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Ninety One Plc (GB:N91)
:N91
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Ninety One (N91) AI Stock Analysis

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GB:N91

Ninety One

(OTC:N91)

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Outperform 76 (OpenAI - 4o)
Rating:76Outperform
Price Target:
242.00p
▲(15.24% Upside)
Ninety One's strong financial performance and positive earnings call outlook are the most significant factors contributing to its score. The company's effective cash flow management and strategic growth initiatives, including the Sanlam U.K. acquisition, bolster its position. While technical indicators suggest mixed signals, the stock's reasonable valuation and attractive dividend yield provide additional support.
Positive Factors
Asset Management Growth
The significant increase in assets under management indicates strong market demand and effective client acquisition strategies, supporting long-term revenue growth.
Operating Margin Expansion
Improved operating margins reflect enhanced operational efficiency, which can lead to sustained profitability and competitive advantage in the asset management industry.
Successful Acquisition
The strategic acquisition of Sanlam U.K. expands Ninety One's asset base, enhancing growth prospects and diversifying revenue streams, crucial for long-term stability.
Negative Factors
Fee Pressure
Declining fee rates in a competitive market could pressure revenue growth and profitability, necessitating strategic adjustments to maintain financial health.
Regional Outflows
Significant outflows from key regions like South Africa indicate potential market challenges, which could impact overall asset growth and necessitate strategic realignment.
Investment Costs
While technology investments are crucial for future efficiencies, the current cost burden may strain short-term profitability, requiring careful financial management.

Ninety One (N91) vs. iShares MSCI United Kingdom ETF (EWC)

Ninety One Business Overview & Revenue Model

Company DescriptionNinety One (N91) is an investment management firm that offers a range of financial services, primarily focusing on asset management for institutional and retail clients. Established in 1991, the company operates across various sectors, including equities, fixed income, and multi-asset solutions. N91 is dedicated to delivering investment performance and client service, leveraging its expertise in emerging and developed markets to provide tailored investment strategies.
How the Company Makes MoneyNinety One generates revenue primarily through management fees charged on the assets it manages for clients. These fees are typically a percentage of the total assets under management (AUM) and vary depending on the type of investment product and the client segment. Additionally, the firm earns performance fees when it exceeds specific investment benchmarks, incentivizing the company to deliver superior returns. Key partnerships with institutional investors, financial advisors, and platforms contribute to its revenue by increasing distribution channels for its products. N91 also benefits from growing demand for sustainable and responsible investment solutions, as they expand their offerings in this area, further enhancing their earnings potential.

Ninety One Earnings Call Summary

Earnings Call Date:Nov 17, 2025
(Q2-2026)
|
% Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong asset growth and successful strategic transactions, along with expanded operating margins. However, challenges such as fee pressure, competitive market conditions, and regional outflows were also significant. The company is investing in technology and AI to improve future performance.
Q2-2026 Updates
Positive Updates
Strong Asset Management Growth
Assets under management rose more than 19% over the past year, with net inflows of GBP 4.3 billion for the half year. Adjusted earnings per share grew by 15%, and the dividend per share increased to 6p.
Operating Margin Expansion
Operating margins expanded to 32.1%, up from 30.5% in the previous period.
Successful Sanlam U.K. Transaction
The acquisition of Sanlam U.K. added GBP 1.9 billion of assets, enhancing the firm's growth prospects.
Positive Market Conditions
Improved market conditions contributed to strong equity and fixed income performance, particularly in emerging markets.
Negative Updates
Fee Pressure and Competitive Market
Ongoing fee pressure remains a challenge due to competitive market conditions. The average management fee rate has declined.
South Africa and Multi-Asset Outflows
The South African market saw GBP 1.3 billion in outflows, and multi-asset classes underperformed, necessitating new leadership and focus.
Impact of Exchange Rates
There were FX losses as a result of the stronger GBP to USD, impacting profits.
Technology and AI Investment Costs
Substantial investment in technology and AI continues to impact the cost base, though expected to drive future efficiencies.
Company Guidance
During the call, Ninety One provided a positive outlook with key metrics indicating a robust performance for the first half of the fiscal year 2026. The company reported a strong net inflow of GBP 4.3 billion, comprising GBP 2.4 billion in organic inflows and an additional GBP 1.9 billion from the Sanlam U.K. transaction. This contributed to a 19% increase in assets under management and a 15% rise in adjusted earnings per share. The dividend per share was increased to 6p, while operating margins expanded to 32.1%. The adjusted operating profit rose by 12% to GBP 98.8 million, supported by higher performance fees. Ninety One's management fees were at GBP 290.7 million, despite a decline in the average management fee rate to 41.5 basis points, which was noted to have been overstated due to market movements. The company is focused on long-term growth, investing in its core strategies and exploring new opportunities, particularly in emerging markets and technology, including AI. The fiscal year 2026 is anticipated to be positively impacted by the completion of the Sanlam U.K. acquisition, contributing to potential future growth.

Ninety One Financial Statement Overview

Summary
Ninety One showcases strong financial health with robust profitability metrics and effective cash flow management. While revenue growth poses some challenges, the company's operational efficiency and strong cash position provide a solid foundation for future resilience. The low leverage and effective equity usage further enhance financial stability in the asset management sector.
Income Statement
78
Positive
The company demonstrates strong profitability with a consistent gross profit margin averaging over 80% in recent years. The net profit margin remains healthy, though it slightly decreased in the latest year. Revenue growth has been inconsistent, with declines in recent periods, indicating challenges in expanding top-line performance. EBIT and EBITDA margins also remain strong, underscoring operational efficiency despite revenue fluctuations.
Balance Sheet
70
Positive
The balance sheet reflects a solid financial position with a low debt-to-equity ratio, showcasing minimal leverage risk. The equity ratio is relatively low due to high liabilities compared to assets, but the company's strong cash position mitigates potential risks. Return on Equity is robust, driven by consistent net income, indicating effective use of shareholder capital.
Cash Flow
85
Very Positive
The company exhibits impressive cash flow management with a strong operating cash flow to net income ratio, indicating efficient income conversion to cash. Free cash flow growth has been substantial, supporting future investment and financial stability. Despite fluctuations in investing and financing cash flows, the overall cash flow management remains a strength.
BreakdownTTMDec 2024Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue655.80M588.50M700.00M745.50M795.10M755.90M
Gross Profit160.00M295.50M594.60M627.10M663.90M625.10M
EBITDA197.40M234.20M221.40M231.20M286.10M224.60M
Net Income150.10M163.90M150.10M163.80M205.30M154.40M
Balance Sheet
Total Assets12.21B11.12B12.21B10.81B11.68B9.90B
Cash, Cash Equivalents and Short-Term Investments11.79B378.50M11.79B10.34B11.18B9.40B
Total Debt86.60M94.70M86.60M102.70M109.40M110.40M
Total Liabilities11.84B10.75B11.84B10.46B11.34B9.65B
Stockholders Equity373.40M367.40M373.40M349.80M341.50M253.20M
Cash Flow
Free Cash Flow316.20M169.30M314.00M73.40M653.20M440.00M
Operating Cash Flow320.60M171.80M318.40M74.60M654.60M459.40M
Investing Cash Flow-10.00M-4.40M-7.80M2.40M-393.10M-408.70M
Financing Cash Flow-165.40M-163.80M-165.40M-164.30M-145.70M-68.90M

Ninety One Technical Analysis

Technical Analysis Sentiment
Positive
Last Price210.00
Price Trends
50DMA
215.96
Positive
100DMA
203.68
Positive
200DMA
177.08
Positive
Market Momentum
MACD
-1.22
Positive
RSI
48.96
Neutral
STOCH
68.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:N91, the sentiment is Positive. The current price of 210 is below the 20-day moving average (MA) of 217.68, below the 50-day MA of 215.96, and above the 200-day MA of 177.08, indicating a neutral trend. The MACD of -1.22 indicates Positive momentum. The RSI at 48.96 is Neutral, neither overbought nor oversold. The STOCH value of 68.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:N91.

Ninety One Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
78
Outperform
£3.65B11.496.50%7.05%-7.11%0.45%
76
Outperform
£3.71B11.9141.56%5.68%4.28%5.18%
73
Outperform
£2.35B16.9212.23%6.25%-10.85%-42.02%
71
Outperform
£1.25B15.609.75%3.02%-28.89%-12.14%
69
Neutral
£1.88B29.574.75%5.08%14.05%-3.07%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
58
Neutral
$2.36B-0.05%3.25%-28.04%-102.43%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:N91
Ninety One
216.00
69.72
47.67%
GB:ASHM
Ashmore Group PLC
162.90
5.54
3.52%
GB:EMG
Man Group plc
206.80
14.32
7.44%
GB:RAT
Rathbones Group PLC
1,850.00
287.54
18.40%
GB:ABDN
Aberdeen Group
207.20
77.67
59.96%
GB:QLT
Quilter
191.00
47.76
33.34%

Ninety One Corporate Events

Ninety One Plc Reports Strong Growth and Strategic Progress
Nov 18, 2025

Ninety One Plc is an independent investment manager, founded in South Africa in 1991, that operates globally and is listed on the London and Johannesburg Stock Exchanges. The company has reported its interim results for the six months ending 30 September 2025, showcasing significant growth in assets under management and profitability. Key highlights include a 19% increase in assets under management to £152.1 billion and a 12% rise in adjusted operating profit to £98.8 million. The company also reported net inflows of £4.3 billion, with a notable contribution from its relationship with Sanlam UK.

Business Operations and StrategyFinancial Disclosures
Ninety One Reports Strong Financial Growth and Strategic Expansion
Positive
Nov 17, 2025

Ninety One has reported a significant increase in its assets under management, reaching £152.1 billion, marking a 19% rise over the past year. The company has seen a 12% increase in adjusted operating profit and a 15% rise in adjusted earnings per share. The relationship with Sanlam has contributed positively to these results, with a notable £1.9 billion AUM from the UK transaction. The company is focusing on growth in international public markets, Southern Africa, and private markets, while also investing in technology and innovation, including AI and digital finance, to enhance client service and operational efficiency.

The most recent analyst rating on (GB:N91) stock is a Hold with a £226.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Regulatory Filings and Compliance
Ninety One Announces Total Voting Rights in Line with FCA Rules
Positive
Oct 31, 2025

Ninety One plc has announced its total voting rights, revealing an issued ordinary share capital of 627,829,372 shares, each carrying one voting right. This disclosure is in line with the FCA’s transparency rules, allowing shareholders to calculate their interests in the company accurately. The announcement underscores Ninety One’s commitment to regulatory compliance and transparency, which could enhance stakeholder trust and potentially impact its market position positively.

The most recent analyst rating on (GB:N91) stock is a Buy with a £249.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Ninety One Reports Growth in Assets Under Management
Positive
Oct 14, 2025

Ninety One reported an increase in its assets under management (AUM) to £152.1 billion as of 30 September 2025, up from £139.7 billion in June 2025 and £127.4 billion in September 2024. This growth in AUM reflects the company’s strong market positioning and effective investment strategies, which are likely to positively impact its operational performance and stakeholder confidence.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Ninety One Announces Share Repurchase and Updated Voting Rights
Neutral
Oct 7, 2025

Ninety One plc has announced a repurchase of its own ordinary shares during August and September 2025, resulting in a decrease in the total number of shares with voting rights from 628,480,526 to 628,010,898. This move is in accordance with the FCA’s Disclosure Guidance and Transparency Rules, and shareholders are advised to use the updated figures for regulatory purposes.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyStock Buyback
Ninety One Enhances Shareholder Value with Share Repurchase
Positive
Oct 3, 2025

Ninety One plc announced the repurchase of 31,526 ordinary shares as part of its ongoing share repurchase program initiated in March 2025. This move is likely aimed at enhancing shareholder value and optimizing the company’s capital structure, reflecting a strategic effort to strengthen its market position.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One Expands Share Repurchase Program
Neutral
Oct 2, 2025

Ninety One plc has amended its agreement with Citigroup Global Markets Limited to repurchase its ordinary shares on both the London and Johannesburg Stock Exchanges. On 01 October 2025, the company repurchased 150,000 ordinary shares, which will be cancelled, as part of its ongoing share repurchase program, potentially impacting its market positioning and shareholder value.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One PLC Continues Share Repurchase Programme
Positive
Sep 5, 2025

Ninety One plc announced the repurchase of 89,162 of its ordinary shares on 4 September 2025, as part of its ongoing share repurchase programme initiated earlier in March 2025. This move is expected to impact the company’s market positioning by potentially increasing shareholder value and optimizing capital structure.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One plc Executes Share Repurchase Programme
Positive
Sep 4, 2025

Ninety One plc announced the repurchase of 90,000 of its ordinary shares, which will be cancelled, as part of its share repurchase programme initiated earlier this year. This move is likely to impact the company’s market positioning by potentially increasing shareholder value and optimizing capital structure.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyStock Buyback
Ninety One Announces Share Repurchase as Part of Capital Management Strategy
Positive
Aug 28, 2025

Ninety One plc announced the repurchase of 48,846 of its ordinary shares through its broker, Citigroup Global Markets Limited. This move is part of the company’s share repurchase programme initiated earlier in March 2025, reflecting its strategic efforts to manage its capital structure and potentially enhance shareholder value.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One plc Executes Share Repurchase
Neutral
Aug 27, 2025

Ninety One plc announced the repurchase of 43,414 of its ordinary shares as part of its share repurchase programme initiated earlier in March 2025. The repurchased shares, acquired through Citigroup Global Markets Limited, will be cancelled, potentially impacting the company’s share value and market positioning.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and Strategy
Ninety One Executes Strategic Share Acquisition for Employee Trust
Neutral
Aug 19, 2025

Ninety One announced an on-market acquisition of 112,306 ordinary shares by its Guernsey Employee Benefit Trust, valued at £218,357. This transaction, conducted on 15 August 2025 in London, reflects the company’s ongoing efforts to manage its employee benefit structures and could impact its market positioning by enhancing employee incentives.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 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.Date of analysis: Nov 18, 2025