Want to see GB:N91 full AI Analyst Report?
Top Page
Ninety One
(LSE:N91)
Select Model
Select Model
Rating:71Outperform
Price Target:
228.00 p
▲(7.95% Upside)
Action:Upgraded
Date:10/03/26
The score is driven primarily by solid underlying financial strength (especially the conservative balance sheet and resilient profitability) and supportive valuation (moderate P/E and high dividend yield). These positives are partly offset by weaker technical momentum (price below key moving averages with negative MACD) and variability in revenue and cash generation, including a decline in 2026 free cash flow.
Positive Factors
Conservative balance sheet
Conservative leverage and substantial equity growth strengthen Ninety One’s financial flexibility. A stronger capital base can help the firm absorb business fluctuations, maintain investment in distribution and capabilities, and preserve room for shareholder returns without relying heavily on additional borrowing.
Negative Factors
Volatile cash generation
Although cash flow remains positive, substantial year-to-year swings make the timing and reliability of internally generated funds less predictable. The 2026 decline could constrain near-term flexibility for investment or distributions if weaker cash conversion persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Conservative leverage and substantial equity growth strengthen Ninety One’s financial flexibility. A stronger capital base can help the firm absorb business fluctuations, maintain investment in distribution and capabilities, and preserve room for shareholder returns without relying heavily on additional borrowing.
Read all positive factors
Ninety One (N91) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£3.94B
Dividend Yield6.49%
Average Volume (3M)760.07K
Price to Earnings (P/E)11.8
Beta (1Y)1.35
Revenue Growth9.80%
EPS Growth1.81%
CountryUK
Employees1,346
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.17
Shares Outstanding660,553,160
10 Day Avg. Volume655,221
30 Day Avg. Volume760,073
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.84
Price to Sales (P/S)2.55
P/FCF Ratio11.69
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)£733.09M
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 primarily makes money by charging fees for managing client assets. Its core revenue stream is investment management (advisory) fees that are typically calculated as a percentage of assets under management (AUM) and accrued over time bas...
Ninety One Earnings Call Summary
Earnings Call Date:Nov 17, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 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
74
Positive
Balance Sheet
83
Very Positive
Cash Flow
68
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 781.90M | 700.00M | 588.50M | 745.50M | 795.10M |
| Gross Profit | 631.20M | 594.60M | 295.50M | 627.10M | 663.90M |
| EBITDA | 229.80M | 221.40M | 234.20M | 231.20M | 286.10M |
| Net Income | 153.50M | 150.10M | 163.90M | 163.80M | 205.30M |
Balance Sheet | |||||
| Total Assets | 14.88B | 12.21B | 11.12B | 10.81B | 11.68B |
| Cash, Cash Equivalents and Short-Term Investments | 462.00M | 11.79B | 378.50M | 10.34B | 11.18B |
| Total Debt | 104.30M | 86.60M | 94.70M | 102.70M | 109.40M |
| Total Liabilities | 14.17B | 11.84B | 10.75B | 10.46B | 11.34B |
| Stockholders Equity | 702.40M | 373.40M | 367.40M | 349.80M | 341.50M |
Cash Flow | |||||
| Free Cash Flow | 170.80M | 314.00M | 169.30M | 73.40M | 653.20M |
| Operating Cash Flow | 177.90M | 318.40M | 171.80M | 74.60M | 654.60M |
| Investing Cash Flow | 4.00M | -7.80M | -4.40M | 2.40M | -393.10M |
| Financing Cash Flow | -165.00M | -165.40M | -163.80M | -164.30M | -145.70M |
Ninety One Technical Analysis
Negative
211.20
Price Trends
213.35
Negative
212.43
Negative
217.11
Negative
Market Momentum
-1.65
Positive
43.99
Neutral
43.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:N91, the sentiment is Negative. The current price of 211.2 is above the 20-day moving average (MA) of 210.05, below the 50-day MA of 213.35, and below the 200-day MA of 217.11, indicating a bearish trend. The MACD of -1.65 indicates Positive momentum. The RSI at 43.99 is Neutral, neither overbought nor oversold. The STOCH value of 43.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £9.13B | 13.39 | 15.55% | 3.74% | 17.81% | 93.71% | |
74 Outperform | £4.33B | 11.13 | 7.37% | 6.00% | 2.19% | 19.78% | |
74 Outperform | £2.29B | 19.85 | 8.39% | 3.66% | 191.46% | ― | |
71 Outperform | £3.94B | 11.82 | 28.08% | 6.49% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.56B | 12.39 | 8.95% | 6.51% | 5.39% | 85.13% | |
58 Neutral | £7.47B | -68.00 | -3.86% | 6.57% | 67.89% | -87.40% |
* Financial Sector Average
GB:N91
Ninety One
206.60
10.29
5.24%
GB:RAT
Rathbones Group PLC
1,536.00
-250.50
-14.02%
GB:SDR
Schroders
589.00
210.79
55.73%
GB:ABDN
Aberdeen Group
243.20
48.00
24.59%
GB:QLT
Quilter
174.90
18.55
11.87%
GB:MNG
M&G Plc
313.50
75.69
31.83%
Ninety One Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Ninety One Directors’ Associate Increases Stake Through London Share Purchases
Positive
Oct 2, 2026
Ninety One has disclosed a series of share acquisitions by Forty Two Point Two, a legal entity associated with several of the group’s senior directors and prescribed officers. The transactions, conducted in London on 28 and 29 September 2026...
Regulatory Filings and Compliance
Ninety One Director Trims Indirect Stake via Employee Trust
Neutral
Oct 1, 2026
Ninety One has disclosed that director Kim McFarland has reduced her participatory interests in the Marathon Trust, a long‑term share ownership vehicle for key employees that holds indirect stakes in Ninety One plc and Ninety One Limited. Th...
Regulatory Filings and Compliance
Ninety One Updates Market on Total Voting Rights
Neutral
Sep 30, 2026
Ninety One plc has confirmed that its issued ordinary share capital stands at 660,553,147 shares, each carrying one voting right, with no shares held in treasury. This disclosure, made under U.K. FCA transparency rules, sets the official denominat...
Regulatory Filings and Compliance
Ninety One Directors’ Associate Increases Stake Through London Share Purchases
Neutral
Sep 28, 2026
Ninety One has disclosed share dealings involving Forty Two Point Two, a legal entity closely associated with several directors and senior executives who are beneficiaries of the Marathon Trust. The notification covers required disclosures under U...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Cancels Further Shares as £17.2m Buyback Advances
Positive
Sep 28, 2026
Ninety One has continued executing its share buyback programme, repurchasing 252,833 ordinary shares on 24 and 25 September 2026 via J.P. Morgan Securities at prices around 209–210 pence per share. The company plans to cancel these shares, c...
Regulatory Filings and Compliance
Ninety One discloses director-linked share purchases via Marathon Trust entity
Positive
Sep 21, 2026
Ninety One has reported director-related share dealings to the London and Johannesburg exchanges in line with UK Market Abuse Regulation and JSE Listings Requirements. The disclosures concern transactions by Forty Two Point Two, a legal entity lin...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Advances Share Buyback, Cuts Share Capital
Positive
Sep 21, 2026
Ninety One plc has continued its ongoing share buyback programme, repurchasing a series of ordinary shares between 14 and 18 September 2026 through J.P. Morgan Securities plc at prices around 204–210 pence per share. The company plans to can...
Regulatory Filings and Compliance
Ninety One Directors’ Associate Boosts Stake with London Share Purchases
Positive
Sep 17, 2026
Ninety One has disclosed a series of share purchases in its London-listed ordinary shares by Forty Two Point Two, a legal entity closely associated with several senior directors and beneficiaries of the Marathon Trust. The transactions, conducted ...
Regulatory Filings and Compliance
Ninety One Discloses Director-Linked Share Acquisition Under Dual-Listing Rules
Positive
Sep 14, 2026
Ninety One has disclosed an acquisition of 17,424 ordinary shares in Ninety One plc by Forty Two Point Two, an entity associated with key directors and senior executives through the Marathon Trust. The transaction, conducted in London on 10 Septem...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Advances Buyback Programme with Further Share Repurchases
Positive
Sep 14, 2026
Ninety One has continued its ongoing share buyback programme, repurchasing 106,888 ordinary shares between 7 and 11 September 2026 through J.P. Morgan Securities at prices around 210 pence per share. The company plans to cancel these shares, contr...
Regulatory Filings and Compliance
Ninety One Reports Director-Associated Share Acquisition Under Market Rules
Neutral
Sep 10, 2026
Ninety One has disclosed a share transaction involving Forty Two Point Two, a legal entity closely associated with several of the group’s directors and prescribed officers. The announcement, made in line with U.K. Market Abuse Regulation and...
Regulatory Filings and Compliance
Ninety One Discloses Director-Linked Share Acquisition Under UK and JSE Rules
Positive
Sep 7, 2026
Ninety One has disclosed an acquisition of 2,674 ordinary shares in Ninety One plc at a price of GBP 2.088 per share, executed in London on 3 September 2026. The transaction was carried out by Forty Two Point Two, an entity closely associated with...
Stock BuybackRegulatory Filings and Compliance
Ninety One Advances Buyback, Cancels 7.3 Million Shares
Positive
Sep 7, 2026
Ninety One plc has continued executing its share buyback programme, repurchasing 219,807 ordinary shares between 1 and 4 September 2026 via J.P. Morgan Securities at prices around 208p to 210p per share. The company plans to cancel these shares, a...
Business Operations and StrategyRegulatory Filings and Compliance
Ninety One Directors’ Associate Boosts Stake with London Share Purchases
Positive
Sep 3, 2026
Ninety One reported that Forty Two Point Two, a legal entity associated with the Marathon Trust and closely linked to several Ninety One directors, acquired ordinary shares in Ninety One plc on 1 September 2026 in London. The transactions, cleared...
Regulatory Filings and Compliance
Ninety One discloses major insider-linked share purchase under dual-listing rules
Neutral
Sep 1, 2026
Ninety One has disclosed a share transaction involving Forty Two Point Two, a legal entity closely associated with several of the firm’s senior directors, including CEO Hendrik du Toit and director Kim McFarland. The notification was made in...
Regulatory Filings and Compliance
Ninety One Confirms Total Voting Rights at 661.6 Million Shares
Neutral
Aug 28, 2026
Ninety One plc, the London-incorporated arm of the dual-listed asset manager, reported that its issued ordinary share capital stands at 661,567,064 shares, each carrying one vote and with no treasury shares held. This disclosure, made under U.K. t...
Regulatory Filings and Compliance
Ninety One Executives Reinvest Dividends Into Company Shares
Positive
Aug 25, 2026
Ninety One has reported a series of share acquisitions by senior executives and a company secretary in Ninety One plc, executed through the firm’s Share Incentive Plan. Company secretary Amina Rasool, chief executive Hendrik du Toit, directo...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Cancels Shares After £15m Buyback, Tightening Equity Base
Positive
Aug 24, 2026
Ninety One has disclosed further activity under its ongoing share buyback programme, repurchasing ordinary shares on the London market via J.P. Morgan Securities. The latest transactions, carried out between 17 and 21 August 2026, included purchas...
Regulatory Filings and Compliance
Ninety One Discloses Director-Linked Share Purchase by Associate Entity
Neutral
Aug 20, 2026
Ninety One has disclosed a share transaction involving Forty Two Point Two, a legal entity closely associated with several senior directors and beneficiaries of the Marathon Trust in terms of both U.K. and JSE regulations. The notification covers ...
Stock BuybackRegulatory Filings and Compliance
Ninety One Cancels Additional Shares Under £15m Buyback Programme
Neutral
Aug 10, 2026
Ninety One plc has continued to execute its share buyback programme, repurchasing 102,335 ordinary shares between 3 and 7 August 2026 through J.P. Morgan Securities at a volume-weighted average price of about 214.5 pence. The company plans to canc...
Regulatory Filings and Compliance
Ninety One discloses insider-linked share purchase by associated entity
Neutral
Aug 6, 2026
Ninety One announced a director and senior management-related share transaction involving Forty Two Point Two, a legal entity closely associated with several board members and executives. The entity is wholly owned by the Marathon Trust, whose ben...
Regulatory Filings and Compliance
Ninety One discloses director-linked share purchases by associated entity
Neutral
Aug 3, 2026
Ninety One reported that Forty Two Point Two, a legal entity associated with several of its directors via the Marathon Trust, acquired ordinary shares in both Ninety One plc in London and Ninety One Limited in Johannesburg. The transactions, which...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Cancels Nearly 7 Million Shares in Ongoing Buyback
Positive
Aug 3, 2026
Ninety One has continued executing its share buyback programme, repurchasing ordinary shares on the London market between 27 and 31 July 2026 via J.P. Morgan Securities and bringing total purchases since 3 June to nearly 7 million shares at a cost...
Regulatory Filings and Compliance
Ninety One Confirms Total Voting Shares Ahead of FCA Disclosure Calculations
Neutral
Jul 31, 2026
Ninety One plc has confirmed that, as of 31 July 2026, its issued ordinary share capital comprises 661,969,712 shares, each carrying one voting right, with no shares held in treasury. This establishes the total number of voting shares in the compa...
Regulatory Filings and Compliance
Ninety One Reports Associate Share Purchases by Entities Linked to Top Directors
Neutral
Jul 30, 2026
Ninety One has disclosed share dealings involving Forty Two Point Two, a legal entity closely associated with several board members and senior executives, including group CEO Hendrik du Toit and director Kim McFarland. The notification, made under...
Stock BuybackRegulatory Filings and Compliance
Ninety One discloses insider-associated share purchases on London market
Neutral
Jul 27, 2026
Ninety One has disclosed an acquisition of its ordinary shares by Forty Two Point Two, a legal entity closely associated with senior directors under UK and South African market rules. The transaction involves beneficiaries including directors of N...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Advances Share Buyback, Cancels Repurchased Stock
Positive
Jul 27, 2026
Ninety One has continued to execute its share buyback programme, repurchasing 562,869 ordinary shares between 20 and 24 July 2026 via J.P. Morgan Securities at volume-weighted average prices around 217 pence per share. These latest trades form par...
Regulatory Filings and Compliance
Ninety One Discloses Insider-Linked Share Purchases by Trust Associate
Positive
Jul 23, 2026
Ninety One has disclosed a series of share dealings involving Forty Two Point Two, a legal entity closely associated with directors Hendrik du Toit and Kim McFarland and other senior executives, as required under U.K. Market Abuse Regulation and J...
Business Operations and StrategyStock BuybackRegulatory Filings and ComplianceShareholder Meetings
Ninety One Extends Dual-Listed £55 Million Share Buyback to Johannesburg
Positive
Jul 22, 2026
Ninety One has extended its existing £55 million share buyback programme to include repurchases of its ordinary shares on the Johannesburg Stock Exchange, subject to South African Reserve Bank approval. The move follows shareholder renewal of...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Ninety One Shareholders Back All AGM Resolutions Amid Pre-Emption Rights Dissent
Positive
Jul 22, 2026
Shareholders of Ninety One plc and Ninety One Limited approved all resolutions at their dual-listed annual general meetings held on 22 July 2026. Directors were re-elected or elected, the audited financial statements were received, final dividends...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Ninety One Advances Share Buyback, Cancels Additional Shares
Positive
Jul 20, 2026
Ninety One has continued to execute its share buyback programme, repurchasing 526,775 ordinary shares between 13 and 17 July 2026 through J.P. Morgan Securities at prices around 216–220 pence. The company plans to cancel these shares, bringi...
Business Operations and StrategyFinancial Disclosures
Ninety One’s Assets Under Management Climb to £184 Billion
Positive
Jul 17, 2026
Ninety One reported assets under management of £184.0 billion as of 30 June 2026, up from £139.7 billion a year earlier and £171.8 billion at 31 March 2026. The figures point to strong growth in client assets over the past year, ref...
Business Operations and StrategyStock Buyback
Ninety One Continues Buyback With Further £11 Million Share Repurchases
Positive
Jul 13, 2026
Ninety One has continued its ongoing share buyback programme, repurchasing 786,136 ordinary shares between 6 and 10 July 2026 through J.P. Morgan Securities at prices broadly in the 209p–220p range. The company plans to cancel all purchased ...
Business Operations and StrategyRegulatory Filings and Compliance
Ninety One discloses associate share purchases linked to senior directors
Positive
Jul 9, 2026
Ninety One has disclosed that Forty Two Point Two, a legal entity associated with several senior directors and beneficiaries of the Marathon Trust, acquired ordinary shares in Ninety One plc on the London market. The transactions are notified unde...
Business Operations and StrategyRegulatory Filings and Compliance
Ninety One Publishes Annual South African BEE Compliance Report
Positive
Jul 8, 2026
Ninety One has announced that, in line with Johannesburg Stock Exchange listing requirements, its latest annual compliance report under South Africa’s Broad-Based Black Economic Empowerment Act has been submitted to the BEE Commissioner. The...
Private Placements and FinancingRegulatory Filings and Compliance
Ninety One Directors’ Associate Boosts Stake in Dual-Listed Asset Manager
Positive
Jul 7, 2026
Ninety One has disclosed an acquisition of ordinary shares in Ninety One plc by Forty Two Point Two, a legal entity closely associated with several of the group’s directors. The transaction, cleared under both U.K. and South African regulato...
Business Operations and StrategyRegulatory Filings and Compliance
Ninety One Discloses Director-Linked Share Acquisitions in Dual-Listed Structure
Neutral
Jul 6, 2026
Ninety One has disclosed a series of transactions involving ordinary shares in Ninety One plc carried out in London on 2 July 2026 by Forty Two Point Two, a legal entity linked to the company’s leadership. The acquisitions, executed at price...
Stock BuybackRegulatory Filings and Compliance
Ninety One Advances Buyback Programme with Further Share Cancellations
Positive
Jul 6, 2026
Ninety One plc has continued to execute its share buyback programme, repurchasing around 1.24 million ordinary shares between 29 June and 3 July 2026 through J.P. Morgan Securities at prices broadly in the 206–216 GBp range. These transactio...
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.