Ninety One (GB:N91)
LSE:N91
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Ninety One
(LSE:N91)
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Rating:78Outperform
Price Target:
265.00 p
▲(20.35% Upside)
Action:ReiteratedDate:12/07/25
Ninety One's overall stock score is driven by its strong financial performance and attractive valuation, supported by positive earnings call insights and strategic corporate actions. While technical indicators suggest some caution, the company's robust fundamentals and strategic initiatives position it well for future growth.
Positive Factors
Cash generation
Consistent strong operating cash conversion and substantial free cash flow growth provide durable funding for reinvestment, buybacks and dividends. This reduces reliance on external financing, supports long-term strategy execution and cushions the firm through asset-gathering cycles.
Negative Factors
Fee pressure & falling fee rates
Persistent competitive fee compression lowers revenue per AUM and squeezes margins long term. Even with rising AUM, declining average fees reduce earnings sensitivity to asset growth and require either cost cuts or higher-margin product growth to sustain profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent strong operating cash conversion and substantial free cash flow growth provide durable funding for reinvestment, buybacks and dividends. This reduces reliance on external financing, supports long-term strategy execution and cushions the firm through asset-gathering cycles.
Read all positive factors
Ninety One (N91) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.03B
Dividend Yield5.93%
Average Volume (3M)676.20K
Price to Earnings (P/E)5.7
Beta (1Y)1.52
Revenue Growth4.28%
EPS Growth5.18%
CountryUK
Employees1,190
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.18
Shares Outstanding669,867,070
10 Day Avg. Volume569,050
30 Day Avg. Volume676,203
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)4.18
Price to Sales (P/S)2.61
P/FCF Ratio9.07
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)£724.82M
Ninety One Business Overview & Revenue Model
Company Description
Ninety One Group operates as an independent global asset manager worldwide. It serves private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations, and central banks, as well as large retail financial groups, ...
How the Company Makes Money
Ninety One makes money primarily by charging fees for managing client assets. Its main revenue stream is management fees (often referred to as base fees), typically calculated as a percentage of assets under management (AUM) and accrued over time ...
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.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
78
Positive
Balance Sheet
70
Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 732.90M | 588.50M | 745.50M | 795.10M | 755.90M | 761.00M |
| Gross Profit | 300.00M | 295.50M | 627.10M | 663.90M | 625.10M | 336.70M |
| EBITDA | 212.70M | 234.20M | 231.20M | 286.10M | 224.60M | 214.80M |
| Net Income | 158.00M | 163.90M | 163.80M | 205.30M | 154.40M | 155.40M |
Balance Sheet | ||||||
| Total Assets | 13.64B | 11.12B | 10.81B | 11.68B | 9.90B | 7.65B |
| Cash, Cash Equivalents and Short-Term Investments | 351.40M | 378.50M | 10.34B | 11.18B | 9.40B | 7.22B |
| Total Debt | 153.40M | 94.70M | 102.70M | 109.40M | 110.40M | 101.60M |
| Total Liabilities | 13.25B | 10.75B | 10.46B | 11.34B | 9.65B | 7.50B |
| Stockholders Equity | 390.80M | 367.40M | 349.80M | 341.50M | 253.20M | 150.70M |
Cash Flow | ||||||
| Free Cash Flow | 210.20M | 169.30M | 73.40M | 653.20M | 440.00M | 800.20M |
| Operating Cash Flow | 214.40M | 171.80M | 74.60M | 654.60M | 459.40M | 813.60M |
| Investing Cash Flow | -6.80M | -4.40M | 2.40M | -393.10M | -408.70M | -672.00M |
| Financing Cash Flow | -163.90M | -163.80M | -164.30M | -145.70M | -68.90M | -199.50M |
Ninety One Technical Analysis
Neutral
220.20
Price Trends
232.66
Negative
227.92
Negative
212.12
Positive
Market Momentum
-3.54
Negative
48.17
Neutral
57.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:N91, the sentiment is Neutral. The current price of 220.2 is below the 20-day moving average (MA) of 222.14, below the 50-day MA of 232.66, and above the 200-day MA of 212.12, indicating a neutral trend. The MACD of -3.54 indicates Negative momentum. The RSI at 48.17 is Neutral, neither overbought nor oversold. The STOCH value of 57.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | £4.03B | 5.71 | 41.35% | 5.93% | 4.28% | 5.18% | |
77 Outperform | £3.87B | 6.07 | 7.96% | 7.21% | -1.72% | 63.64% | |
76 Outperform | £8.99B | 4.03 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £2.48B | 8.36 | 8.35% | 3.40% | 71.85% | ― | |
70 Outperform | £2.07B | 6.49 | 8.33% | 4.91% | 2.02% | 69.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
52 Neutral | £7.23B | 28.90 | 9.49% | 7.09% | 52.52% | ― |
* Financial Sector Average
GB:N91
Ninety One
220.00
74.58
51.29%
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Ninety One Corporate Events
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...
Private Placements and FinancingRegulatory Filings and Compliance
Ninety One Discloses PIC Stake Dilution After New Share Issuance
Neutral
Feb 6, 2026
Ninety One has disclosed that the Public Investment Corporation’s beneficial interest in Ninety One Limited has decreased from 15.116% to 13.326% of the company’s issued ordinary shares. The reduction in PIC’s percentage holding ...
Business Operations and StrategyRegulatory Filings and Compliance
Sanlam Takes 19.9% Beneficial Stake in Ninety One Limited
Positive
Feb 6, 2026
Ninety One Limited has disclosed that Sanlam Investment Holdings (Pty) Ltd has acquired a beneficial interest in its securities on behalf of clients, increasing Sanlam’s aggregate holding in that class of Ninety One Limited shares from 0% to...
Private Placements and FinancingRegulatory Filings and Compliance
Ninety One Stakeholder 42.2 Diluted After New Share Issuance
Neutral
Feb 6, 2026
Ninety One Limited has disclosed that shareholder Forty Two Point Two’s beneficial interest in its ordinary shares has decreased from 17.5951% to 14.0761% of the issued share capital. The change in percentage holding results from Ninety One&...
Regulatory Filings and Compliance
Ninety One Confirms Updated Total Voting Rights of 672.3 Million Shares
Neutral
Feb 2, 2026
Ninety One plc has announced that its issued ordinary share capital consists of 672,300,825 ordinary shares, each carrying one voting right, and that it holds no shares in treasury. This updated total voting rights figure serves as the reference d...
Business Operations and StrategyM&A Transactions
Ninety One and Sanlam Finalise South African Leg of Strategic Asset Management Deal
Positive
Feb 2, 2026
Ninety One and South African financial services group Sanlam have completed all remaining conditions for the South African leg of their long-term active asset management partnership, following the earlier closing of the UK component in June 2025. ...
Business Operations and StrategyM&A Transactions
Ninety One Completes Sanlam Investment Management Acquisition and Launches 15-Year Strategic Alliance
Positive
Feb 2, 2026
Ninety One has completed the South African component of its previously announced transaction with Sanlam, acquiring all the shares in Sanlam Investment Management Proprietary Limited and formally initiating a 15-year strategic active asset managem...
Regulatory Filings and Compliance
Ninety One Confirms Total Voting Rights at 626.9 Million Shares
Neutral
Jan 30, 2026
Ninety One plc has confirmed that, as of 30 January 2026, its issued ordinary share capital comprises 626,873,731 ordinary shares of £0.0001 each, with one voting right per share and no shares held in treasury. The disclosure, made under UK F...
Business Operations and StrategyM&A Transactions
Ninety One Sets Date to Complete Sanlam Investment Management Acquisition and Launch 15-Year Partnership
Positive
Jan 30, 2026
Ninety One has announced that the South African component of its previously agreed transaction with Sanlam, involving the acquisition of Sanlam Investment Management Proprietary Limited, is expected to complete on 2 February 2026, triggering the s...
Regulatory Filings and Compliance
Ninety One Discloses Share Disposal by Major Subsidiary Director
Neutral
Jan 26, 2026
Ninety One has disclosed a transaction by Malcolm Gray, a director of one of its major subsidiaries, involving the disposal of 29,000 ordinary shares in Ninety One plc at a price of £2.204858 per share on 14 January 2026 in London. The notifi...
Business Operations and StrategyFinancial Disclosures
Ninety One’s Assets Under Management Climb to £159.8bn by Year-End 2025
Positive
Jan 16, 2026
Ninety One reported that its assets under management (AUM) rose to £159.8 billion as of 31 December 2025, up from £152.1 billion at the end of September 2025 and £130.2 billion a year earlier, underscoring continued growth in client...
Business Operations and StrategyStock Buyback
Ninety One Continues Share Buyback With Latest London Stock Exchange Repurchase
Positive
Jan 15, 2026
Ninety One plc has repurchased 58,462 of its ordinary shares on the London Stock Exchange as part of its ongoing share buyback programme initiated in March 2025, with the shares acquired at an average price of 219.36 pence and earmarked for cancel...
DividendsRegulatory Filings and Compliance
Ninety One Executives Reinvest Dividends Into Shares Under Incentive Plan
Positive
Jan 9, 2026
Ninety One has disclosed a series of small share acquisitions in Ninety One plc by senior executives and a key subsidiary director under its Share Incentive Plan, in line with regulatory requirements in London and Johannesburg. Company secretary A...
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.