Jupiter Fund Management Plc (GB:JUP)
LSE:JUP
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Jupiter Fund Management Plc
(LSE:JUP)
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Rating:74Outperform
Price Target:
183.00 p
▲(18.68% Upside)
Action:Reiterated
Date:03/04/26
The score is led by improved financial performance supported by a strong, low-leverage balance sheet, plus an earnings-call outlook showing better flows and investment performance with active capital returns. Valuation is supportive due to the low P/E. These positives are moderated by historically volatile earnings/cash flows, guidance implying fee margin pressure and lumpy performance fees, and only mixed near-term technical signals.
Positive Factors
Conservative balance sheet
Zero reported debt in 2025 and substantial equity versus assets indicate very low financial leverage. This durable strength improves resilience to market-driven AUM shocks, preserves capacity for M&A and buybacks, and provides clear regulatory capital headroom to support operating flexibility over the next 2–6 months.
Negative Factors
Elevated cost/income ratio
An 82% cost/income ratio implies limited operating leverage and leaves margin expansion highly dependent on sustained revenue gains or deeper structural cost reductions. Failure to hit the 70% target would materially constrain medium-term profitability and ROE, making earnings more sensitive to AUM and fee pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Zero reported debt in 2025 and substantial equity versus assets indicate very low financial leverage. This durable strength improves resilience to market-driven AUM shocks, preserves capacity for M&A and buybacks, and provides clear regulatory capital headroom to support operating flexibility over the next 2–6 months.
Read all positive factors
Jupiter Fund Management Plc (JUP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£810.02M
Dividend Yield2.7%
Average Volume (3M)1.66M
Price to Earnings (P/E)8.4
Beta (1Y)0.90
Revenue Growth16.37%
EPS Growth58.77%
CountryUK
Employees492
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.20
Shares Outstanding523,645,500
10 Day Avg. Volume1,539,683
30 Day Avg. Volume1,657,990
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)0.91
Price to Sales (P/S)1.73
P/FCF Ratio13.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£171.67Price Target Upside11.33% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.13
Revenue Forecast (FY)£427.03M
Jupiter Fund Management Plc Business Overview & Revenue Model
Company Description
Jupiter Fund Management Plc is a publicly owned investment manager. The firm manages mutual funds, hedge funds, client focused portfolios, and multi-manager products for its clients. It invests in the public equity markets across U.K., Europe and ...
How the Company Makes Money
Jupiter makes money primarily by charging fees for managing client assets (assets under management, or AUM). Its main revenue stream is management fees, typically calculated as a percentage of AUM and accrued over time; these fees are earned acros...
Jupiter Fund Management Plc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presents a clear and broad improvement in operational and investment momentum — record gross flows, the first annual net inflows since 2017, material AUM recovery (and further scale via the CCLA acquisition), marked improvement in investment performance across 1-, 3- and 5-year horizons, and ahead-of-schedule cost savings. These positives are balanced against structural challenges: a still-elevated cost/income ratio (82%), a lower average AUM and fee margin pressure in 2025 (65 bps), short-term compensation accounting impacts, lumpy/uncertain performance fees (GBP 120m in 2025 vs a conservative GBP 20m baseline for 2026), and near-term acquisition/integration costs and potential minor outflows from CCLA. Overall management tone is constructive and confident, and the company demonstrates multiple leading indicators pointing in the right direction while acknowledging and planning to manage the remaining risks.Positive Updates
Dramatic Improvement in Investment Performance
1-year outperformance jumped by 42 percentage points to 84% of AUM outperforming peer medians; nearly 70% of AUM in the top quartile (1-year). 3-year outperformance increased to 68% (from 61% prior year) with nearly half of total AUM in the top quartile; 5-year outperformance at 75% with >60% in the top quartile.
Negative Updates
High Cost-Income Ratio and Shortfall to Target
Reported cost/income ratio of 82% for 2025, above management's 70% target; management expects to move materially closer to 70% but the ratio remains elevated in the near term.
Read all updates
Q4-2025 Updates
Positive
Negative
Dramatic Improvement in Investment Performance
1-year outperformance jumped by 42 percentage points to 84% of AUM outperforming peer medians; nearly 70% of AUM in the top quartile (1-year). 3-year outperformance increased to 68% (from 61% prior year) with nearly half of total AUM in the top quartile; 5-year outperformance at 75% with >60% in the top quartile.
Read all positive updates
Company Guidance
Management gave detailed 2026 guidance: they remain focused on a 70% cost/income target, underpinned by a minimum GBP15m of targeted savings (plus a minimum GBP16m of CCLA run‑rate synergies by end‑2027, with ~GBP4m included in 2026), and expect compensation to fall to c.48% (down from 50% in 2025) while non‑comp costs (ex‑CCLA) are guided to c.GBP106m; 2025 net management revenues were GBP311m (average AUM GBP48bn; year‑end AUM GBP54bn after recovering from an April low of GBP43bn), total combined net revenue including performance fees was c.GBP431m (performance fees were GBP120m in 2025, with management conservatively penciling in c.GBP20m for 2026), and fee margins are guided to c.63bps on average for 2026 (end‑2025 run‑rate 64bps; 2025 average 65bps); CCLA brings GBP15bn AUM at a c.43bps run‑rate margin and is expected to have c.GBP32m compensation and c.GBP20m non‑comp costs (11 months), with acquisition/integration net cash costs of c.GBP17m (cash exceptional c.GBP14m in 2026, ~GBP5m in 2027) and an illustrative annual non‑cash intangible charge of GBP5m; capital remains strong (well above 2.5x higher capital requirement), management will return capital via ordinary dividends (full‑year ordinary dividend 4.4p), a special 5.7p dividend and a GBP30m buyback (50% of 2025 performance fees = GBP60m distribution split 50/50), and they expect to deliver a meaningful portion of CCLA synergies by end‑2026 while continuing to target scale and top‑line growth after GBP16.9bn gross flows and GBP1.3bn net inflows in 2025 (YTD positive flows >GBP1bn and pro forma AUM now >GBP70bn including CCLA).Jupiter Fund Management Plc Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 479.20M | 402.50M | 405.60M | 378.70M | 616.10M |
| Gross Profit | 426.30M | 244.50M | 343.00M | 305.70M | 540.70M |
| EBITDA | 144.40M | 110.60M | 41.20M | 95.30M | 237.40M |
| Net Income | 100.40M | 65.20M | -12.90M | 47.90M | 149.60M |
Balance Sheet | |||||
| Total Assets | 1.24B | 1.26B | 1.21B | 1.24B | 1.34B |
| Cash, Cash Equivalents and Short-Term Investments | 403.00M | 502.90M | 445.90M | 396.90M | 383.90M |
| Total Debt | 38.70M | 90.80M | 93.80M | 95.80M | 100.40M |
| Total Liabilities | 336.50M | 422.50M | 418.10M | 398.10M | 439.90M |
| Stockholders Equity | 906.10M | 834.00M | 789.50M | 843.30M | 900.80M |
Cash Flow | |||||
| Free Cash Flow | 62.00M | 66.30M | 84.50M | 153.50M | 181.40M |
| Operating Cash Flow | 62.50M | 73.90M | 88.00M | 158.80M | 184.90M |
| Investing Cash Flow | 80.00M | -182.20M | -56.60M | 34.10M | -13.10M |
| Financing Cash Flow | -86.70M | 101.90M | -37.80M | -112.50M | -162.60M |
Jupiter Fund Management Plc Technical Analysis
Positive
154.20
Price Trends
157.27
Positive
166.70
Positive
151.91
Positive
Market Momentum
1.98
Negative
61.58
Neutral
66.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JUP, the sentiment is Positive. The current price of 154.2 is below the 20-day moving average (MA) of 160.05, below the 50-day MA of 157.27, and above the 200-day MA of 151.91, indicating a bullish trend. The MACD of 1.98 indicates Negative momentum. The RSI at 61.58 is Neutral, neither overbought nor oversold. The STOCH value of 66.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:JUP.
Jupiter Fund Management Plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £796.44M | 21.07 | 30.00% | 8.73% | 7.71% | -7.39% | |
76 Outperform | £9.05B | 16.98 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £810.02M | 8.39 | 11.49% | 2.70% | 16.37% | 58.77% | |
72 Outperform | £208.44M | 31.37 | 4.43% | 5.14% | 1.02% | -62.71% | |
70 Outperform | £1.98B | 15.82 | 8.33% | 4.91% | 2.02% | 69.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £182.65M | 15.39 | 10.12% | 21.31% | -15.65% | -12.27% |
* Financial Sector Average
GB:JUP
Jupiter Fund Management Plc
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94.76%
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Jupiter Fund Management Plc Corporate Events
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cuts Share Count with Ongoing 2026 Buyback
Positive
Jun 1, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG’s London branch repurchasing ordinary shares on the company’s behalf under the authority granted at its 2025 annual general mee...
Regulatory Filings and Compliance
Jupiter Fund Management Updates Total Voting Rights
Neutral
May 29, 2026
Jupiter Fund Management has confirmed that, as of 29 May 2026, its issued share capital comprises 523,927,252 ordinary shares of 2 pence each, with each share carrying one vote. The company holds no treasury shares, meaning the total number of vot...
DividendsRegulatory Filings and Compliance
Jupiter Executives Reinvest Dividend Into Company Shares
Positive
May 28, 2026
Jupiter Fund Management plc has disclosed that its chief executive officer, Matthew Beesley, and chief financial and operating officer, Wayne Mepham, acquired small parcels of company shares under its Share Incentive Plan. The purchases, executed ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Cancels Further Shares Under 2026 Buyback Programme
Positive
May 26, 2026
Jupiter Fund Management has continued to execute its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a total of 728,429 ordinary shares between 18 and 22 May 2026 at volume‑weighted average prices ranging from a...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Advances 2026 Share Buyback and Cancels Repurchased Stock
Positive
May 18, 2026
Jupiter Fund Management plc has continued its 2026 share buyback programme, with Deutsche Bank AG, London Branch purchasing a series of ordinary shares on the company’s behalf between 11 May and 15 May 2026. The repurchased shares, acquired ...
Business Operations and StrategyStock Buyback
Jupiter Advances 2026 Buyback as Share Capital Shrinks
Positive
May 11, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank’s London branch repurchasing a series of ordinary shares between 5 and 8 May 2026. The company bought just under 460,000 shares over the...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Jupiter Wins Strong Shareholder Backing at 2026 AGM
Positive
May 7, 2026
Jupiter Fund Management plc reported that all resolutions at its Annual General Meeting on 7 May 2026 were approved by shareholders, including acceptance of the 2025 accounts, the directors’ remuneration report, and a final dividend of 2.3 p...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels Shares After Latest Buyback Tranche
Positive
May 5, 2026
Jupiter Fund Management has continued executing its 2026 share buyback programme, mandating Deutsche Bank’s London branch to repurchase a total of 712,361 ordinary shares between 27 April and 1 May 2026 at prices around £1.52 to £1...
Regulatory Filings and Compliance
Jupiter Fund Management Confirms Total Voting Rights and Share Capital
Neutral
Apr 30, 2026
Jupiter Fund Management plc has confirmed that, as of 30 April 2026, its issued share capital stands at 526,539,274 ordinary shares of 2 pence each, with each share carrying one voting right. The company holds no shares in treasury, meaning all is...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Cancels 750,000 Shares Under 2026 Buyback Programme
Positive
Apr 27, 2026
Jupiter Fund Management plc has continued executing its 2026 share buyback programme, with Deutsche Bank AG’s London branch repurchasing 750,000 ordinary shares between 20 and 24 April 2026 at volume‑weighted average prices ranging fro...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Jupiter AUM Jumps to Record £68.4bn on CCLA Deal and Strong Inflows
Positive
Apr 21, 2026
Jupiter Fund Management reported a 27% rise in assets under management in the first quarter of 2026 to a record £68.4bn, largely driven by the completion of its CCLA Investment Management acquisition and continued net inflows. The firm saw &#...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels 750,000 Shares Under Ongoing Buyback
Positive
Apr 20, 2026
Jupiter Fund Management has continued executing its 2026 share buyback programme, with Deutsche Bank’s London branch repurchasing 750,000 ordinary shares between 13 and 17 April 2026 at prices ranging roughly between £1.50 and £1.6...
Executive/Board ChangesRegulatory Filings and Compliance
Jupiter executives exercise long-term incentives and sell shares for tax
Neutral
Apr 14, 2026
Jupiter Fund Management has disclosed share transactions by its top executives following the exercise of awards under the firm’s long-term incentive plan. Chief executive Matthew Beesley exercised options over 48,820 shares, then sold 23,463...
Business Operations and StrategyStock Buyback
Jupiter Fund Management Cancels 348,490 Shares Under 2026 Buyback Programme
Neutral
Apr 13, 2026
Jupiter Fund Management plc, a London-listed active asset manager serving retail and institutional investors, has been executing a share buyback programme as part of its capital management strategy. The firm provides a range of investment funds an...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Jupiter Fund Management Launches £30m Share Buyback to Cut Share Capital
Positive
Apr 8, 2026
Jupiter Fund Management plc has launched a new share buyback programme for 2026, authorising the repurchase of ordinary shares up to the lower of £30 million in value or 3% of its issued share capital. The initiative is part of its capital ma...
Business Operations and StrategyRegulatory Filings and Compliance
Jupiter Extends Free Share Awards to All Staff Under Incentive Plan
Positive
Apr 1, 2026
Jupiter Fund Management has granted free shares worth £2,000 to all employees under its Share Incentive Plan, with awards pro-rated for part-time staff and subject to a three-year forfeiture period. The move extends to international employees...
Regulatory Filings and Compliance
Jupiter CEO Transfers Shares to ISA in Neutral Ownership Change
Neutral
Mar 30, 2026
Jupiter Fund Management plc disclosed that its chief executive officer, Matthew Beesley, and his closely associated person, Emma Beesley, have transferred holdings of Jupiter ordinary shares from their Fund and Share Accounts into their Stocks Sh...
Regulatory Filings and Compliance
Jupiter CEO Discloses Off-Market Transfer of Shares to PCA
Neutral
Mar 27, 2026
Jupiter Fund Management has disclosed an internal share transfer involving its chief executive, Matthew Beesley, in line with UK Market Abuse Regulation reporting requirements. Beesley transferred 11,500 ordinary shares in the company to his close...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Jupiter Fund Management Publishes 2025 Report and Sets Date for 2026 AGM
Neutral
Mar 24, 2026
Jupiter Fund Management plc has published its Annual Report and Accounts for the year ended 31 December 2025, making the document available on its website for investors and other stakeholders. The company has also circulated the report to sharehol...
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.