olivLaw · European equity research
St. James's Place plc STJ.L
United Kingdom · London Stock Exchange · ISIN GB0007669376 · Vertical: Listed companies from United Kingdom
St. James's Place is a UK advice-led wealth manager that builds its business on financial advice delivered through a network of partner advisers. In 2025 the company launched its new simple, comparable charging structure and said that from 2026 it intends to return 70% of its full-year Underlying cash result to shareholders.
At the close of 05 Nov 2026, St. James's Place plc (STJ.L) stock was 11.37 GBP (−0.70% on the day), with market capitalisation 6.0 bn GBP, P/E 11.5 on diluted EPS of 0.99 GBP over the last 12 months, dividend yield 1.59%, beta 1.16, 52-week range 10.20–15.53 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)
- 60.4
- strong (55–70)
- Bollinger (20, 2)
- 10.12 – 11.43
- in the upper half of the band · %B 0.95 · band width 12.2%
- SMA 50 / 200
- 10.92 / 11.97
- mixed trend
- MACD (12, 26, 9)
- 0.09 / 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 | +9.5% | −0.6% | +10.1 pp | — |
| 3 months | +1.7% | −4.2% | +5.9 pp | — |
| 6 months | −8.1% | +4.3% | −12.5 pp | — |
| Year to date | −17.9% | +7.5% | −25.4 pp | — |
| 1 year | −14.5% | +9.9% | −24.4 pp | +6.7% |
| 3 years | +72.8% | +49.8% | +23.0 pp | +24.8% |
| 5 years | −29.5% | +42.8% | −72.4 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 0 percentile of its own 2-quarter history (min 12.0, median 13.0, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -10.1 m | 398.4 m | 531.1 m |
| Net income YoY | unavailable | unavailable | +33.3% |
| Diluted EPS | -0.02 | 0.73 | 0.99 |
| Diluted EPS YoY | unavailable | unavailable | +36.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 7.4 m | -658.0 m | 1.1 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.2 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.5 bn GBP
- Total assets
- 224.9 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 38.6%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 17.3 m | 36.4 m | 28.9 m | esef· 18 Mar 2026verified |
| Pre-tax income | 439.6 m | 1.0 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Income tax | 449.5 m | 650.7 m | 803.8 m | esef· 18 Mar 2026verified |
| Net income | -10.1 m | 398.4 m | 531.1 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.02 | 0.73 | 0.99 | esef· 18 Mar 2026verified |
| Dividend per share | 0.52 | 0.14 | 0.18 | esef· 18 Mar 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.2 bn | 5.7 bn | 6.2 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 153.1 m | 134.0 m | 122.3 m | esef· 18 Mar 2026verified |
| Goodwill | 33.6 m | 23.3 m | 18.5 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 36.0 m | 15.5 m | 8.1 m | esef· 18 Mar 2026verified |
| Total assets | 172.3 bn | 194.9 bn | 224.9 bn | esef· 18 Mar 2026verified |
| Total liabilities | 171.3 bn | 193.6 bn | 223.4 bn | esef· 18 Mar 2026verified |
| Equity | 983.5 m | 1.3 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 561.1 m | 545.8 m | 531.6 m | esef· 18 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 18.6 m | -654.4 m | 1.1 bn | esef· 18 Mar 2026verified |
| Capex | 11.2 m | 3.6 m | 1.1 m | esef· 18 Mar 2026verified |
| Free cash flow | 7.4 m ≈ | -658.0 m ≈ | 1.1 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -35.2 m | -18.3 m | -8.4 m | esef· 18 Mar 2026verified |
| Financing cash flow | -209.5 m | 132.3 m | -535.5 m | esef· 18 Mar 2026verified |
| Dividends paid | 289.6 m | 76.6 m | 96.3 m | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 33.1 m | 189.2 m | esef· 18 Mar 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% 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 GBP
Key indicators
Coverage and freshness
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 200.7% | 100 (on a fixed band) | 18% |
| 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 | 11.5x | 74 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 9.0% | 100 (on a fixed band) | 12% |
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· partial100/100 · 1/3 factors with a value
- Returns80/100 · 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
ST. JAMES'S PLACE PLC (STJ.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 38.6%.
The estimated value range is 11.70–21.19 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.16 GBP, the price of 11.37 GBP leaves a potential of 33.3% (value / price − 1) and a margin of safety of 25.0% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 200.7%
- P/E (TTM): 11.5x
- FCF yield: 17.6%
- Payout ratio (FCF): 9.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · 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 | |
|---|---|---|---|---|---|---|
| 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% |
| 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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 STJ.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
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
St. James's Place is a UK advice-led wealth manager that builds its business on financial advice delivered through a network of partner advisers. In 2025 the company launched its new simple, comparable charging structure and said that from 2026 it intends to return 70% of its full-year Underlying cash result to shareholders 1.
SWOT
Strengths
- The company presents itself as a leading advice-led wealth manager with a large adviser network and a recognised training academy 1.
- Adviser retention remains high, and the new charging structure ties income to the full service provided to the client 1.
- The planned return of 70% of the full-year Underlying cash result to shareholders from 2026 shows discipline in capital allocation 1.
Weaknesses
- Results depend on the value of funds under management, so a fall in markets or client retention would quickly show up in revenue 1.
- The company went through a major change to its charging structure and internal organisation, which created operational and people risks 1.
- Employee engagement fell in 2025 compared with the prior year, which could point to strain during the period of change 1.
Opportunities
- Large sums of uninvested cash in the UK could be redirected into investments through advice, if the company persuades clients to invest 1.
- The advice gap leaves many adults without access to regulated advice, which could open new client segments 1.
- Reducing the addressable cost base could free resources for strategic investment in advisers and products 1.
Threats
- Tax and pension uncertainties could shape client decisions and reduce the volume of new investment 1.
- Higher regulatory pressure, including on advice quality and evidencing client outcomes, could bring additional costs 1.
- Cyber and geopolitical risks have intensified, and a major incident could affect client trust and operations 1.
Risks
- Advice quality and conducthigh
If the quality or suitability of advice falls short of required standards, the company could face complaints, regulatory scrutiny and reputational damage 1.
- Client proposition performancemedium
Weak investment performance or product design could erode client confidence and the volume of funds under management 1.
- Operational change riskmedium
Implementing the new charging structure and internal reorganisation could lead to errors, delays and pressure on staff 1.
- Financial and market riskmedium
Adverse movements in investment markets or rising expenses could reduce profitability and reported results 1.
- Cyber securityhigh
Cyber threats have increased, and a security breach could affect client data and the continuity of operations 1.
Investment thesis
What would need to be true (bull case)
- Its position as the largest advice-led wealth manager in the UK and its adviser network could support growth in funds under management over the long term 1.
- If cost reduction and the new charging structure deliver the expected results, the group's margin could improve 1.
- The policy of returning 70% of the Underlying cash result to shareholders from 2026 could support total investor returns if profitability holds 1.
What would break the thesis
- Revenue is tied to the value of funds under management, so a market decline or client withdrawals could quickly affect results 1.
- Changing the charging model and reorganising internally could bring additional costs and execution risk 1.
- Regulatory pressure and tax and pension uncertainty could limit new client growth and raise compliance costs 1.
What to watch
- First-quarter new business flows and adviser retention after the new charging structure launchQ1 2027
- Progress of the addressable cost reduction programme and reinvestment of the savings2027
- Actual shareholder payouts in 2026 against the 70% of Underlying cash result targetnext 10-K
- Trend in employee engagement and core UK retention after the reorganisationnext 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
The group operates as an advice-led wealth manager in which clients invest through a network of advisers called the Partnership. Revenue depends on the value of funds under management, so attracting new clients, retaining existing investments and investment performance are the key factors 1. The company describes its financial model as simple: when clients choose to invest with SJP, its funds under management grow 1.
From late August 2025 the company implemented its simple, comparable charging structure, which replaces the previous model based mainly on ongoing product charges. Under the new structure the company earns a margin on each part of the holistic service: financial advice, products and fund management 1.
The company redefined its purpose and strategy in 2024 and completed a new organisational design in 2025 aimed at reducing its addressable cost base. Management described the first phase of the strategy as Strengthen, followed by the Amplify phase 1.
Segments
Partnership and the BSP proposition
The business sale and purchase (BSP) proposition supports partner advisers from recruitment to retirement by matching buyers and sellers within the Partnership, facilitating fair valuations and arranging financing for transactions 1. Adviser retention in 2025 was 91% compared with 92% in 2024 1.
Financial Adviser Academy
The company describes its Academy as the largest and most comprehensive financial adviser training scheme in the UK. It says it has trained over 50% of those across the industry in their first year as financial advisers, which shows its role in recruitment 1.
Asset and investment management
Group income is linked to the value of funds under management, so investment performance directly influences financial results. The annual report indicates that favourable investment performance and growth in new business contributed to an improved financial result in 2025 1.
Market context
The UK wealth management market is large and growing: invested assets are put at £3.5 trillion and cash savings at £2.1 trillion, with a total expected to grow about 6% a year to 2030 1. The company identifies three gaps: an investment gap, an advice gap and a retirement savings gap 1.
The UK has a shortfall in financial advisers, and demand for advice is rising amid geopolitical and macroeconomic uncertainty, a proliferation of investment information and tax and pension complexity 1. The company presents itself as the largest provider of advice-led wealth management in the UK 1.
Trends
- Financial advice gaptailwind
Only a small share of UK adults receive regulated financial advice, which creates scope for an adviser-led model if client numbers grow 1.
- Cash savingstailwind
UK household cash savings remain large, and redirecting part of them into investments could support growth in funds under management 1.
- Inflation and household pressureheadwind
Inflation has eased from earlier peaks, but forecasts indicate it will keep tracking above the government's 2% target, which could strain client budgets and investment decisions 1.
- Regulatory and tax changesmixed
Regulatory expectations are evolving and wide-ranging tax and pension uncertainties could influence client decisions, creating both risks and opportunities for advisers 1.
Competitive position
The company positions itself as the largest advice-led wealth manager in the UK, but the market also includes other asset managers, investment platforms and savings product providers. The available sources do not name direct competitors, so the competitive analysis is limited to the position described by the company 1.
The company's claimed advantage lies in its integrated model of advice, products and fund management, together with its partner network and Academy. If competitors were to replicate these elements, the relative advantage could narrow 1.
- Other UK asset managers and investment platforms
The sources do not name specific competitors; the group describes only the broader wealth management market and the cash savings that could be invested 1.
- Independent financial advice providers
Competition for clients may come from other advice providers, given the shortfall of qualified advisers noted in the report 1.
- Banks and cash savings providers
Savings held in bank accounts and cash products form a large part of the market the company is trying to attract into investments 1.
- Pension and savings product providers
The shift from defined benefit to defined contribution pensions creates competition for clients' retirement savings 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202411 Mar 2025
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / St. James's Place 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.