43.32 is Neutral, neither overbought nor oversold. The STOCH value of 20.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | £753.78M | 12.64 | 42.37% | 5.20% | 18.94% | 66.50% | |
76 Outperform | £9.13B | 13.38 | 12.35% | 3.65% | 17.81% | 93.71% | |
74 Outperform | £802.84M | 7.59 | 11.59% | 2.51% | 37.81% | 83.65% | |
73 Outperform | £1.69B | 13.45 | 8.33% | 5.94% | 5.39% | 85.13% | |
72 Outperform | £219.25M | 33.14 | 4.43% | 5.90% | 1.02% | -62.71% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £175.71M | 18.23 | 8.74% | 6.46% | -20.90% | -40.53% |
* Financial Sector Average
GB:JUP
Jupiter Fund Management Plc
158.00
40.07
33.98%
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Jupiter Fund Management Plc Corporate Events
Regulatory Filings and Compliance
Jupiter Fund Management Confirms Total Voting Rights After July Share Capital Update
Neutral
Jul 31, 2026
Jupiter Fund Management plc, a U.K.-based asset manager, offers investment management services across various funds and mandates to both institutional and retail investors, operating within the regulated European financial services industry where ...
Business Operations and StrategyStock Buyback
Jupiter Reduces Share Count as 2026 Buyback Programme Progresses
Positive
Jul 27, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing ordinary shares on the company’s behalf under authority granted at its 2025 Annual General Meeting. Between...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Jupiter Fund Management lifts profits and assets on strong flows and CCLA deal
Positive
Jul 23, 2026
Jupiter Fund Management reported a strong first half of 2026, with assets under management rising 36% to £73.7bn, driven by £0.7bn of net inflows, robust investment performance and completion of the CCLA acquisition. Net revenue increase...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Reduces Share Count Through Ongoing Buyback
Positive
Jul 20, 2026
Jupiter Fund Management plc has continued execution of its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing ordinary shares on the company’s behalf under shareholder authority granted at the 2025 AGM. Between 13 ...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels 655,000 Shares Under Ongoing Buyback
Positive
Jul 13, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a total of 655,000 ordinary shares between 6 and 10 July 2026 at volume-weighted average prices ranging from abou...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Advances 2026 Share Buyback, Cancels Repurchased Stock
Positive
Jul 6, 2026
Jupiter Fund Management plc has continued executing its previously announced 2026 share buyback programme, under which Deutsche Bank AG, London Branch purchases ordinary shares on its behalf. The company operates in the asset management sector, of...
Regulatory Filings and Compliance
Jupiter Fund Management Confirms Total Voting Rights and Share Capital
Neutral
Jun 30, 2026
Jupiter Fund Management plc has reported that, as of the close of business on 30 June 2026, its issued share capital comprises 521,522,924 ordinary shares of 2 pence each, with each share carrying one vote. The company holds no shares in treasury,...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels 685,067 Shares in Ongoing Buyback Programme
Positive
Jun 29, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank’s London branch repurchasing a total of 685,067 ordinary shares between 22 and 26 June 2026. The company intends to cancel these shares,...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Advances 2026 Share Buyback, Cuts Share Count to 522 Million
Positive
Jun 22, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG’s London branch repurchasing a total of 650,000 ordinary shares between 15 and 19 June 2026 at volume-weighted average prices ranging...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels Shares After Latest Buyback Purchases
Positive
Jun 15, 2026
Jupiter Fund Management has continued to execute its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a total of 523,274 ordinary shares between 8 and 12 June 2026 at volume-weighted average prices ranging from about 1...
Stock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Updates Details of 2026 Share Buyback and Confirms Share Cancellations
Positive
Jun 10, 2026
Jupiter Fund Management plc has provided an amended disclosure on its ongoing 2026 share buyback programme, clarifying a typographical error in previously reported trading data while reaffirming the details of recent repurchases. Between 1 and 5 J...
Stock Buyback
Jupiter Fund Management Cancels Newly Repurchased Shares Under Ongoing Buyback
Positive
Jun 8, 2026
Jupiter Fund Management plc has continued its 2026 share buyback programme, with Deutsche Bank’s London branch purchasing a series of ordinary shares between 1 June and 5 June 2026 at volume-weighted average prices ranging from about £1...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cuts Share Count with Ongoing 2026 Buyback
Positive
Jun 1, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG’s London branch repurchasing ordinary shares on the company’s behalf under the authority granted at its 2025 annual general mee...
Regulatory Filings and Compliance
Jupiter Fund Management Updates Total Voting Rights
Neutral
May 29, 2026
Jupiter Fund Management has confirmed that, as of 29 May 2026, its issued share capital comprises 523,927,252 ordinary shares of 2 pence each, with each share carrying one vote. The company holds no treasury shares, meaning the total number of vot...
DividendsRegulatory Filings and Compliance
Jupiter Executives Reinvest Dividend Into Company Shares
Positive
May 28, 2026
Jupiter Fund Management plc has disclosed that its chief executive officer, Matthew Beesley, and chief financial and operating officer, Wayne Mepham, acquired small parcels of company shares under its Share Incentive Plan. The purchases, executed ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Cancels Further Shares Under 2026 Buyback Programme
Positive
May 26, 2026
Jupiter Fund Management has continued to execute its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a total of 728,429 ordinary shares between 18 and 22 May 2026 at volume‑weighted average prices ranging from a...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Advances 2026 Share Buyback and Cancels Repurchased Stock
Positive
May 18, 2026
Jupiter Fund Management plc has continued its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a series of ordinary shares on the company’s behalf between 11 May and 15 May 2026. The repurchased shares, acquired ...
Business Operations and StrategyStock Buyback
Jupiter Advances 2026 Buyback as Share Capital Shrinks
Positive
May 11, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank’s London branch repurchasing a series of ordinary shares between 5 and 8 May 2026. The company bought just under 460,000 shares over the...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Jupiter Wins Strong Shareholder Backing at 2026 AGM
Positive
May 7, 2026
Jupiter Fund Management plc reported that all resolutions at its Annual General Meeting on 7 May 2026 were approved by shareholders, including acceptance of the 2025 accounts, the directors’ remuneration report, and a final dividend of 2.3 p...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels Shares After Latest Buyback Tranche
Positive
May 5, 2026
Jupiter Fund Management has continued executing its 2026 share buyback programme, mandating Deutsche Bank’s London branch to repurchase a total of 712,361 ordinary shares between 27 April and 1 May 2026 at prices around £1.52 to £1...
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.