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Quilter
(LSE:QLT)
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Rating:74Outperform
Price Target:
227.00 p
▲(17.31% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (strong cash generation and low leverage) and a positive earnings outlook with robust net flows and ongoing capital returns. Technicals also support the view with a clear uptrend. Valuation is the main constraint due to a higher P/E, partially offset by the dividend yield.
Positive Factors
Cash generation strength
Sustained and growing operating and free cash flow provides durable funding for dividends, buybacks and tech/AI investment without relying on debt. Strong cash convertibility supports capital returns and strategic spending, underpinning long-term resilience through market cycles.
Negative Factors
Margin pressure from mix shift
Structural shifts toward lower-margin products and larger average accounts reduce unit fee rates and erode operating margin unless offset by pricing, scale efficiencies, or higher-value services. This mix risk can cap long-term margin expansion and return on equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
Sustained and growing operating and free cash flow provides durable funding for dividends, buybacks and tech/AI investment without relying on debt. Strong cash convertibility supports capital returns and strategic spending, underpinning long-term resilience through market cycles.
Read all positive factors
Quilter (QLT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.47B
Dividend Yield3.46%
Average Volume (3M)2.87M
Price to Earnings (P/E)21.2
Beta (1Y)1.45
Revenue Growth191.46%
EPS GrowthN/A
CountryUK
Employees3,207
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.09
Shares Outstanding1,366,525,400
10 Day Avg. Volume3,110,069
30 Day Avg. Volume2,866,364
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
£216.11Price Target Upside11.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.13
Revenue Forecast (FY)£773.91M
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:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Positive
The call presented a strong operational and financial performance driven by record net flows, market share gains across the platform and solutions, double-digit revenue and profit growth, and continued investment in adviser productivity and AI. Key challenges are higher costs from investment and inflation, margin dilution from product/channel mix and tiering effects, regulatory reviews of client cash, and some adviser/IM restructuring in Quilter Cheviot. Management maintained constructive guidance, a healthy balance sheet and ongoing capital returns. Overall the positives (robust flows, market leadership, revenue/profit growth and balance sheet strength) outweigh the manageable headwinds.Positive Updates
Record Core Net Flows
Core net flows reached a record GBP 6.0bn in H1 2026, up over 30% year-on-year (Mark cited 32%) and equivalent to 9% of opening assets (up 1 percentage point).
Negative Updates
Rising Costs and Investment Spend
Total costs increased 13% to GBP 267m in H1 2026 due to inflation and business investment (data/technology, brand, Quilter Invest, Quilter Academy). Revenue-generating staff-based costs rose c.18% in the half.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Core Net Flows
Core net flows reached a record GBP 6.0bn in H1 2026, up over 30% year-on-year (Mark cited 32%) and equivalent to 9% of opening assets (up 1 percentage point).
Read all positive updates
Company Guidance
Management guided that it expects to continue to deliver peer‑leading net flows above 4%–5% for the foreseeable future, with revenue margin guidance unchanged and full‑year costs still targeted at GBP 530–540m (likely toward the higher end); longer‑term cost growth is expected to be inflation plus a few percentage points. They said second‑half adjusted profit should be around a mid‑single‑digit percentage points above the first half (H1 adjusted profit GBP 112m), H1 operating margin was 30% and the ambition is to get to at least the mid‑30s (no timeline). Capital return and balance‑sheet metrics include an interim dividend of 2.1p (1/3 of last year’s total; +5% vs 2025 interim), a GBP 100m buyback with >GBP 68m completed as at 31 July (GBP 54m returned in the period), capital contributions of GBP 71m, c. GBP 360m of cash available before the interim dividend/buyback, and a marginally improved solvency ratio.Quilter Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.49B | 9.36B | 5.42B | 4.63B | -4.04B | 4.69B |
| Gross Profit | 13.43B | 9.26B | 5.37B | 1.26B | -4.15B | 4.56B |
| EBITDA | 467.00M | 371.00M | 108.00M | 163.00M | 144.00M | 160.00M |
| Net Income | 119.00M | 120.00M | -34.00M | 42.00M | 175.00M | 154.00M |
Balance Sheet | ||||||
| Total Assets | 87.74B | 76.54B | 62.45B | 53.34B | 46.42B | 50.74B |
| Cash, Cash Equivalents and Short-Term Investments | 2.32B | 2.15B | 60.94B | 51.86B | 45.13B | 49.34B |
| Total Debt | 267.00M | 271.00M | 275.00M | 279.00M | 290.00M | 299.00M |
| Total Liabilities | 86.36B | 75.08B | 61.02B | 51.83B | 44.87B | 49.00B |
| Stockholders Equity | 1.37B | 1.47B | 1.42B | 1.52B | 1.55B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | 7.07B | 6.16B | 4.58B | 2.11B | 1.67B | 3.06B |
| Operating Cash Flow | 7.07B | 6.17B | 4.58B | 2.11B | 1.67B | 3.07B |
| Investing Cash Flow | -6.75B | -5.86B | -4.41B | -1.91B | -1.51B | -2.63B |
| Financing Cash Flow | -173.00M | -106.00M | -108.00M | -123.00M | -452.00M | -298.00M |
Quilter Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £2.42B | 20.48 | 57.35% | 2.44% | 19.27% | 40.49% | |
74 Outperform | £2.47B | 21.20 | 8.39% | 3.46% | 191.46% | ― | |
74 Outperform | £9.07B | 13.30 | 15.55% | 3.76% | 17.81% | 93.71% | |
69 Neutral | £1.28B | 20.24 | 27.60% | 3.11% | 37.79% | 29.03% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.69B | 13.35 | 8.95% | 6.06% | 5.39% | 85.13% | |
61 Neutral | £241.63M | 104.33 | 1.65% | 5.03% | 5.83% | -76.72% |
* Financial Sector Average
GB:QLT
Quilter
185.00
33.58
22.18%
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Quilter Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Quilter lifts assets and profits on record inflows, boosts dividend and buyback
Positive
Aug 6, 2026
Quilter plc reported strong interim results for the first half of 2026, with total assets under management and administration rising 11% since year-end 2025 to £157.4 billion and core net inflows climbing 32% to a record £6.0 billion, eq...
Financial DisclosuresRegulatory Filings and Compliance
Quilter’s interim results cleared in independent review as directors affirm robust reporting
Positive
Aug 6, 2026
Quilter plc reported interim results for the six months to 30 June 2026, with directors confirming that the condensed consolidated financial statements have been prepared in line with IAS 34 and UK regulatory requirements, and present a fair, bala...
Regulatory Filings and Compliance
Quilter Updates Total Voting Rights After Confirming Share Capital
Neutral
Aug 3, 2026
Quilter plc has confirmed that, as of 31 July 2026, it has 1,367,347,382 ordinary shares in issue, each carrying one vote at general meetings, with no shares held in treasury. This update sets the official total voting rights figure for shareholde...
Business Operations and StrategyStock Buyback
Quilter advances dual-market share buyback as it cancels repurchased stock
Positive
Aug 3, 2026
Quilter plc has continued its share buyback programme by purchasing ordinary shares on both the London Stock Exchange and the Johannesburg Stock Exchange through Goldman Sachs International. The company intends to cancel all the repurchased shares...
DividendsRegulatory Filings and Compliance
Quilter Discloses Dividend-Funded Share Purchase by Non-Executive Director
Neutral
Jul 27, 2026
Quilter plc has disclosed a director share transaction involving Non-executive Director Chris Hill, classified as a person discharging managerial responsibilities. The move underscores the company’s adherence to market regulations that requi...
Business Operations and StrategyStock Buyback
Quilter Steps Up Dual-Listed Share Buyback, Shrinks Share Count
Positive
Jul 27, 2026
Quilter plc has continued its share buyback programme with recent repurchases on both the London Stock Exchange and the Johannesburg Stock Exchange, acquiring 75,000 shares in London and 15,000 shares in Johannesburg between 20 and 24 July 2026. T...
Business Operations and StrategyExecutive/Board Changes
Quilter strengthens board with digital and technology expertise in succession revamp
Positive
Jul 21, 2026
Quilter plc has announced a series of board changes as part of its ongoing succession planning, appointing Kal Atwal and Kan Kotecha as independent non-executive directors from 1 September 2026. Atwal will join the Board Remuneration Committee, wh...
Business Operations and StrategyStock Buyback
Quilter Advances Dual-Market Share Buyback, Cancels Repurchased Stock
Positive
Jul 20, 2026
Quilter plc has continued its share buyback programme, repurchasing ordinary shares on both the London Stock Exchange and Johannesburg Stock Exchange over the period 13–17 July 2026. The company stated that all shares purchased in these tran...
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...
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.