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Ninety One (GB:N91)
LSE:N91
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Ninety One (N91) AI Stock Analysis

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GB:N91

Ninety One

(LSE:N91)

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Outperform 79 (OpenAI - 4o)
Rating:79Outperform
Price Target:
249.00p
▲(11.06% Upside)
Ninety One's stock is rated highly due to its strong financial performance and positive technical indicators. The company's robust cash flow management and operational efficiency provide a solid foundation, while technical analysis suggests bullish momentum. The valuation is attractive with a low P/E ratio and high dividend yield, enhancing its appeal to investors.

Ninety One (N91) vs. iShares MSCI United Kingdom ETF (EWC)

Ninety One Business Overview & Revenue Model

Company DescriptionNinety 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 MoneyNinety 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 Earnings Call Summary

Earnings Call Date:Jun 04, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While there were strategic achievements such as the Sanlam partnership and growth in assets under management, persistent net outflows, declining earnings, and challenging market conditions were significant concerns.
Q2-2025 Updates
Positive Updates
Growth in Assets Under Management
Assets under management grew by 3% to GBP 127.4 billion despite net outflows, supported by positive financial market performance.
Sanlam Partnership
Ninety One entered into a long-term agreement with Sanlam, South Africa's largest nonbank financial services group, to become its primary active investment manager, transferring approximately ZAR 400 billion (GBP 17 billion) of assets to Ninety One.
Emerging Market Transition Debt Strategy
Secured anchor investment commitments in excess of USD 0.5 billion for the emerging market transition debt strategy.
Expansion in Middle East
Established two new offices in the Middle East, in Riyadh and Abu Dhabi, to tap into the opportunity-rich region.
Negative Updates
Persistent Net Outflows
Continued net outflows across the asset class spectrum, signaling low demand for publicly listed high-risk investments.
Decline in Earnings Per Share
Basic earnings per share decreased from 8.9p to 7.8p, and adjusted earnings per share fell by 11% to 7.3p.
Reduced Operating Profit
Adjusted operating profit decreased by 9% to GBP 88.6 million due to lower performance fees and other income.
Challenges in South African Market
Tightened domestic conditions in South Africa driven by a slow economy and increased internationalization of savings portfolios.
Company Guidance
During the earnings call for Ninety One's Q2 2025, several key financial metrics and strategic developments were highlighted. Assets under management (AUM) saw a growth of 3%, reaching GBP 127.4 billion, despite ongoing net outflows. Basic earnings per share decreased to 7.8p from 8.9p, while adjusted earnings per share fell by 11% to 7.3p. The dividends per share aligned with the adjusted earnings, dropping to 5.4p. The adjusted operating profit margin was reported at 30.5%. Significant strategic moves included a long-term agreement with Sanlam, transferring approximately ZAR 400 billion (GBP 17 billion) of assets to Ninety One and enhancing their market leadership in South Africa. This agreement, expected to be earnings accretive, would result in Sanlam owning 12.3% of Ninety One, subject to shareholder and regulatory approvals. The company also reported securing over USD 0.5 billion in anchor investment commitments for its emerging market transition debt strategy and closing its third Africa Credit Opportunities fund. The call emphasized the company's strategic focus on building its credit platform and maintaining cost discipline, with management fees reported at GBP 282.4 million and adjusted operating expenses held flat at GBP 201.9 million.

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
78
Positive
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
70
Positive
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
85
Very Positive
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue655.80M700.00M588.50M745.50M795.10M755.90M
Gross Profit160.00M594.60M295.50M627.10M663.90M625.10M
EBITDA197.40M221.40M219.80M220.40M269.00M249.20M
Net Income150.10M150.10M163.90M163.80M205.30M154.40M
Balance Sheet
Total Assets12.21B12.21B11.12B10.81B11.68B9.90B
Cash, Cash Equivalents and Short-Term Investments11.79B11.79B378.50M10.34B11.18B9.40B
Total Debt86.60M86.60M94.70M102.70M109.40M110.40M
Total Liabilities11.84B11.84B10.75B10.46B11.34B9.65B
Stockholders Equity373.40M373.40M367.40M349.80M341.50M253.20M
Cash Flow
Free Cash Flow316.20M314.00M169.30M73.40M653.20M440.00M
Operating Cash Flow320.60M318.40M171.80M74.60M654.60M459.40M
Investing Cash Flow-10.00M-7.80M-4.40M2.40M-393.10M-408.70M
Financing Cash Flow-165.40M-165.40M-163.80M-164.30M-145.70M-68.90M

Ninety One Technical Analysis

Technical Analysis Sentiment
Positive
Last Price224.20
Price Trends
50DMA
208.01
Positive
100DMA
197.04
Positive
200DMA
171.00
Positive
Market Momentum
MACD
6.24
Positive
RSI
55.67
Neutral
STOCH
38.44
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 224.2 is above the 20-day moving average (MA) of 223.57, above the 50-day MA of 208.01, and above the 200-day MA of 171.00, indicating a bullish trend. The MACD of 6.24 indicates Positive momentum. The RSI at 55.67 is Neutral, neither overbought nor oversold. The STOCH value of 38.44 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

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
$3.87B13.0040.46%5.44%0.18%-6.74%
78
Outperform
£3.65B11.496.50%7.15%-7.11%0.45%
73
Outperform
£2.35B16.9212.23%6.19%-10.85%-42.02%
71
Outperform
£1.25B15.609.75%9.02%-28.89%-12.14%
69
Neutral
£1.88B29.574.75%5.20%14.05%-3.07%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
58
Neutral
$2.46B-2,021.11-0.05%3.38%-28.04%-102.43%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:N91
Ninety One
224.20
70.47
45.84%
GB:ASHM
Ashmore Group PLC
187.40
5.80
3.19%
GB:EMG
Man Group plc
208.80
23.15
12.47%
GB:RAT
Rathbones Group PLC
1,808.00
281.26
18.42%
GB:ABDN
Aberdeen Group
204.20
78.77
62.80%
GB:QLT
Quilter
183.60
44.95
32.42%

Ninety One Corporate Events

Business Operations and StrategyFinancial Disclosures
Ninety One Reports Growth in Assets Under Management
Positive
Oct 14, 2025

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.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Ninety One Announces Share Repurchase and Updated Voting Rights
Neutral
Oct 7, 2025

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.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyStock Buyback
Ninety One Enhances Shareholder Value with Share Repurchase
Positive
Oct 3, 2025

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.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One Expands Share Repurchase Program
Neutral
Oct 2, 2025

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.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One PLC Continues Share Repurchase Programme
Positive
Sep 5, 2025

Ninety One plc announced the repurchase of 89,162 of its ordinary shares on 4 September 2025, as part of its ongoing share repurchase programme initiated earlier in March 2025. This move is expected to impact the company’s market positioning by potentially increasing shareholder value and optimizing capital structure.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One plc Executes Share Repurchase Programme
Positive
Sep 4, 2025

Ninety One plc announced the repurchase of 90,000 of its ordinary shares, which will be cancelled, as part of its share repurchase programme initiated earlier this year. This move is likely to impact the company’s market positioning by potentially increasing shareholder value and optimizing capital structure.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyStock Buyback
Ninety One Announces Share Repurchase as Part of Capital Management Strategy
Positive
Aug 28, 2025

Ninety One plc announced the repurchase of 48,846 of its ordinary shares through its broker, Citigroup Global Markets Limited. This move is part of the company’s share repurchase programme initiated earlier in March 2025, reflecting its strategic efforts to manage its capital structure and potentially enhance shareholder value.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Stock Buyback
Ninety One plc Executes Share Repurchase
Neutral
Aug 27, 2025

Ninety One plc announced the repurchase of 43,414 of its ordinary shares as part of its share repurchase programme initiated earlier in March 2025. The repurchased shares, acquired through Citigroup Global Markets Limited, will be cancelled, potentially impacting the company’s share value and market positioning.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and Strategy
Ninety One Executes Strategic Share Acquisition for Employee Trust
Neutral
Aug 19, 2025

Ninety One announced an on-market acquisition of 112,306 ordinary shares by its Guernsey Employee Benefit Trust, valued at £218,357. This transaction, conducted on 15 August 2025 in London, reflects the company’s ongoing efforts to manage its employee benefit structures and could impact its market positioning by enhancing employee incentives.

The most recent analyst rating on (GB:N91) stock is a Buy with a £220.00 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

DividendsRegulatory Filings and Compliance
Ninety One Announces Share Acquisitions by Key Personnel
Positive
Aug 12, 2025

Ninety One has announced transactions involving the acquisition of ordinary shares by its directors and company secretaries using cash dividends from employee shares under the company’s Share Incentive Plan. This notification, required under market regulations, highlights the ongoing engagement of key personnel in the company’s financial activities, potentially reinforcing stakeholder confidence in its governance and operational transparency.

The most recent analyst rating on (GB:N91) stock is a Sell with a £1.25 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesStock BuybackShareholder Meetings
Ninety One Successfully Concludes Annual General Meetings with All Resolutions Passed
Positive
Jul 23, 2025

Ninety One held its Annual General Meetings on July 23, 2025, where all resolutions were passed by the required majority. The meetings, conducted both physically and electronically, saw the re-election of several directors and approval of key resolutions, including the directors’ remuneration report, climate strategy, and authority to purchase own shares. The successful passing of these resolutions reflects strong shareholder support and positions Ninety One to continue its strategic initiatives, potentially impacting its operational and market positioning positively.

The most recent analyst rating on (GB:N91) stock is a Sell with a £1.25 price target. To see the full list of analyst forecasts on Ninety One stock, see the GB:N91 Stock Forecast page.

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.Date of analysis: Oct 23, 2025