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Quilter
(LSE:QLT)
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Rating:74Outperform
Price Target:
232.00 p
▲(25.47% Upside)
Action:Upgraded
Date: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
Very large and rising operating and free cash flow provide durable internal funding for investment, dividends and buybacks. Reliable cash conversion reduces refinancing risk, supports capital returns and funds growth initiatives without requiring material new external financing.
Negative Factors
Profitability volatility
Inconsistent bottom-line performance, including a 2024 loss and only modest 2025 recovery, undermines predictability of earnings and ROE. Thin net margins mean small revenue or mix shifts can materially affect profits, increasing execution risk for shareholder returns and reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Very large and rising operating and free cash flow provide durable internal funding for investment, dividends and buybacks. Reliable cash conversion reduces refinancing risk, supports capital returns and funds growth initiatives without requiring material new external financing.
Read all positive factors
Quilter (QLT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.71B
Dividend Yield3.4%
Average Volume (3M)1.90M
Price to Earnings (P/E)23.3
Beta (1Y)1.46
Revenue Growth71.85%
EPS GrowthN/A
CountryUK
Employees3,207
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.09
Shares Outstanding1,367,617,400
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
£212.13Price Target Upside14.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.13
Revenue Forecast (FY)£769.49M
Quilter Business Overview & Revenue Model
Company Description
Established in London in 2007, Quilter plc is a financial services firm that delivers advice-led investment solutions and platforms across the United Kingdom and internationally. The company serves two primary client groups: High Net Worth individ...
How the Company Makes Money
Quilter makes money primarily from fees linked to assets it administers, manages, and advises on. Key revenue streams typically include: (1) Platform charges: recurring fees for operating its investment platform, including custody/administration f...
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
Positive
184.90
Price Trends
192.07
Positive
185.42
Positive
182.00
Positive
Market Momentum
3.85
Negative
64.86
Neutral
75.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:QLT, the sentiment is Positive. The current price of 184.9 is below the 20-day moving average (MA) of 197.29, below the 50-day MA of 192.07, and above the 200-day MA of 182.00, indicating a bullish trend. The MACD of 3.85 indicates Negative momentum. The RSI at 64.86 is Neutral, neither overbought nor oversold. The STOCH value of 75.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £2.34B | 20.15 | 57.35% | 2.43% | 19.27% | 40.49% | |
77 Outperform | £1.24B | 20.10 | 27.60% | 3.11% | 37.79% | 29.03% | |
76 Outperform | £9.10B | 17.48 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £2.71B | 23.29 | 8.35% | 3.40% | 71.85% | ― | |
72 Outperform | £202.26M | 31.16 | 4.43% | 5.14% | 1.02% | -62.71% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.70B | 14.56 | 8.33% | 4.91% | 2.02% | 69.06% |
* Financial Sector Average
GB:QLT
Quilter
206.80
44.39
27.33%
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Quilter Corporate Events
Business Operations and StrategyStock Buyback
Quilter Deepens Dual-Listed Share Buyback, Cancels Repurchased Stock
Positive
Jul 13, 2026
Quilter has continued its share buyback programme with purchases on both the London Stock Exchange and Johannesburg Stock Exchange in early July 2026. The company intends to cancel all the repurchased shares, effectively reducing its share count a...
Business Operations and StrategyStock Buyback
Quilter Advances Share Buyback, Cancels Repurchased Stock
Positive
Jul 6, 2026
Quilter plc has continued its share buyback programme, repurchasing a total of around 5.5 million ordinary shares across the London and Johannesburg stock exchanges between 29 June and 3 July 2026. The company intends to cancel all repurchased sha...
Regulatory Filings and Compliance
Quilter Updates Market on Total Voting Rights and Share Capital
Neutral
Jul 1, 2026
Quilter plc reported that, as of 30 June 2026, it has 1,372,016,690 ordinary shares in issue, each conferring one vote, with no shares held in treasury. This share count serves as the official denominator for investors when calculating disclosure ...
Business Operations and StrategyStock Buyback
Quilter Advances Dual-Market Share Buyback, Cuts Share Capital
Positive
Jun 29, 2026
Quilter plc has continued its share buyback programme, repurchasing a total of 5,431,489 ordinary shares on the London Stock Exchange between 22 and 26 June 2026 at an aggregate cost of about £10.4 million including fees. Over the same period...
Regulatory Filings and Compliance
Quilter discloses share sale by Chief People Officer Penny Cole
Neutral
Jun 24, 2026
Quilter plc has disclosed that its Chief People Officer, Penny Cole, who is classified as a person discharging managerial responsibilities, sold 127,725 ordinary shares in the company. The transaction was executed on 22 June 2026 on the London Sto...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Quilter expands £100m buyback with new £30m tranche
Positive
Jun 22, 2026
Quilter plc has provided an update on its ongoing £100 million share buyback programme launched in March 2026 to return excess capital and reduce its share capital base. To date, the group has repurchased and cancelled 22 million shares worth...
Business Operations and StrategyStock Buyback
Quilter Completes Dual-Market Share Buyback Programme
Positive
Jun 15, 2026
Quilter has completed a share buyback programme conducted through Goldman Sachs International on both the London Stock Exchange and the Johannesburg Stock Exchange, purchasing and cancelling a combined total of more than 22 million ordinary shares...
DividendsRegulatory Filings and Compliance
Quilter Director Chris Samuel Increases Stake via Dividend Reinvestment
Neutral
Jun 12, 2026
Quilter plc has disclosed that non-executive director Chris Samuel acquired 468 ordinary shares in the company through a dividend reinvestment on 11 June 2026. The transaction, executed at £1.876125 per share on the London Stock Exchange̵...
Business Operations and StrategyStock Buyback
Quilter Advances Dual-Listing Share Buyback, Cancels Repurchased Stock
Positive
Jun 8, 2026
Quilter plc has continued its previously announced share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and Johannesburg Stock Exchange in early June 2026. The company intends to cancel all repurchased shares, ef...
Regulatory Filings and Compliance
Quilter confirms total voting rights and share capital
Neutral
Jun 1, 2026
Quilter plc has confirmed that, as of 31 May 2026, it has 1,384,081,488 ordinary shares in issue, each carrying one vote, with no shares held in treasury. The stated share count now serves as the reference denominator for investors assessing wheth...
Business Operations and StrategyStock Buyback
Quilter accelerates dual-listed share buyback and cancels repurchased stock
Positive
Jun 1, 2026
Quilter has continued its share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and Johannesburg Stock Exchange in late May through Goldman Sachs International. The company intends to cancel all the acquired share...
Business Operations and StrategyStock Buyback
Quilter Steps Up Dual-Market Share Buyback to Cut Share Count
Positive
May 26, 2026
Quilter plc has continued its share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and the Johannesburg Stock Exchange between 18 and 22 May 2026. The company intends to cancel all the purchased shares, thereby r...
Business Operations and StrategyDividends
Quilter Directors Reinvest 2025 Final Dividend and Expand Equity Incentives
Positive
May 21, 2026
Quilter plc has reported a series of share transactions by its directors and senior managers linked to the reinvestment of the 2025 final dividend and associated share plans. Several PDMRs, including senior executives such as the Chief Risk Office...
Business Operations and StrategyStock Buyback
Quilter Advances Dual-Listed Share Buyback, Cancels Repurchased Stock
Positive
May 18, 2026
Quilter has continued its share buyback programme, purchasing ordinary shares on both the London Stock Exchange and Johannesburg Stock Exchange through Goldman Sachs International. The company intends to cancel all shares repurchased in these late...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Quilter Wins Strong Shareholder Backing at 2026 AGM
Positive
May 14, 2026
Quilter plc reported that shareholders approved all 17 resolutions at its 2026 annual general meeting, including the receipt of the 2025 accounts, the remuneration report, a final dividend and the re-election of all directors standing. Investors a...
Business Operations and StrategyStock Buyback
Quilter Tightens Equity Base with Ongoing Share Buyback and Cancellation
Positive
May 11, 2026
Quilter plc has continued its share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and the Johannesburg Stock Exchange and confirming that all acquired shares will be cancelled. Since early March, the company has...
Business Operations and StrategyStock Buyback
Quilter Continues Dual-Market Share Buyback, Cancels Repurchased Stock
Positive
May 5, 2026
Quilter plc has continued its share buyback programme, purchasing a total of 1,655,272 ordinary shares across the London and Johannesburg stock exchanges between 27 April and 1 May 2026, at varying prices in both sterling and rand. The company int...
Regulatory Filings and Compliance
Quilter Confirms Total Voting Rights and Share Capital
Neutral
May 1, 2026
Quilter plc has confirmed that, as of 30 April 2026, it has 1,389,134,354 ordinary shares in issue, with each share carrying one vote and no shares held in treasury, setting the official share capital and voting base for investors. This share coun...
Business Operations and StrategyStock Buyback
Quilter Advances Dual-Listed Share Buyback, Cancels Repurchased Stock
Positive
Apr 27, 2026
Quilter has continued its share buyback programme with the repurchase of ordinary shares on both the London Stock Exchange and the Johannesburg Stock Exchange between 20 and 24 April 2026. The company intends to cancel all the shares bought, reduc...
Business Operations and StrategyFinancial Disclosures
Quilter posts record quarterly inflows as platform and HNW demand surge
Positive
Apr 22, 2026
Quilter reported record first-quarter 2026 core net inflows of £3.1 billion, up 35% year on year and equivalent to 9% of opening assets under management and administration, taking group AuMA to £141.9 billion despite adverse quarter-end ...
Business Operations and StrategyStock Buyback
Quilter accelerates dual-market share buyback and cancels repurchased stock
Positive
Apr 20, 2026
Quilter has continued its share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and Johannesburg Stock Exchange between 13 and 17 April 2026 via Goldman Sachs International. The company intends to cancel all of th...
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.