Ninety One (GB:N91)
LSE:N91
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Ninety One
(LSE:N91)
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Rating:72Outperform
Price Target:
235.00 p
▲(6.72% Upside)
Action:Reiterated
Date:06/04/26
The score is driven primarily by solid financial strength (notably the balance sheet) and supportive valuation with a high dividend yield. This is partially offset by weak technical positioning (trading below major moving averages) and ongoing business risks highlighted on the earnings call, including fee pressure and regional outflows.
Positive Factors
Strengthened balance sheet
Equity roughly doubled to ~£702m while reported debt remained modest, implying a conservative leverage profile. A stronger equity base increases financial flexibility for capital returns, M&A integration and absorbing market shocks, supporting durable operations over months.
Negative Factors
Persistent fee-rate pressure
Declining average management fees reflect structural competitive pressure from passive products and pricing negotiations. Lower fee-per-AUM erodes recurring revenue even with stable AUM, forcing higher volumes or product repricing to sustain revenues over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened balance sheet
Equity roughly doubled to ~£702m while reported debt remained modest, implying a conservative leverage profile. A stronger equity base increases financial flexibility for capital returns, M&A integration and absorbing market shocks, supporting durable operations over months.
Read all positive factors
Ninety One (N91) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.20B
Dividend Yield5.93%
Average Volume (3M)676.20K
Price to Earnings (P/E)12.8
Beta (1Y)1.52
Revenue Growth9.80%
EPS Growth1.81%
CountryUK
Employees1,190
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.17
Shares Outstanding667,620,600
10 Day Avg. Volume569,050
30 Day Avg. Volume676,203
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.84
Price to Sales (P/S)2.55
P/FCF Ratio11.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.18
Revenue Forecast (FY)£728.36M
Ninety One Business Overview & Revenue Model
Company Description
Ninety One Group operates as an autonomous, global investment management firm. It serves a wide and diverse array of clients globally, including major institutional entities such as public and private pension funds, sovereign wealth funds, insurer...
How the Company Makes Money
Ninety One primarily makes money by charging fees for managing client assets.
1) Management and advisory fees (recurring)
- The core revenue stream is a percentage-based fee calculated on assets under management (AUM) in its investment strategies...
Ninety One Earnings Call Summary
Earnings Call Date:Nov 17, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 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.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.
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
68
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 781.90M | 700.00M | 588.50M | 745.50M | 795.10M |
| Gross Profit | 631.20M | 594.60M | 295.50M | 627.10M | 663.90M |
| EBITDA | 229.80M | 221.40M | 234.20M | 231.20M | 286.10M |
| Net Income | 153.50M | 150.10M | 163.90M | 163.80M | 205.30M |
Balance Sheet | |||||
| Total Assets | 14.88B | 12.21B | 11.12B | 10.81B | 11.68B |
| Cash, Cash Equivalents and Short-Term Investments | 462.00M | 11.79B | 378.50M | 10.34B | 11.18B |
| Total Debt | 104.30M | 86.60M | 94.70M | 102.70M | 109.40M |
| Total Liabilities | 14.17B | 11.84B | 10.75B | 10.46B | 11.34B |
| Stockholders Equity | 702.40M | 373.40M | 367.40M | 349.80M | 341.50M |
Cash Flow | |||||
| Free Cash Flow | 170.80M | 314.00M | 169.30M | 73.40M | 653.20M |
| Operating Cash Flow | 177.90M | 318.40M | 171.80M | 74.60M | 654.60M |
| Investing Cash Flow | 4.00M | -7.80M | -4.40M | 2.40M | -393.10M |
| Financing Cash Flow | -165.00M | -165.40M | -163.80M | -164.30M | -145.70M |
Ninety One Technical Analysis
Negative
220.20
Price Trends
218.90
Negative
228.23
Negative
219.62
Negative
Market Momentum
-0.98
Positive
43.27
Neutral
39.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:N91, the sentiment is Negative. The current price of 220.2 is above the 20-day moving average (MA) of 219.79, above the 50-day MA of 218.90, and above the 200-day MA of 219.62, indicating a bearish trend. The MACD of -0.98 indicates Positive momentum. The RSI at 43.27 is Neutral, neither overbought nor oversold. The STOCH value of 39.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:N91.
Ninety One Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £4.17B | 10.45 | 8.13% | 7.21% | -1.72% | 63.64% | |
76 Outperform | £9.07B | 16.93 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £2.52B | 21.62 | 8.35% | 3.40% | 71.85% | ― | |
72 Outperform | £4.20B | 12.76 | 41.35% | 5.93% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.64B | 13.20 | 8.33% | 4.91% | 2.02% | 69.06% | |
52 Neutral | £7.89B | 25.83 | 9.49% | 7.09% | 52.52% | ― |
* Financial Sector Average
GB:N91
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Ninety One Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Boosts Share Buyback to £55 Million and Extends Programme
Positive
Jun 3, 2026
Ninety One has expanded its existing share repurchase programme, lifting the planned buyback from £30 million to £55 million and extending the deadline for completion to no later than 21 July 2026, subject to regulatory approvals. The mo...
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsShareholder Meetings
Ninety One lifts profits and assets as flows turn positive and Sanlam deal scales AUM
Positive
Jun 3, 2026
Ninety One reported a strong 2026 financial year, with adjusted earnings per share rising 12% and assets under management jumping 31% to £171.8 billion, driven by £2.8 billion of net inflows, £18.3 billion of assets taken on from Sa...
Regulatory Filings and Compliance
Ninety One Confirms 668.7 Million Voting Shares in Capital Structure Update
Neutral
Jun 1, 2026
Ninety One plc has confirmed that, as of 29 May 2026, its issued ordinary share capital comprises 668,683,025 shares, each carrying one voting right, with no shares held in treasury. This disclosure, made under U.K. transparency rules, sets the of...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Cancels 140,963 Shares in Latest London Buyback Tranche
Positive
May 26, 2026
Ninety One plc has continued its share repurchase activity on the London Stock Exchange, buying a total of 140,963 ordinary shares between 18 and 20 May 2026 as part of a previously announced buyback programme. The repurchased shares, executed thr...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One trims share count with latest London buyback
Positive
May 18, 2026
Ninety One plc has continued its previously announced share repurchase programme, buying back 693,535 ordinary shares on the London Stock Exchange between 11 and 15 May 2026 through its broker, Citigroup Global Markets. The repurchased shares will...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Continues Share Buybacks, Updates Share Capital Position
Positive
May 11, 2026
Ninety One plc has continued its previously announced share repurchase programme, buying back and cancelling a series of ordinary shares on the London Stock Exchange between 5 and 8 May 2026 through broker Citigroup Global Markets. Following these...
Business Operations and StrategyStock Buyback
Ninety One Cancels 732,914 Shares in Ongoing Buyback Programme
Positive
May 5, 2026
Ninety One plc has repurchased a total of 732,914 ordinary shares on the London Stock Exchange between 27 April and 1 May 2026 as part of its previously announced share buyback programme. The shares, acquired via broker Citigroup Global Markets at...
Executive/Board ChangesRegulatory Filings and Compliance
Ninety One Director Charles Harman to Chair ASA International Group
Neutral
May 5, 2026
Ninety One has announced that non-executive director Charles Harman will assume the role of chairman and non-executive director of ASA International Group, a major international microfinance institution listed in London, effective 4 June 2026. The...
Regulatory Filings and Compliance
Ninety One Updates Total Voting Rights to 670.3 Million Shares
Neutral
Apr 30, 2026
Ninety One plc has announced that its issued ordinary share capital comprises 670,299,977 shares, each carrying one voting right, and the company holds no shares in treasury. This updated total voting rights figure provides the official denominato...
Business Operations and StrategyStock Buyback
Ninety One Cancels 150,000 Shares in Ongoing Buyback Programme
Positive
Apr 27, 2026
Ninety One has repurchased 150,000 of its ordinary shares on the London Stock Exchange at an average price of 212.62 pence per share, with all shares to be cancelled. The transaction, executed via broker Citigroup Global Markets, forms part of the...
Business Operations and StrategyStock Buyback
Ninety One Cancels 150,000 Shares Under Ongoing Buyback Programme
Positive
Apr 24, 2026
Ninety One has continued its ongoing capital management efforts by repurchasing 150,000 of its ordinary shares on 23 April 2026 through its broker Citigroup Global Markets on the London Stock Exchange. The repurchased shares, bought at an average ...
Stock Buyback
Ninety One Cancels 150,000 Shares Under Ongoing Buyback Programme
Positive
Apr 23, 2026
Ninety One has repurchased 150,000 of its ordinary shares on the London Stock Exchange at an average price of 219.15 pence per share, with the shares set to be cancelled. The transaction, executed via Citigroup Global Markets, forms part of the co...
Business Operations and StrategyStock Buyback
Ninety One Cancels 52,631 Shares in Ongoing Buyback Programme
Positive
Apr 22, 2026
Ninety One plc has repurchased 52,631 of its ordinary shares on the London Stock Exchange at an average price of 219.2 pence per share, with the shares to be cancelled. The transaction, executed through Citigroup Global Markets, forms part of the ...
Business Operations and StrategyStock Buyback
Ninety One Cancels 150,000 Shares in Ongoing Buyback Programme
Positive
Apr 21, 2026
Ninety One plc, the London- and Johannesburg-listed investment manager, has repurchased 150,000 of its ordinary shares on the London Stock Exchange at an average price of 218.34 pence per share. The shares, bought through broker Citigroup Global M...
Business Operations and StrategyStock Buyback
Ninety One Cancels Fresh Tranche of Shares in Ongoing Buyback
Positive
Apr 20, 2026
Ninety One plc has repurchased 98,465 of its ordinary shares on the London Stock Exchange at an average price of 218.67 pence per share, with all the bought-back stock set to be cancelled. The transaction, executed through broker Citigroup Global ...
Business Operations and StrategyStock Buyback
Ninety One Cancels Fresh Tranche of Shares in Ongoing Buyback
Positive
Apr 17, 2026
Ninety One plc, the London- and Johannesburg-listed investment manager, has repurchased 80,540 of its ordinary shares on the London Stock Exchange on 16 April 2026 via its broker Citigroup Global Markets, at an average price of 219.61 pence per sh...
Business Operations and StrategyStock Buyback
Ninety One Continues Share Buyback With London Stock Exchange Purchase
Positive
Apr 16, 2026
Ninety One plc, the dual-listed asset manager, has continued executing its share repurchase programme with the buyback of 1,829 ordinary shares on 15 April 2026 on the London Stock Exchange. The shares, acquired at an average price of 220 pence ea...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ninety One AUM Jumps to £171.8 Billion on Sanlam Asset Transfer
Positive
Apr 16, 2026
Ninety One reported assets under management of £171.8 billion as of 31 March 2026, up from £130.8 billion a year earlier and £159.8 billion at the end of December 2025. The increase includes £16.5 billion of assets from the tra...
Business Operations and StrategyStock Buyback
Ninety One Cancels Fresh Batch of Shares in Ongoing Buyback Programme
Positive
Apr 15, 2026
Ninety One plc, the dual-listed asset manager, has continued to execute on its capital management strategy with another share buyback on the London Stock Exchange. The company repurchased 117,177 ordinary shares on 14 April 2026 at an average pric...
Business Operations and StrategyStock Buyback
Ninety One Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Apr 14, 2026
Ninety One plc has repurchased 139,606 of its ordinary shares on the London Stock Exchange at an average price of 215.77 pence per share, with the transaction executed through its broker Citigroup Global Markets. The shares, bought as part of the ...
Business Operations and StrategyStock Buyback
Ninety One Continues Share Buyback With London Share Repurchase
Positive
Apr 13, 2026
Ninety One plc has repurchased 139,832 of its ordinary shares on the London Stock Exchange at an average price of 216.69 pence per share, with the shares to be cancelled. The transaction, executed through broker Citigroup Global Markets, forms par...
Business Operations and StrategyStock Buyback
Ninety One Cancels 130,000 Shares in Ongoing Buyback Programme
Positive
Apr 10, 2026
Ninety One plc has repurchased 130,000 of its ordinary shares on the London Stock Exchange on 9 April 2026 via broker Citigroup Global Markets, paying an average price of 213.52 pence per share. The shares will be cancelled as part of the firmR...
Business Operations and StrategyStock Buyback
Ninety One Continues Share Buyback With Cancellation of 122,065 Shares
Positive
Apr 9, 2026
Ninety One plc has repurchased 122,065 of its ordinary shares on the London Stock Exchange as part of a previously announced share buyback programme, paying an average price of 218.91 pence per share. The shares, acquired via broker Citigroup Glob...
Business Operations and StrategyStock Buyback
Ninety One Cancels 90,000 Shares in Ongoing Buyback Programme
Positive
Apr 8, 2026
Ninety One has continued its previously announced share repurchase programme, buying 90,000 ordinary shares on 7 April 2026 via broker Citigroup Global Markets at an average price of 208.81 pence per share. The shares will be cancelled, modestly r...
Business Operations and StrategyStock Buyback
Ninety One Extends £30 Million Share Buyback Programme
Positive
Mar 31, 2026
Ninety One has extended the duration of its previously announced share repurchase programme of up to £30 million, under which ordinary shares are bought in the open market and cancelled to reduce its share capital. The buyback, conducted by C...
Regulatory Filings and Compliance
Ninety One Confirms Total Voting Rights at 672 Million Shares
Neutral
Mar 31, 2026
Ninety One plc has disclosed that its issued ordinary share capital comprises 672,172,122 ordinary shares, each carrying one voting right, with no shares held in treasury. This confirmation of total voting rights provides investors with the offici...
Business Operations and StrategyStock Buyback
Ninety One Cancels Newly Repurchased Shares in Ongoing Buyback
Positive
Mar 25, 2026
Ninety One has continued its capital management programme with the repurchase of 21,813 ordinary shares on 24 March 2026 on the London Stock Exchange, paying an average price of 219.31 pence per share. The shares, bought through broker Citigroup G...
Stock Buyback
Ninety One Continues Share Buyback With Latest London Repurchase
Positive
Mar 24, 2026
Ninety One plc has repurchased 30,620 of its ordinary shares on the London Stock Exchange as part of the share buyback programme it launched in March 2025. The shares, acquired through broker Citigroup Global Markets at an average price of 213.1 p...
Business Operations and StrategyStock Buyback
Ninety One Advances Share Buyback With New London Repurchase
Positive
Mar 23, 2026
Ninety One has continued executing its previously announced share repurchase programme, buying 13,175 ordinary shares on 20 March 2026 via broker Citigroup Global Markets and cancelling the stock. The latest tranche, executed at an average price o...
Business Operations and StrategyStock Buyback
Ninety One Continues Share Buyback With Further London Share Repurchase
Positive
Mar 20, 2026
Ninety One plc has repurchased 63,095 of its ordinary shares on the London Stock Exchange on 19 March 2026, at an average price of 219.44 pence per share, with the shares to be cancelled. The transaction, executed via broker Citigroup Global Marke...
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.