Ninety One (N91) AI Stock Analysis

• Market Cap: £3.70B
• Dividend Yield: 6%
• Average Volume (3M): 676.20K
• Price to Earnings (P/E): 11.7
• Beta (1Y): 1.64
• Revenue Growth: 4.28%
• EPS Growth: 5.18%
• Country: UK
• Employees: 1,190
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.08
• Shares Outstanding: 627,012,200
• 10 Day Avg. Volume: 569,050
• 30 Day Avg. Volume: 676,203
• PEG Ratio: 0.00
• Price to Book (P/B): 4.18
• Price to Sales (P/S): 2.61
• P/FCF Ratio: 9.07
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £198.94
• Price Target Upside: -5.27% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 12.86
• Revenue Forecast (FY): £47.91B

• Rating: 78 Outperform
• Price Target: 240.00p ▲(14.29% Upside)

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

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 Business Overview & Revenue Model

Company Description

Ninety 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 Money

Ninety 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 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	732.90M	588.50M	700.00M	745.50M	795.10M	755.90M
Gross Profit	0.00	295.50M	594.60M	627.10M	663.90M	625.10M
EBITDA	212.70M	234.20M	221.40M	231.20M	286.10M	224.60M
Net Income	158.00M	163.90M	150.10M	163.80M	205.30M	154.40M
Balance Sheet
Total Assets	13.64B	11.12B	12.21B	10.81B	11.68B	9.90B
Cash, Cash Equivalents and Short-Term Investments	351.40M	378.50M	11.79B	10.34B	11.18B	9.40B
Total Debt	81.60M	94.70M	86.60M	102.70M	109.40M	110.40M
Total Liabilities	13.25B	10.75B	11.84B	10.46B	11.34B	9.65B
Stockholders Equity	390.80M	367.40M	373.40M	349.80M	341.50M	253.20M
Cash Flow
Free Cash Flow	210.20M	169.30M	314.00M	73.40M	653.20M	440.00M
Operating Cash Flow	214.40M	171.80M	318.40M	74.60M	654.60M	459.40M
Investing Cash Flow	-6.80M	-4.40M	-7.80M	2.40M	-393.10M	-408.70M
Financing Cash Flow	-163.90M	-163.80M	-165.40M	-164.30M	-145.70M	-68.90M

Ninety One Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 210.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 above the 20-day moving average (MA) of 209.16, below the 50-day MA of 212.99, and above the 200-day MA of 177.72, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 58.05 is Neutral, neither overbought nor oversold. The STOCH value of 71.64 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ABDN	78 Outperform	£3.60B	11.34	6.50%	7.23%	-7.11%	0.45%
N91	78 Outperform	£3.70B	11.67	41.56%	6.00%	4.28%	5.18%
EMG	76 Outperform	£2.49B	17.97	12.23%	5.79%	-10.85%	-42.02%
RAT	76 Outperform	£1.96B	31.11	4.75%	4.96%	14.05%	-3.07%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ASHM	67 Neutral	£1.12B	13.90	9.75%	9.99%	-28.89%	-12.14%
QLT	66 Neutral	£2.42B	-1,991.11	-0.05%	3.46%	-28.04%	-102.43%

Ninety One Corporate Events

Ninety One plc Continues Share Repurchase Program

Ninety One plc has announced the repurchase of 85,346 of its ordinary shares on December 4, 2025, as part of its ongoing share repurchase program initiated in March 2025. The shares were bought at an average price of 208.2700 pence and will be cancelled, reflecting the company’s strategy to enhance shareholder value and optimize its capital structure.

Ninety One Announces Key Share Transactions and Regulatory Compliance

Ninety One has announced transactions involving directors and key managerial personnel, highlighting acquisitions of shares on the London Stock Exchange. This notification is in compliance with regulatory requirements, reflecting the company’s commitment to transparency and adherence to market regulations, potentially impacting stakeholders’ perception of governance practices.

Ninety One Announces Total Voting Rights Update

Ninety One plc has announced its total voting rights, revealing that its issued ordinary share capital consists of 627,829,372 ordinary shares, each carrying one voting right. This disclosure is in line with the FCA’s Disclosure Guidance and Transparency Rule, allowing shareholders to calculate their interests in the company accurately.

Ninety One Announces Director Transactions in Compliance with Regulatory Standards

Ninety One has announced a notification of transactions involving its directors and persons closely associated with them, in compliance with UK and JSE regulations. The transactions involved the acquisition of shares on the London Stock Exchange, reflecting the company’s adherence to regulatory requirements and transparency in its operations.

Ninety One Announces Director-Linked Share Acquisitions

Ninety One has announced transactions involving the acquisition of shares by individuals closely associated with its directors and prescribed officers. This notification, required under UK and South African regulations, highlights the acquisition of ordinary shares by associates of key directors, including Hendrik du Toit and Kim McFarland, at the London Stock Exchange. Such transactions are significant as they reflect the confidence of insiders in the company’s future prospects and can influence stakeholder perceptions.

Ninety One Announces Director and Managerial Share Transactions

Ninety One has announced transactions involving directors and persons with managerial responsibilities, as well as their associates, in compliance with regulatory requirements. The transactions involved the acquisition of shares on the London Stock Exchange, reflecting the company’s adherence to transparency and regulatory standards, potentially impacting stakeholder perceptions and market positioning.

Ninety One Reports Strong Financial Growth and Strategic Expansion

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.

Ninety One Announces Total Voting Rights in Line with FCA Rules

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.

Ninety One Reports Growth in Assets Under Management

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.

Ninety One Announces Share Repurchase and Updated Voting Rights

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.

Ninety One Enhances Shareholder Value with Share Repurchase

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.

Ninety One Expands Share Repurchase Program

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.