olivLaw · European equity research
Rathbones Group Plc RAT.L
United Kingdom · London Stock Exchange · ISIN GB0002148343 · Vertical: Listed companies from United Kingdom
Rathbones Group Plc is a British wealth management and investment management group serving private clients and financial advisers. Its 2024 annual report shows a group in the middle of integrating Investec Wealth & Investment (UK) (IW&I), which makes internal control and risk management central topics for investors.
At the close of 05 Nov 2026, Rathbones Group Plc (RAT.L) stock was 17.80 GBP (−1.87% on the day), with market capitalisation 1.9 bn GBP, P/E 29.5 on diluted EPS of 0.60 GBP over the last 12 months, dividend yield 353.93%, beta 0.62, 52-week range 15.12–22.65 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 14.78 – 18.49
- in the upper half of the band · %B 0.81 · band width 22.3%
- SMA 50 / 200
- 16.38 / 18.67
- mixed trend
- MACD (12, 26, 9)
- 0.50 / 0.34
- MACD above 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 | +17.7% | −0.6% | +18.4 pp | — |
| 3 months | +4.5% | −4.2% | +8.6 pp | — |
| 6 months | −10.9% | +4.3% | −15.2 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | −1.5% | +9.9% | −11.5 pp | +5.8% |
| 3 years | +14.8% | +49.8% | −35.0 pp | +26.3% |
| 5 years | −13.0% | +42.8% | −55.8 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 67 percentile of its own 3-quarter history (min 25.0, median 27.5, max 34.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 455.9 m | 571.1 m | 895.9 m |
| Revenue YoY | unavailable | +25.3% | +56.9% |
| Net income | 49.0 m | 37.5 m | 65.5 m |
| Net income YoY | unavailable | −23.5% | +74.7% |
| Diluted EPS | 0.82 | 0.51 | 0.60 |
| Diluted EPS YoY | unavailable | −37.7% | +18.9% |
| net % | 10.7% | 6.6% | 7.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.5 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.4 bn GBP
- Total assets
- 4.3 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 455.9 m | 571.1 m | 895.9 m | esef· 21 Aug 2025verified |
| Pre-tax income | 64.1 m | 57.6 m | 99.6 m | esef· 21 Aug 2025verified |
| Income tax | 15.1 m | 20.1 m | 34.1 m | esef· 21 Aug 2025verified |
| Net income | 49.0 m | 37.5 m | 65.5 m | esef· 21 Aug 2025verified |
| Diluted EPS | 0.82 | 0.51 | 0.60 | esef· 21 Aug 2025verified |
| Dividend per share | 0.83 | 24.00 | 63.00 | esef· 21 Aug 2025verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.6 bn | 1.3 bn | 1.5 bn | esef· 21 Aug 2025verified |
| Property, plant & equipment, net | 12.7 m | 16.1 m | 53.2 m | esef· 21 Aug 2025verified |
| Total assets | 3.4 bn | 4.2 bn | 4.3 bn | esef· 21 Aug 2025verified |
| Total liabilities | 2.8 bn | 2.9 bn | 2.9 bn | esef· 21 Aug 2025verified |
| Equity | 634.8 m | 1.4 bn | 1.4 bn | esef· 21 Aug 2025verified |
| Shares outstanding at year end | 58.6 m | 71.3 m | 104.0 m | esef· 21 Aug 2025derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 292.9 m | -89.4 m | 293.6 m | esef· 21 Aug 2025verified |
| Investing cash flow | -302.1 m | -79.9 m | -38.0 m | esef· 21 Aug 2025verified |
| Financing cash flow | -71.7 m | -100.5 m | -99.3 m | esef· 21 Aug 2025verified |
| Dividends paid | 48.6 m | 71.4 m | 56.9 m | esef· 21 Aug 2025verified |
| Share repurchases | 18.6 m | 16.0 m | 22.0 m | esef· 21 Aug 2025verified |
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
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.3% | 43 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 29.5x | 6 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.3% | 61 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial43/100 · 1/3 factors with a value
- Returns· partial61/100 · 1/2 factors with a value
- Valuation· partial6/100 · 1/3 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
RATHBONES GROUP PLC (RAT.L). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 895.9 m GBP in 2024; YoY growth 56.9%; net margin 7.3%; ROE 4.8%.
The estimated value range is 312.41–386.96 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 345.88 GBP, the price of 17.80 GBP leaves a potential of 1,843.2% (value / price − 1) and a margin of safety of 94.9% (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 (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- P/E (TTM): 29.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| RAT.LRathbones Group PLC | 1.9 bn | 29.5 | 4.8% | 7.3% | +56.9% | −4% / +12% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for RAT.L 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.13 Total return -29% · Per year -29% | 21.35 Total return 24% · Per year 24% | 32.03 Total return 85% · Per year 85% |
| 3 years | 14.39 Total return -9% · Per year -3% | 28.24 Total return 73% · Per year 20% | 46.12 Total return 177% · Per year 40% |
| 5 years | 17.07 Total return 14% · Per year 3% | 37.34 Total return 137% · Per year 19% | 66.41 Total return 309% · Per year 33% |
- Exit P/E± 7.06
- Net margin± 4.94
- Annual revenue growth± 3.69
- Annual dilution± 0.42
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
Rathbones Group Plc is a British wealth management and investment management group serving private clients and financial advisers. Its 2024 annual report shows a group in the middle of integrating Investec Wealth & Investment (UK) (IW&I), which makes internal control and risk management central topics for investors 1.
SWOT
Strengths
- The group has a well-structured governance framework with dedicated audit and risk committees, and internal audit was assessed as conforming to the highest available professional standards 1.
- The internal audit function has direct access to the executive team, which helps avoid duplication of activities 1.
- The non-audit services policy applies clear caps, which supports the independence of the external auditor 1.
Weaknesses
- The IW&I integration adds operational complexity and requires controls to be maintained through the change 1.
- The report notes that the share of non-audit services in auditor fees was high in 2024, which requires attention from the committee 1.
- The group's performance depends on investment markets, which makes revenues vulnerable to market declines 1.
Opportunities
Risks
- IW&I integration riskhigh
Integration of the IW&I business could affect internal controls and the delivery of synergies if processes are not aligned in time 1.
- Market riskhigh
The group's revenues depend on investment market developments, and declines could reduce revenues and assets under management 1.
- Conduct and client riskmedium
Inappropriate conduct or poor client outcomes could have a material impact on reputation, and the board has very low appetite for such events 1.
- Operational and cyber riskmedium
Process or systems failures, or cyber threats, could affect the operational resilience of important business services 1.
- Regulatory riskmedium
Changes in the regulatory framework, including Consumer Duty, could impose additional compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If the IW&I integration is completed as planned and synergies materialise, the group could benefit from a more efficient cost base and a broader offer.
- A solid governance and control framework, with high-rated internal audit, could support confidence among clients and regulators.
- If investment markets develop favourably, revenues from asset management could grow.
What would break the thesis
- The IW&I integration is complex; delays or control problems could affect results and investor confidence.
- Revenues are sensitive to markets, and a prolonged decline could reduce assets under management and revenues.
- Regulatory requirements and competitive pressure from digital platforms could erode margins.
What to watch
- Progress of the IW&I integration and delivery of synergies2025
- Trend in non-audit fees relative to auditor feesnext annual report
- Implementation of Consumer Duty and client outcomes2025
- Preparation for the external audit tender2029
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
From the available documents, Rathbones operates as a financial services group offering investment management, administration and funds to private clients and advisers, with a governance structure built around the board, the audit committee and the Group Risk Committee 1. The group was expanded through the combination with IW&I in 2023, and the 2024 report highlights the challenges of integration. The sources provided do not detail revenue or assets under management figures, so these aspects cannot be assessed from this material.
Segments
Investment management for clients
Investment management, including funds and client services, is the most visible activity in the annual report and is subject to controls across the three lines of defence and the ISAE3402 reporting 1.
Adviser services and IW&I integration
Integration of the IW&I business, including platforms and risk processes, is an ongoing project, and the audit committee monitors the maintenance of controls during integration 1.
Market context
The sources show that the group's performance is sensitive to fluctuations in investment markets, and the board maintains a relatively low appetite for risk 1. The material provided does not contain data on market size or the group's market share.
Trends
- Consumer Dutymixed
Consumer Duty regulatory requirements were a major focus in 2024, with an embedding plan and a first dedicated report; they could influence client processes and compliance costs 1.
- IW&I integration and synergiestailwind
If the synergies expected from the combination with IW&I are realised, they could support margins; the audit committee is tracking their measurement and delivery 1.
- Regulatory pressure and internal controlheadwind
Growing requirements for controls reporting under the Corporate Governance Code could increase the administrative burden 1.
- Digitalisation and the digital programmemixed
The digital programme and systems integration are monitored by the risk committee; their results could influence operational efficiency 1.
Competitive position
The material provided, consisting of the audit and risk committee reports, does not explicitly name the group's competitors. From context, competition comes from other wealth managers and investment managers serving private clients and financial advisers in the United Kingdom.
- Other British wealth managers
Competitors with similar offers for private clients and advisers; the sources do not name them.
- Investment managers with adviser platforms
Firms competing on services for financial advisers; the sources do not list them.
- Private banks and wealth divisions
Banking institutions with wealth management divisions offering comparable services to high-net-worth clients.
- Digital investment platforms
Digital providers competing on lower costs and online experience; the sources do not identify them.
News & filings
In the press
- Rathbones Warms to Longer UK Gilts on Bets for Budget DisciplineBloomberg Markets · 23 Oct 2026 · EN
- Invesco and Rathbones Cut Gilts on UK Exposure to Politics, OilBloomberg Markets · 28 Jul 2026 · EN
- Rathbones Cut Gilt Exposure in Case Burnham ‘Does a Truss’Bloomberg Markets · 14 Jul 2026 · EN
- Rathbones Shares Plunge on £60 Million Hit From FCA ReviewBloomberg Markets · 16 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202421 Aug 2025
- Annual report 202328 May 2024
- Annual report 202228 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Rathbones Group Plc · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.