olivLaw · European equity research
Allfunds Group PLC ALLFG.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Allfunds Group is a global B2B multi-product distribution and dealing platform for funds, connecting distributors in the wealth management industry with fund partners. The company reported assets under administration of €1,760bn in 2025, and its expansion into alternatives and ETFs comes as outsourcing and open architecture gain ground.
At the close of 05 Nov 2026, Allfunds Group PLC (ALLFG.AS) stock was 10.02 EUR (+1.26% on the day), with market capitalisation 6.0 bn EUR, P/E 2,569.2 on diluted EPS of 0.00 EUR over the last 12 months, dividend yield 1.31%, beta 0.55, 52-week range 6.26–10.02 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.62 – 10.03
- in the upper half of the band · %B 0.98 · band width 4.2%
- SMA 50 / 200
- 9.43 / 8.76
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.15 / 0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.0% | −0.6% | +6.6 pp | — |
| 3 months | +14.0% | −4.2% | +18.2 pp | — |
| 6 months | +17.1% | +4.3% | +12.7 pp | — |
| Year to date | +24.5% | +7.5% | +17.0 pp | — |
| 1 year | +53.9% | +9.9% | +44.0 pp | +0.3% |
| 3 years | +89.8% | +49.8% | +39.9 pp | +2.2% |
| 5 years | −41.4% | +42.8% | −84.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 2,062.8, median 2,062.8, max 2,062.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -168.5 m | 2.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.28 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | 735.3 m | 227.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.9 bn EUR
- Total assets
- 5.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.19x
- ROE
- 0.1%
- ROA
- 0.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 2.6 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Current assets | 3.0 bn | 3.4 bn | esef· 07 Apr 2026verified |
| Goodwill | 1.0 bn | 908.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 956.4 m | 864.1 m | esef· 07 Apr 2026verified |
| Total assets | 5.1 bn | 5.4 bn | esef· 07 Apr 2026verified |
| Current liabilities | 2.5 bn | 2.9 bn | esef· 15 Apr 2026verified |
| Total liabilities | 3.0 bn | 3.5 bn | esef· 07 Apr 2026verified |
| Equity | 2.0 bn | 1.9 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 600.3 m | — | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 735.7 m | 228.1 m | esef· 15 Apr 2026verified |
| Capex | 385.0 k | 1.0 m | esef· 15 Apr 2026verified |
| Free cash flow | 735.3 m ≈ | 227.1 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -109.0 m | -115.8 m | esef· 15 Apr 2026verified |
| Financing cash flow | -99.0 m | -187.7 m | esef· 15 Apr 2026verified |
| Dividends paid | 57.9 m | 80.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 50.0 m | 80.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 bn EUR
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.04 – 2.43 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.04 – 0.10 (Mid 0.05)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)1.78 – 2.43 (Mid 2.06)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 9,683.5% | 100 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 2,569.2x | 0 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 35.2% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns63/100 · 2/2 factors with a value
- Valuation21/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALLFUNDS GROUP PLC (ALLFG.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 0.1%.
The estimated value range is 0.91–1.26 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.05 EUR, the price of 10.02 EUR leaves a potential of -89.5% (value / price − 1) and a margin of safety of -849.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 9,683.5%
- Payout ratio (FCF): 35.2%
What contradicts it
- P/E (TTM): 2,569.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for ALLFG.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Allfunds Group is a global B2B multi-product distribution and dealing platform for funds, connecting distributors in the wealth management industry with fund partners. The company reported assets under administration of €1,760bn in 2025, and its expansion into alternatives and ETFs comes as outsourcing and open architecture gain ground.
SWOT
Strengths
- Broad distribution network and access to a large universe of funds, supported by global and local execution capabilities 1.
- High profitability margins and high client and distributor retention rates, according to the reported indicators 1.
- A multi-product model linking funds, alternatives and ETFs on one platform 1.
Weaknesses
- The ManCo and WebFG activities were loss-making or diluted margins, which is why the company is divesting them 1.
- The ETF platform is new and its capabilities are still being expanded, which carries execution risk 1.
- Revenue depends on assets under administration, which could fall in periods of market volatility 1.
Opportunities
- Growth in open architecture and outsourcing could bring new distributors and funds onto the platform 1.
- Expansion into Asia and America and the ETF launch open segments not yet covered 1.
- Retail access to private markets through ELTIFs and evergreen funds could increase demand for the alternatives platform 1.
Risks
- Operational and technology riskmedium
Failures of processes, systems or third parties can generate operational losses, and the company has extended its RCSA assessments to integrate ICT risk 1.
- Cybersecurity riskhigh
The company cites an external security rating and SOC monitoring, but any security incident could damage client trust 1.
- Regulatory riskmedium
Compliance requirements, including those on money laundering and fund rules, could raise costs or constrain activity 1.
- Geographic concentration riskmedium
Most distributed assets come from Europe and the UK, which exposes the company to developments in that market 1.
- ETF platform execution risklow
Bringing a new platform into production could face integration difficulties with issuers and distributors 1.
Investment thesis
What would need to be true (bull case)
- If outsourcing and open architecture trends persist, Allfunds could capture a larger share of industry flows 1.
- High margins and high client retention suggest a stable revenue base that could support expansion 1.
- The alternatives and ETF platforms could diversify revenue sources if they develop as planned 1.
What would break the thesis
What to watch
- Flows on the ETF platform after its move into production2026
- Completion of the WebFG and ManCo Luxembourg divestments2026
- Growth of assets in alternatives relative to traditional productsnext annual report
- Client and distributor retention ratesnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Allfunds is a B2B multi-product platform for fund distribution and execution, linking distributors with fund partners worldwide 1. Its model rests on the breadth of its distribution network, global and local execution capabilities and value-added services. In 2025 the company reported assets under administration through its platform of €1,760bn and an adjusted EBITDA margin of 67.9% 1.
During 2025 the company completed a strategic review, initiating the divestment of WebFG and the ManCo Luxembourg business, both classified as non-current assets held for sale under IFRS 5, and restructuring Mainstreet Partners 1. Partnerships with MSCI and Waystone aim to focus the group on synergistic and profitable activities 1.
The ETF platform entered full production mode in early 2026 after a pilot phase in 2025, and is intended to distribute ETFs alongside mutual funds and private market funds 1. The goal is to penetrate the open architecture segment and reach distributors not yet in the Allfunds network 1.
Segments
Mutual funds
The core fund distribution network gives access to what the company describes as the world's largest universe of mutual funds 1. Management says the company sits at the centre of the wealth industry and is well positioned to capture new flows 1.
Alternatives
The alternatives platform offers access to thousands of funds from hundreds of fund partners through a single agreement, using a buy-free model for distributors 1. The company says this segment is growing faster than traditional products and aims to lead the private markets opportunity for wealth clients 1.
Market context
The annual report describes the wealth industry as structurally attractive, driven by ageing populations, rising savings and digitalisation 1. According to market data cited by the company, global financial wealth rose by around 8% in 2024 and is expected to rise by 6% through 2029 1. The share of cross-border funds domiciled in the EU rose from 52% in 2015 to 58% in 2025, and the share of assets outsourced to European B2B fund platforms reached 32% in 2024 1.
Trends
- Open architecturetailwind
Distributors increasingly offer funds from many international fund houses, which supports a neutral platform model 1. If this continues, demand for Allfunds services could grow 1.
- Outsourcing of operationstailwind
Clients are outsourcing back-office, analytics and compliance functions to fund platforms in search of lower operating costs 1. The company views this as a direct opportunity for its model 1.
- Retail access to private marketsmixed
Retail interest in private markets through ELTIFs and evergreen funds opens a growing product category 1. Its development depends on regulation and on actual investor demand 1.
- Macroeconomic uncertaintyheadwind
The report notes that policy uncertainty, geopolitical shocks and commodity price spikes could delay a recovery in capital market flows 1. Such a scenario would affect assets under management 1.
Competitive position
The provided sources do not name the company's direct competitors, so its competitive position is described only through the service categories it claims to offer 1. The advantage it cites lies in the breadth of its network and the integration of execution with value-added services 1.
The company stresses that it defends its position through high client retention, at 97.8% for fund houses and 98.8% for distributors in 2025 1. The question of rivals remains open in the available sources 1.
- European fund platforms and distribution providers
The sources do not name specific competitors; this category covers B2B fund platforms competing for outsourced assets 1.
- Asset managers with proprietary platforms
Such firms can distribute their own products, an alternative to the open architecture offered by Allfunds 1.
- ETF exchanges and platforms
They may compete in ETF distribution and execution, where Allfunds has just launched its platform 1.
- Data and market services providers
The company has entered data and service partnerships, indicating that other providers also operate in this area 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202515 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Allfunds Group PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.