Quilter (GB:QLT)
LSE:QLT
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Quilter
(LSE:QLT)
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Rating:74Outperform
Price Target:
206.00 p
▲(20.40% Upside)
Action:UpgradedDate:03/06/26
The score is driven primarily by solid fundamentals (cash generation and low leverage) and a strong, confident earnings-call outlook with robust flow momentum and shareholder-return commitments. Offsetting factors are weaker near-term technicals and only moderate valuation support, alongside lingering profitability volatility and a guided step-up in costs.
Positive Factors
Strong cash generation
Consistently rising operating and free cash flow provides durable internal funding for dividends, buybacks and strategic investment. Strong cash conversion reduces refinancing risk, underpins the new 70% distribution policy, and gives management flexibility to invest in growth while retaining balance-sheet resilience.
Negative Factors
Profitability volatility
Historic swings—including a 2024 loss followed by a 2025 rebound—indicate earnings sensitivity to market moves, fee mix and interest income. This volatility complicates multi‑period planning, makes payout policy and buybacks more execution‑sensitive, and increases the need to sustain consistent flows to lock in margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistently rising operating and free cash flow provides durable internal funding for dividends, buybacks and strategic investment. Strong cash conversion reduces refinancing risk, underpins the new 70% distribution policy, and gives management flexibility to invest in growth while retaining balance-sheet resilience.
Read all positive factors
Quilter (QLT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.34B
Dividend Yield3.4%
Average Volume (3M)1.90M
Price to Earnings (P/E)20.6
Beta (1Y)1.52
Revenue Growth-28.04%
EPS Growth-102.43%
CountryUK
Employees3,017
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,394,586,500
10 Day Avg. Volume1,309,696
30 Day Avg. Volume1,901,761
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.69
Price to Sales (P/S)0.26
P/FCF Ratio0.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£202.82Price Target Upside18.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.12
Revenue Forecast (FY)£763.22M
Quilter Business Overview & Revenue Model
Company Description
Quilter plc provides advice-led investment solutions and investment platforms in the United Kingdom and internationally. It operates in two segments, High Net Worth and Affluent. The company offers financial advice for protection, mortgages, savin...
How the Company Makes Money
Quilter generates revenue through several key streams, primarily from asset management fees, financial advice fees, and platform fees. The company charges a percentage of assets under management (AUM) for its investment management services, which ...
Quilter Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call communicates a strongly positive operational and financial performance for FY2025: record net inflows (+~75% YoY), revenue and adjusted profit growth (revenues +5% to GBP 701m, adjusted profit +6% to GBP 207m), operating margin at 30%, sizable AUM and MPS growth, completed simplification with material savings and a healthy balance sheet supporting a buyback and a more generous distribution policy. Challenges include lower interest income, HNW outflows and margin mix shifts, an ongoing remediation program, and a near‑term increase in investment/costs for growth initiatives. Overall, the positives (strong flows, margin achievement, product and distribution momentum, AI/tech rollout and shareholder returns) substantially outweigh the manageable headwinds and execution risks.Positive Updates
Record Net Inflows and Strong Flow Momentum
Net flows of approximately GBP 9.0–9.1 billion in FY2025, a record level and ~75% higher than 2024; management comments that net flows around GBP 2 billion per quarter feel broadly sustainable.
Negative Updates
Pressure from Lower Interest Income
Lower interest income on shareholder capital reduced reported revenue growth by around 1 percentage point; investment/interest revenue was a drag in parts of the business.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Net Inflows and Strong Flow Momentum
Net flows of approximately GBP 9.0–9.1 billion in FY2025, a record level and ~75% higher than 2024; management comments that net flows around GBP 2 billion per quarter feel broadly sustainable.
Read all positive updates
Company Guidance
Guidance from the call was precise and metric-rich: management said 2026 costs should be modelled by taking the H2 2025 run‑rate, doubling it and adding ~4% for inflation, implying a sensible 2026 cost base of roughly GBP 530–540m (versus 2025 costs of GBP 494m), while longer‑term cost growth is expected to be “inflation plus a few percentage points.” Operating margin guidance is unchanged (group margin reached 30% in 2025) and High Net Worth is targeted to deliver mid‑20s operating margin with mid‑single‑digit net flows as a % of assets. Capital policy is revised to distribute c.70% of adjusted post‑tax, post‑interest earnings to shareholders (retain 30% for growth), with an interim 2026 dividend guided at 2.1p, a FY2025 total dividend of 6.3p (final 4.3p, +7%), and c. GBP 100m of excess capital to be returned via a share buyback to complete before year‑end (total cash distribution in 2025 was GBP 85m). Other useful metrics referenced to frame guidance: record core net inflows of ~GBP 9.0–9.1bn in 2025 (+75% YoY), average AuMA +14%, revenues up 5% to GBP 701m (net management fees +7%), adjusted profit GBP 207m (+6%), adjusted EPS 11p (+4%), platform/administered margin ~23bps, managed margin expected around the low‑to‑mid 30bps, WealthSelect AUM >GBP 25bn, and management will provide a further cost update at the interims.Quilter Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.36B | 5.42B | 4.63B | -4.04B | 4.69B |
| Gross Profit | 9.26B | 5.37B | 1.26B | -4.15B | 4.56B |
| EBITDA | 371.00M | 108.00M | 163.00M | 144.00M | 160.00M |
| Net Income | 120.00M | -34.00M | 42.00M | 175.00M | 154.00M |
Balance Sheet | |||||
| Total Assets | 76.54B | 62.45B | 53.34B | 46.42B | 50.74B |
| Cash, Cash Equivalents and Short-Term Investments | 2.15B | 60.94B | 51.86B | 45.13B | 49.34B |
| Total Debt | 271.00M | 275.00M | 279.00M | 290.00M | 299.00M |
| Total Liabilities | 75.08B | 61.02B | 51.83B | 44.87B | 49.00B |
| Stockholders Equity | 1.47B | 1.42B | 1.52B | 1.55B | 1.74B |
Cash Flow | |||||
| Free Cash Flow | 6.16B | 4.58B | 2.11B | 1.67B | 3.06B |
| Operating Cash Flow | 6.17B | 4.58B | 2.11B | 1.67B | 3.07B |
| Investing Cash Flow | -5.86B | -4.41B | -1.91B | -1.51B | -2.63B |
| Financing Cash Flow | -106.00M | -108.00M | -123.00M | -452.00M | -298.00M |
Quilter Technical Analysis
Negative
171.10
Price Trends
185.26
Negative
184.38
Negative
174.60
Negative
Market Momentum
-4.01
Positive
39.34
Neutral
49.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:QLT, the sentiment is Negative. The current price of 171.1 is below the 20-day moving average (MA) of 177.26, below the 50-day MA of 185.26, and below the 200-day MA of 174.60, indicating a bearish trend. The MACD of -4.01 indicates Positive momentum. The RSI at 39.34 is Neutral, neither overbought nor oversold. The STOCH value of 49.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:QLT.
Quilter Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £8.91B | 11.95 | 12.35% | 5.37% | 4.78% | -4.86% | |
74 Outperform | £2.34B | 20.62 | 8.35% | 3.40% | -28.04% | -102.43% | |
72 Outperform | £207.67M | 13.32 | 7.58% | 5.14% | -13.29% | 63.87% | |
72 Outperform | £1.01B | 22.35 | 23.86% | 3.11% | 7.13% | -1.52% | |
70 Outperform | £2.05B | 17.89 | 4.75% | 4.91% | 14.05% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | £1.86B | 21.09 | 49.89% | 2.43% | 17.97% | 25.51% |
* Financial Sector Average
GB:QLT
Quilter
174.60
34.80
24.89%
GB:BRK
Brooks Macdonald
1,345.00
-96.87
-6.72%
GB:RAT
Rathbones Group PLC
1,990.00
527.19
36.04%
GB:SDR
Schroders
574.50
240.17
71.84%
GB:AJB
AJ BELL PLC
469.80
74.98
18.99%
GB:IHP
IntegraFin Holdings PLC
306.00
7.45
2.49%
Quilter Corporate Events
Business Operations and StrategyStock Buyback
Quilter launches £100m buyback to return capital to shareholders
Positive
Mar 4, 2026
Quilter plc, a leading UK wealth manager focused on financial advice, investment platforms and discretionary fund management, oversees £141.2 billion for clients across its Affluent and High Net Worth segments. Its propositions range from dig...
Executive/Board ChangesShareholder Meetings
Quilter Non-Executive Director George Reid to Step Down After Nine Years on Board
Neutral
Mar 4, 2026
Quilter plc, a leading UK wealth manager, provides financial planning, investment platform services, multi-asset solutions and discretionary fund management to affluent and high net worth clients, overseeing £141.2 billion in customer assets ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Quilter posts record flows, higher profits and unveils £100m buyback
Positive
Mar 4, 2026
Quilter reported strong 2025 results, with Assets under Management and Administration rising 18% to £141.2 billion and core net inflows jumping 75% to £9.1 billion, equal to 8% of opening assets. Platform assets climbed 22% to £104....
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Quilter Swings Back to Profit as Income and Assets Surge in 2025
Positive
Mar 4, 2026
Quilter has reported a strong turnaround in its 2025 financial performance, with profit after tax attributable to shareholders rising to £120 million from a £34 million loss in 2024 and basic earnings per share rebounding to 8.9 pence fr...
Business Operations and StrategyFinancial Disclosures
Quilter Delivers Record Q4 Flows as UK Advised Platform Surpasses £100bn
Positive
Jan 21, 2026
Quilter plc reported a record fourth quarter in 2025, with core net inflows rising 21% year-on-year to £2.4 billion, equivalent to an annualised 7% of opening assets under management and administration, helping lift group AuMA 18% over the ye...
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.