olivLaw · European equity research
Ninety One plc N91.L
United Kingdom · London Stock Exchange · ISIN GB00BJHPLV88 · Vertical: Listed companies from United Kingdom
Ninety One plc is an active asset manager with roots in South Africa and a strong focus on emerging markets and international investing. In fiscal 2026 its assets under management rose after the take-on of assets from Sanlam, and profitability increased amid volatile markets and pressure on fees. Closing assets under management of £171.8 billion and adjusted operating profit of £211.3 million frame the company at the end of the reported period.
At the close of 05 Nov 2026, Ninety One plc (N91.L) stock was 2.04 GBP (−0.68% on the day), with market capitalisation 1.8 bn GBP, P/E 11.9 on diluted EPS of 0.17 GBP over the last 12 months, dividend yield 6.41%, beta 0.98, 52-week range 1.96–2.59 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 1.96 – 2.07
- in the upper half of the band · %B 0.73 · band width 5.3%
- SMA 50 / 200
- 2.06 / 2.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −0.6% | −0.6% | +0.1 pp | — |
| 3 months | −8.1% | −4.2% | −3.9 pp | — |
| 6 months | −7.2% | +4.3% | −11.5 pp | — |
| Year to date | −5.6% | +7.5% | −13.1 pp | — |
| 1 year | −8.9% | +9.9% | −18.8 pp | +5.8% |
| 3 years | +24.4% | +49.8% | −25.5 pp | +26.3% |
| 5 years | −19.6% | +42.8% | −62.4 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 8.4, median 9.3, max 13.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | 697.8 m | 700.0 m | 763.3 m |
| Revenue YoY | unavailable | unavailable | +0.3% | +9.0% |
| Net income | unavailable | 163.9 m | 150.1 m | 153.5 m |
| Net income YoY | unavailable | unavailable | −8.4% | +2.3% |
| Diluted EPS | unavailable | 0.18 | 0.17 | 0.17 |
| Diluted EPS YoY | unavailable | unavailable | −6.0% | −0.6% |
| net % | unavailable | 23.5% | 21.4% | 20.1% |
| Free cash flow | unavailable | 169.3 m | 314.0 m | 165.3 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 434.4 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 702.6 m GBP
- Total assets
- 14.9 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.03x
- ROE
- 28.5%
- ROA
- 1.1%
- FCF margin
- 21.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 697.8 m | 700.0 m | 763.3 m | esef· 21 Jul 2026verified |
| Operating income | — | 202.6 m | 188.3 m | 195.5 m | esef· 21 Jul 2026verified |
| Pre-tax income | — | 216.8 m | 204.3 m | 207.5 m | esef· 21 Jul 2026verified |
| Income tax | — | 52.9 m | 54.2 m | 54.0 m | esef· 21 Jul 2026verified |
| Net income | — | 163.9 m | 150.1 m | 153.5 m | esef· 21 Jul 2026verified |
| Diluted EPS | — | 0.18 | 0.17 | 0.17 | esef· 21 Jul 2026verified |
| Dividend per share | 0.07 | 0.13 | 0.12 | 0.13 | esef· 21 Jul 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 375.3 m | 386.6 m | 434.4 m | esef· 21 Jul 2026verified |
| Receivables | — | 230.1 m | 219.0 m | 264.3 m | esef· 21 Jul 2026verified |
| Current assets | — | 10.9 bn | 12.0 bn | 14.4 bn | esef· 21 Jul 2026verified |
| Property, plant & equipment, net | — | 21.3 m | 21.2 m | 23.8 m | esef· 21 Jul 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 293.5 m | esef· 21 Jul 2026verified |
| Total assets | — | 11.1 bn | 12.2 bn | 14.9 bn | esef· 21 Jul 2026verified |
| Accounts payable | — | 272.8 m | 273.3 m | 331.5 m | esef· 21 Jul 2026verified |
| Current liabilities | — | 10.6 bn | 11.7 bn | 14.0 bn | esef· 21 Jul 2026verified |
| Equity | 349.9 m | 367.6 m | 373.6 m | 702.6 m | esef· 21 Jul 2026verified |
| Shares outstanding at year end | — | 890.8 m | 872.7 m | 877.1 m | esef· 21 Jul 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 171.8 m | 318.4 m | 172.4 m | esef· 21 Jul 2026verified |
| Capex | — | 2.5 m | 4.4 m | 7.1 m | esef· 21 Jul 2026verified |
| Free cash flow | — | 169.3 m ≈ | 314.0 m ≈ | 165.3 m ≈ | esef· 21 Jul 2026derived |
| Investing cash flow | — | -4.4 m | -7.8 m | 9.5 m | esef· 21 Jul 2026verified |
| Financing cash flow | — | -163.8 m | -165.4 m | -165.0 m | esef· 21 Jul 2026verified |
| Dividends paid | — | 115.8 m | 107.2 m | 114.8 m | esef· 21 Jul 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn GBP
Key indicators
Coverage and freshness
Score by group
46% · 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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 20.1% | 74 (vs peers) | 14% |
| FCF conversion · Quality | 107.7% | 100 (on a fixed band) | 14% |
| 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 | 1.0x | 19 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 11.9x | 72 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 6.4% | 92 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 69.4% | 72 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial19/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns84/100 · 2/2 factors with a value
- Valuation85/100 · 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
NINETY ONE PLC (N91.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 763.3 m GBP in 2026; YoY growth 9.0%; net margin 20.1%; ROE 28.5%.
The estimated value range is 1.61–2.28 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.94 GBP, the price of 2.04 GBP leaves a potential of -4.8% (value / price − 1) and a margin of safety of -5.1% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 20.1%
- FCF conversion: 107.7%
- P/E (TTM): 11.9x
- FCF yield: 9.2%
- Shareholder yield (distributions): 6.4%
- Payout ratio (FCF): 69.4%
What contradicts it
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| N91.LNinety One PLC | 1.8 bn | 11.9 | 28.5% | 20.1% | +9.0% | −5% / +19% |
| 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 N91.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 | 1.29 Total return -31% · Per year -31% | 2.28 Total return 19% · Per year 19% | 3.43 Total return 76% · Per year 76% |
| 3 years | 1.37 Total return -16% · Per year -6% | 2.71 Total return 56% · Per year 16% | 4.46 Total return 148% · Per year 35% |
| 5 years | 1.45 Total return -0% · Per year -0% | 3.22 Total return 101% · Per year 15% | 5.79 Total return 241% · Per year 28% |
- Exit P/E± 0.68
- Net margin± 0.47
- Annual revenue growth± 0.37
- Annual dilution± 0.04
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
Ninety One plc is an active asset manager with roots in South Africa and a strong focus on emerging markets and international investing. In fiscal 2026 its assets under management rose after the take-on of assets from Sanlam, and profitability increased amid volatile markets and pressure on fees. Closing assets under management of £171.8 billion 1 and adjusted operating profit of £211.3 million 1 frame the company at the end of the reported period.
SWOT
Strengths
- Investment performance is solid over the long term, with a high share of assets outperforming benchmarks over longer periods 1.
- Employee share ownership aligns the interests of staff with those of clients and shareholders 1.
- The capital light model and a regulatory capital surplus provide financial flexibility 1.
Weaknesses
Opportunities
- Institutional interest in emerging markets and in diversifying away from US equities could expand demand for the company's expertise 1.
- The Sanlam partnership, with preferred access to its South African distribution network, offers a route to expand in the local savings market 1.
- Investment in artificial intelligence and technology could improve operational efficiency and the product offer 1.
Threats
- Geopolitical tensions and regional conflicts could produce high volatility and reduce assets under management 1.
- Pressure on fees and intense competition could reduce margins if not offset by performance 1.
- Changes in trade policy and the global economic order could affect demand for emerging market strategies 1.
Risks
- Market and geopolitical volatilityhigh
A prolonged regional conflict could affect energy markets, shipping and the value of assets under management, with a direct effect on fees 1.
- Pressure on feeshigh
A continued decline in the average management fee rate could reduce revenue even if asset volumes grow 1.
- Dependence on Sanlammedium
The strategic relationship with Sanlam runs for 15 years, but concentration on a single distribution partner could create exposure if the relationship changes 1.
- Concentration in South African strategiesmedium
Net outflows from South African multi-asset and equity strategies show the sensitivity of the local segment to market conditions 1.
- Technology and cybersecurity risklow
Integrating artificial intelligence and new investment platforms could expose the company to digital security and implementation risks 1.
Investment thesis
What would need to be true (bull case)
- If interest in emerging markets and active management continues to return, the company could benefit from higher demand for its specialist expertise 1.
- Long-term investment performance and a capital light model could support profit growth over time 1.
- The Sanlam partnership could extend access to South African savings, if distribution develops as planned 1.
What would break the thesis
- If pressure on fees intensifies, margins could fall even while managed assets grow 1.
- Geopolitical volatility could reduce asset values and delay capital inflows into the company's strategies 1.
- Demand for emerging market and active strategies remains below historic levels, which could limit short-term growth 1.
What to watch
- Trend in net inflows and outflows by asset class and regionQ1 2027
- Average management fee rate and pressure on pricing2027
- Effects of the Sanlam integration on assets and South African distributionnext 10-K
- Investment performance over one, three and five year horizons2027
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
Ninety One is a global asset manager that develops active investment capabilities, delivers them to institutional and advisor clients and reinvests in the business. Revenue comes mainly from management fees calculated as a percentage of assets managed, and to a smaller extent from performance fees on a limited number of strategies. The model is described as capital light, with an emphasis on talent and an owner culture in which employees hold a significant share of the stock 1.
The business was founded in South Africa in 1991 and has a strong presence in emerging markets. The company organised its activity into three opportunity sets: international public markets, Southern Africa and private markets 1. The strategic relationship with Sanlam, over 15 years, made the company Sanlam's primary active investment manager for single-managed products 1.
The financial structure is relatively capital light, with an estimated capital surplus that supports the dividend policy and share buybacks. The company holds high liquidity in cash and cash equivalents, and staff costs make up most of the expense base 1.
Segments
Equities and fixed income
Equities were the main driver of net inflows in fiscal 2026, particularly into global strategies and natural resources, followed by fixed income, mainly through blended strategies 1. Emerging market corporate strategies saw net outflows in part, and South African multi-asset strategies had outflows across the year 1.
Alternatives and the South African fund platform
Alternatives generated net inflows, particularly into developed market credit strategies, and the South African fund platform saw net inflows during the year 1. Asia Pacific, including the Middle East, was the largest contributor to net inflows 1.
Geographic regions
By region, Asia Pacific had the largest net inflows, Europe was supported by natural resources and emerging market equity strategies, and Africa recorded outflows driven by South African multi-asset and equity strategies 1.
Market context
Global equity markets were positive for much of fiscal 2026, supported by resilient growth and a broadening of market leadership beyond large technology companies. Emerging market equities had strong relative performance against the S&P 500, and investors partly rotated toward value, natural resources and international markets 1. Geopolitical tensions in the Middle East produced high volatility, and the company anticipates a partial recovery in markets over the coming year 1.
The active management market remains highly competitive, with constant pressure on fees. Demand for emerging market and active strategies is still below historic levels, but management believes large institutional interest in emerging markets and active management is returning 1.
Trends
- Return of emerging marketstailwind
Large institutional investors have brought emerging markets back into their analysis to diversify concentrated exposure to US equities. This favours Ninety One's specialist capabilities, but demand remains below historic levels 1.
- Relevance of active managementtailwind
Wider dispersion of returns and corporate cash flows suggests active management is becoming relevant again, which could support inflows into the company's strategies 1.
- Pressure on feesheadwind
Fee pressure has not abated and competitive intensity across the industry continues to increase. The reduction in the average management fee rate has lowered revenue per unit of assets 1.
- Geopolitical volatility and technologymixed
Regional conflicts and supply chain disruption have increased volatility, while technology and artificial intelligence are changing the industry model. The effect is mixed: uncertainty rises, but it can support differentiation through active investing and efficiency 1.
Competitive position
Ninety One competes with other global asset managers that offer active equity, fixed income and alternative strategies. Fee pressure and intense industry competition are factors that could affect the company's position over the long term 1.
- Other global asset managers
Competitors in active equity, fixed income and alternative strategies, particularly in emerging and international markets, according to the context the company describes 1.
- South African active managers
Competitors in the South African multi-asset and equity fund segment, where the company recorded outflows in fiscal 2026 1.
- Financial services groups with distribution platforms
Players competing for access to distribution channels in South Africa, an important channel for the company's growth 1.
- Digital investment platforms
New entrants that could change how financial services are consumed, and the company has set up a dedicated digital finance unit for this segment 1.
News & filings
In the press
- Ninety One’s Borbora-Sheen Is Betting Bond Markets Warm to WarshBloomberg Markets · 14 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202621 Jul 2026
- Annual report 202621 Jul 2026
- Annual report 202515 Jul 2025
- Annual report 202415 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Ninety One plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.