New Risk • Jul 02
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €198k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (97% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Significant insider selling over the past 3 months (€198k sold). New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (97% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Declared Dividend • May 24
First half dividend of UK£0.05 announced Shareholders will receive a dividend of UK£0.05. Ex-date: 4th June 2026 Payment date: 26th June 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 25% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 22
First half 2026 earnings released: EPS: UK£0.17 (vs UK£0.12 in 1H 2025) First half 2026 results: EPS: UK£0.17 (up from UK£0.12 in 1H 2025). Revenue: UK£182.5m (up 20% from 1H 2025). Net income: UK£69.2m (up 35% from 1H 2025). Profit margin: 38% (up from 34% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Annonce • May 22
AJ Bell plc Approves Interim Dividend for the Six Months Ended March 31, 2026, Payable on 26 June 2026 AJ Bell plc approved Interim dividend of 5.00 pence per share Six months ended 31 March 2026, up 11% versus prior year (HY25: 4.50 pence), payable on 26 June 2026 to shareholders on the register at the close of business on 5 June 2026. The ex-dividend date will be 4 June 2026. Annonce • Apr 25
Aj Bell plc Announces Board Changes, with Effect from 1 May 2026 AJ Bell, one of the UK's largest investment platforms, announced that Elizabeth G. Chambers (Libby) has been appointed to its Board as an independent non-executive director with effect from 1 May 2026. In line with the Board's succession planning activity, Libby will assume the role of Chair of the Remuneration Committee, subject to regulatory approval. Libby will succeed Margaret Hassall, who will have completed five years' service on the Board.
Libby began her career at Morgan Stanley & Co. She later completed an MBA at Harvard Business School. Following ten years with McKinsey & Company as an associate and later a partner in its Financial Services and Organisation practices, she worked in C-level product, marketing and strategy roles at a number of global companies including Barclays, Barclaycard, Western Union and Bank of America. Libby is currently a non-executive director of Kape Technologies, Wise plc and TSB Bank. She is also Chair of the Remuneration Committee at Wise plc and TSB Bank. Her experience in the wealth management industry includes previous board roles at Evelyn Partners (formerly Tilney Smith & Williamson) and 7IM. Libby was also a non-executive director of Vanquis Banking Group plc and Hastings Group plc (where she also chaired the Remuneration Committee). Annonce • Feb 04
AJ Bell plc Approves Final Dividend for the Financial Year Ended 30 September 2025, Payable on 13 February 2026 AJ Bell plc at the Annual General Meeting held on 4 February 2026 approved declaration of a final dividend for the financial year ended 30 September 2025 of 9.75 pence per ordinary share payable on 13 February 2026. Annonce • Dec 06
AJ Bell plc Proposes Final Dividend for the Year Ended 30 September 2025, Payable on February 13, 2026 AJ Bell plc announced that the board proposed Final dividend of 9.75 pence per share year ended 30 September 2025 (fiscal year 2024: 8.25 pence per share), increasing the total ordinary dividend for the year by 14% to 14.25 pence per share (fiscal year 2024: 12.50 pence per share), the 21st consecutive year of ordinary dividend. The final ordinary dividend will be paid, subject to shareholder approval at AGM on 4 February 2026, to shareholders on the register at the close of business on 15 January 2026. final dividend declared is payable on 13 February 2026 to shareholders on the register on 16 January 2026. The ex-dividend date will be 15 January 2026. Annonce • Dec 05
AJ Bell plc, Annual General Meeting, Feb 04, 2026 AJ Bell plc, Annual General Meeting, Feb 04, 2026. Annonce • Nov 26
AJ Bell plc Announces Board Changes AJ Bell plc announced that Evelyn Bourke, Senior Independent Director, will be stepping down from the Board as a Non-Executive Director of the Company with effect from 4 February 2026 and will therefore not be seeking re-election at the Company's forthcoming AGM. Fiona Fry, Chair of the Risk and Compliance Committee, will take on the role of Senior Independent Director. Annonce • Mar 29
InvestAcc Group Limited (LSE:INAC) agreed to acquire Platinum SIPP and SSAS business of AJ Bell plc from AJ Bell plc (LSE:AJB) for up to £25 million. InvestAcc Group Limited (LSE:INAC) agreed to acquire Platinum SIPP and SSAS business of AJ Bell plc from AJ Bell plc (LSE:AJB) for up to £25 million on March 27, 2025. The Consideration will comprise £18.5 million upon completion; made up of £17.5 million in cash and £1.0 million in new InvestAcc shares, and £6.5 million of deferred consideration in cash, subject to certain conditions. AJ Bell Platinum has 3,600 customers with £3.2 billion of assets under administration which will transfer to InvestAcc on completion. In the year ended 30 September 2024, AJ Bell Platinum contributed £10.0 million to non-platform revenue. On completion of the deal, a profit on disposal of up to £25.0 million less associated transaction costs will be recognised.The disposal proceeds will further strengthen AJ Bell's capital position, which will be flowed through the Company's capital allocation framework. Following an extensive process advised by Rothschild & Co, the Group also announces that a £25.0m committed acquisition facility has been secured from Kartesia. The Facility will be used to finance the Acquisition, with further ability to scale and support the wider Group acquisition strategy in future. Following the Acquisition announcement and the signing of the Business Purchase Agreement, £5.0m of the Facility will be drawn for Acquisition fees and to support the costs associated with the extraction, migration and integration of the Platinum SIPP and SSAS clients ahead of Completion. The transaction is expected to complete in the second half of 2025 following the extraction, migration and integration of the Platinum SIPP and SSAS clients onto InvestAcc's platform.
Fenchurch Advisory Partners is acting as financial adviser to AJ Bell. Annonce • Dec 06
AJ Bell plc, Annual General Meeting, Jan 29, 2025 AJ Bell plc, Annual General Meeting, Jan 29, 2025. Annonce • Oct 11
Aj Bell plc Announces Executive Appointments A J Bell has announced new appointments. The firm has announced the appointment of Ryan Hughes as MD, while Stephen Westgate has been hired as group corporate development director. Hughes was made interim MD late last year. Recent Insider Transactions • Sep 15
Key Executive recently sold €276k worth of stock On the 12th of September, Roger Stott sold around 53k shares on-market at roughly €5.18 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.3m. Roger has been a net seller over the last 12 months, reducing personal holdings by €339k. Annonce • Sep 10
Aj Bell plc Announces Directorate Change AJ Bell announced that Roger Stott, Chief Operating Officer (COO) will be retiring and stepping down as an Executive Director of the Company on 31 December 2024. Roger joined AJ Bell in July 2008 and during his time at the Company has held a range of roles including Group Finance Director and Chief Risk Officer. He was appointed to the Board in the newly created role of COO in August 2021, taking responsibility for the operational aspects of the business. The Chief Financial Officer (CFO), Peter Birch, and Chief Technology Officer, Mo Tagari, will assume the FCA Senior Manager Function responsibilities of the Chief Operations Function (SMF 24) subject to regulatory approval. Peter continues to serve on the Board as an Executive Director having been appointed as CFO in 2022. Recent Insider Transactions • Aug 23
Key Executive recently sold €2.3m worth of stock On the 21st of August, Michael Summersgill sold around 450k shares on-market at roughly €5.22 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Michael has been a net seller over the last 12 months, reducing personal holdings by €3.3m. Annonce • May 26
AJ Bell plc Updates Earnings Guidance for the Fiscal Year 2024 AJ Bell plc updated earnings guidance for the fiscal year 2024. For the year, the company expects, both revenue and profit will be higher than what the company guided back in December. Recent Insider Transactions • May 26
Insider recently sold €235k worth of stock On the 23rd of May, Billy Mackay sold around 51k shares on-market at roughly €4.62 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €527k more than they bought in the last 12 months. Declared Dividend • May 26
First half dividend of UK£0.043 announced Shareholders will receive a dividend of UK£0.043. Ex-date: 6th June 2024 Payment date: 28th June 2024 Dividend yield will be 2.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 29% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • May 25
AJ Bell plc Declares Interim Dividend, Payable on 28 June 2024 The Board of AJ Bell plc has declared an interim dividend of 4.25 pence per share, a 21% increase from prior year (Half year 2023: 3.50 pence per share), equating to 40% of last year's total ordinary dividend. It is payable on 28 June 2024 to shareholders on the register at the close of business on 7 June 2024. The ex-dividend date will be 6 June 2024. Annonce • May 24
AJ Bell plc to Report Fiscal Year 2024 Final Results on Dec 05, 2024 AJ Bell plc announced that they will report fiscal year 2024 final results on Dec 05, 2024 Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.84, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.40 per share. Buy Or Sell Opportunity • Apr 05
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €3.10. The fair value is estimated to be €3.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period. Annonce • Mar 28
AJ Bell plc Announces Directorate Change AJ Bell plc announced that Fiona Fry, a non-executive director of the Company, has received regulatory approval to assume the role of Chair of the Risk and Compliance Committee, succeeding Simon Turner. Fiona will also join the Remuneration Committee. Simon Turner will step down from the Board on 31 March 2024 havingserved as anon-executive director since July 2014. Annonce • Jan 31
AJ Bell plc Approves Final Dividend for the Year Ended September 30, 2023 AJ Bell plc announced at annual general meeting held on January 30, 2024, the shareholders approved final dividend of 7.25 pence per share for the year ended September 30, 2023. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.05, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.06 per share. New Risk • Dec 11
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €271k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (€271k sold). Reported Earnings • Dec 08
Full year 2023 earnings released: EPS: UK£0.17 (vs UK£0.11 in FY 2022) Full year 2023 results: EPS: UK£0.17 (up from UK£0.11 in FY 2022). Revenue: UK£217.3m (up 33% from FY 2022). Net income: UK£68.2m (up 46% from FY 2022). Profit margin: 31% (up from 29% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Dec 07
AJ Bell plc Announces Final Ordinary Dividend, Payable on 30 January 2024 AJ Bell plc announced a final ordinary dividend of 7.25 pence per share, reflecting the financial strength of the business and strong capital position. The final ordinary dividend will be paid, subject to shareholder approval, at our AGM on 30 January 2024, to shareholders on the register at the close of business on 12 January 2024. Annonce • Dec 04
AJ Bell plc Appoints Fiona Fry to Its Board of Directors as an Independent Non-Executive Director, Effective from December 7, 2023 AJ Bell announced that Fiona Fry has been appointed to its Board of Directors as an independent non-executive director with effect from 7 December 2023. Subjectto regulatory approval, Fiona will assume the role of Chair of the Risk and Compliance Committee, succeeding Simon Turner who has completed nine years' service on the Board. Fiona, a chartered accountant and highly experienced risk professional, spent the majority of her career at KPMG where, as a partner, she focused on financial services regulation. Fiona sat on the UK Board of KPMG for six years. She was previously Head of investigations at the Financial Services Authority (now the Financial Conduct Authority). Fiona is currently a non-executive director and Chair of the Risk Committee at Aviva Insurance Limited. Buying Opportunity • Oct 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €3.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Annonce • Oct 19
AJ Bell plc to Report Fiscal Year 2023 Results on Dec 07, 2023 AJ Bell plc announced that they will report fiscal year 2023 results on Dec 07, 2023 Annonce • Oct 06
AJ Bell Appoints Mark Rendle as Product Director AJ Bell has appointed Mark Rendle as its product director for advised platforms, effective this week. Mark moves from his position as head of marketing for AJ Bell Investcentre, with his new role focusing on developing AJ Bell's advised platforms, including AJ Bell Custody Solutions - the white labelled institutional platform. Building on his marketing credentials, Mark will align the well-received events and technical content AJ Bell Investcentre is renowned for with the development of the platform services to deliver maximum value to advisers. Having been with the company for over 15 years, Mark is well placed to utilise his wealth of experience at AJ Bell and in the sector to deliver the propositions advisers need to support their clients and grow their businesses. With advised customer numbers up 10% over the past year and assets under administration (AUA) at a record £47.8 billion, AJ Bell Investcentre is poised to continue supporting the vital role advisers play in ensuring their clients are able to secure the best possible financial future, particularly in the lead up to a general election and changes to fiscal policy in the coming year. Buying Opportunity • Oct 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €3.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 25% in the next 2 years. Board Change • Sep 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Independent & Non-Executive Director Les Platts was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jul 14
AJ Bell plc Appoints Les Platts as Non-Independent Non-Executive Director AJ Bell plc announced as announced when Andy Bell stepped down from the Board in September 2022, it was agreed that whilst he remained a significant shareholder he would retain the right to nominate a non-executive director to represent his interests on the Board. The board announced that this agreement has now been formalised, with the company having entered into a relationship agreement (Relationship Agreement) with Andy under which he is entitled to certain rights, including the nomination of a non-independent non-executive director for appointment to the board for as long as he and his connected persons hold a significant proportion of the company's voting rights. Pursuant to the Relationship Agreement, AJ Bell announced the appointment of Les Platts, who has been nominated by Andy, as a non-independent non-executive director of the company with immediate effect. Les, a former Deloitte senior partner, was the chair of the Company before stepping down at the conclusion of the January 2022 AGM, having then served for more than 9 years on the Board. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Chair Fiona Clutterbuck was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 01
Upcoming dividend of UK£0.035 per share at 2.3% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.0%). Reported Earnings • May 26
First half 2023 earnings released: EPS: UK£0.08 (vs UK£0.051 in 1H 2022) First half 2023 results: EPS: UK£0.08 (up from UK£0.051 in 1H 2022). Revenue: UK£103.1m (up 37% from 1H 2022). Net income: UK£32.8m (up 57% from 1H 2022). Profit margin: 32% (up from 28% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Feb 23
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Peter Birch was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Peter Birch was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 26
Insider recently bought €57k worth of stock On the 20th of January, Kevin Doran bought around 15k shares on-market at roughly €3.92 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €363k more in shares than they bought in the last 12 months. Upcoming Dividend • Jan 12
Upcoming dividend of UK£0.046 per share Eligible shareholders must have bought the stock before 19 January 2023. Payment date: 17 February 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.7%). Annonce • Dec 20
AJ Bell plc, Annual General Meeting, Feb 08, 2023 AJ Bell plc, Annual General Meeting, Feb 08, 2023, at 12:00 Coordinated Universal Time. Location: 4 Exchange Quay, Salford Quays Machester United Kingdom Board Change • Dec 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Peter Birch was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 06
Board Member recently sold €716k worth of stock On the 1st of December, Michael Summersgill sold around 168k shares on-market at roughly €4.27 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €274k more than they bought in the last 12 months. Reported Earnings • Dec 02
Full year 2022 earnings released: EPS: UK£0.11 (vs UK£0.11 in FY 2021) Full year 2022 results: EPS: UK£0.11 (up from UK£0.11 in FY 2021). Revenue: UK£163.1m (up 12% from FY 2021). Net income: UK£46.7m (up 6.7% from FY 2021). Profit margin: 29% (down from 30% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 16% share price gain to €3.72, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 9x in the Capital Markets industry in Germany. Total loss to shareholders of 6.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.57 per share. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 15% share price gain to €3.32, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.65 per share. Buying Opportunity • Sep 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.0%. The fair value is estimated to be €3.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Annonce • Jul 12
Aj Bell Announces Management Changes Citywire Wealth Manager Top 100 star Alena Kosava has joined AJ Bell as head of investment research. Kosava replaces Ryan Hughes, who has been promoted to head of investment partnerships, where he will focus on the company’s managed portfolio service (MPS) for advised clients. She joins after a 14-month stint with Ascot Lloyd’s fund management division, Avellemy, where she worked as head of collectives. She left the business shortly after private equity house Nordic Capital signed a deal to acquire Ascot Lloyd. Before that, she worked as a director of equity and alternative strategies for Tilney Smith & Williamson (now Evelyn Partners). Kosava will analyse AJ Bell’s core investment solutions across the business, including its MPS, its funds and the favourite funds list. She regularly features in Wealth Manager’s Top 100 study into the most influential people in UK fund selection, including the most recent 2021 edition. Hughes (pictured) joined AJ Bell in 2016 as head of investment research, spearheading the launch of its MPS service in the same year. Recent Insider Transactions • Jun 02
Senior Independent Director recently bought €176k worth of stock On the 31st of May, Evelyn Bourke bought around 52k shares on-market at roughly €3.37 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €5.4m more in shares than they have sold in the last 12 months. Reported Earnings • May 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£25.7m from profit in 1H 2021). Profit margin: (down from 35% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 16% compared to a 8.3% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annonce • May 27
AJ Bell plc Declares Interim Dividend for Six-Month Period Ended March 31, 2022 AJ Bell plc announced that he Board has declared an interim dividend of 2.78 pence per share for the six-month period ended March 31, 2022 in line with stated dividend policy. Buying Opportunity • Apr 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be €3.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Recent Insider Transactions • Mar 17
Insider recently bought €119k worth of stock On the 15th of March, Kevin Doran bought around 32k shares on-market at roughly €3.69 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €5.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 17
Insider recently bought €52k worth of stock On the 15th of February, Elizabeth Carrington bought around 14k shares on-market at roughly €3.86 per share. In the last 3 months, there was an even bigger purchase from another insider worth €1.2m. Insiders have collectively bought €5.6m more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 30
Upcoming dividend of UK£0.095 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 04 February 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (2.7%). Recent Insider Transactions • Dec 05
Key Executive recently bought €1.2m worth of stock On the 2nd of December, Andrew Bell bought around 263k shares on-market at roughly €4.45 per share. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of €3.1m worth in shares. Annonce • Dec 05
AJ Bell plc Declares Special Dividend for the Financial Year Ended September 30, 2021 AJ Bell plc announce both an ordinary dividend of 4.50 pence and a special dividend of 5.00 pence per share, which will take the total dividend for the year to 11.96 pence. This will increase the total ordinary dividend for the financial year compared with the prior year by 13% and including the special dividend will represent an increase of 94%. Both the special dividend and the final ordinary dividend will be paid, subject to shareholder approval at AGM on 26 January 2022, to shareholders on the register at the close of business on 7 January 2022. Reported Earnings • Dec 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£0.11 (up from UK£0.095 in FY 2020). Revenue: UK£145.0m (up 15% from FY 2020). Net income: UK£43.8m (up 13% from FY 2020). Profit margin: 30% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 7.3% compared to a 8.2% decline forecast for the industry in Germany. Recent Insider Transactions • Jun 11
Insider recently bought €1.9m worth of stock On the 7th of June, Fergus Lyons bought around 370k shares on-market at roughly €5.17 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €18m more in shares than they bought in the last 12 months. Upcoming Dividend • Jun 03
Upcoming dividend of UK£0.025 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 02 July 2021. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.3%). Reported Earnings • May 29
First half 2021 earnings released: EPS UK£0.063 (vs UK£0.044 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£73.5m (up 22% from 1H 2020). Net income: UK£25.7m (up 44% from 1H 2020). Profit margin: 35% (up from 30% in 1H 2020). The increase in margin was driven by higher revenue. Annonce • May 27
AJ Bell plc Recommends Interim Dividend, Payable on 2 July 2021 The Board of AJ Bell plc has recommended an interim dividend of 2.46 pence per share (HY20: 1.50 pence per share), representing 40% of the fiscal year 2020 total ordinary dividend of 6.16 pence per share, in line with dividend policy. Payable on 2 July 2021 to shareholders on the register at the close of business on 11 June 2021. The ex-dividend date will be 10 June 2021. Recent Insider Transactions • Apr 02
Insider recently bought €495k worth of stock On the 30th of March, Roger Stott bought around 100k shares on-market at roughly €4.95 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €30m more in shares than they bought in the last 12 months. Annonce • Mar 21
AJ Bell plc (LSE:AJB) acquired Adalpha Ltd. AJ Bell plc (LSE:AJB) acquired Adalpha Ltd on March 19, 2021. Adalpha Ltd staff will join AJ Bell plc.
AJ Bell plc (LSE:AJB) completed the acquisition of Adalpha Ltd on March 19, 2021. Annonce • Mar 17
AJ Bell plc Announces Directorate Changes AJ Bell plc announced the appointment of two new Non-executive Directors. Baroness Helena Morrissey DBE has been appointed as a Non-executive Director and, subject to regulatory and shareholder approval, with the intention of her being appointed to succeed Les Platts as Chair at the Company's next Annual General Meeting, which is expected to take place in January 2022. She will join the Board as Chair designate on July 1, 2021. Helena is currently Lead Non-executive Director for the Foreign, Commonwealth and Development Office, reporting to the Foreign Secretary and has recently stepped down as Non-executive Director at St James's Place plc. Previously she was Head of Personal Investing at Legal & General Investment Management and prior to that was Chief Executive at Newton Investment Management for 15 years. In 2010 Helena founded the 30% Club and has played a leading role in improving diversity on the boards of 'UK plc'. Evelyn Bourke has been appointed as Non-executive Director and will also join the Board on July 1, 2021. Evelyn is currently Non-executive Director at Marks & Spencer Group plc and Non-executive Director and Chair of Audit Committee at Bank of Ireland Group plc. She was Chief Executive of Bupa until December 2020 and previously held senior roles at a number of financial services businesses including Friends Provident, Standard Life and Chase de Vere. Is New 90 Day High Low • Mar 10
New 90-day low: €4.64 The company is down 1.0% from its price of €4.68 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.52 per share. Recent Insider Transactions • Jan 23
Insider recently sold €3.2m worth of stock On the 21st of January, Fergus Lyons sold around 604k shares on-market at roughly €5.22 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €31m more than they bought in the last 12 months. Is New 90 Day High Low • Jan 20
New 90-day high: €5.25 The company is up 19% from its price of €4.40 on 22 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.51 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €5.08 The company is up 4.0% from its price of €4.89 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.31 per share. Recent Insider Transactions • Dec 17
Insider recently sold €1.7m worth of stock On the 14th of December, Roger Stott sold around 356k shares on-market at roughly €4.69 per share. In the last 3 months, there was an even bigger sale from another insider worth €2.4m. Insiders have been net sellers, collectively disposing of €54m more than they bought in the last 12 months. Recent Insider Transactions • Dec 05
Insider recently sold €2.4m worth of stock On the 3rd of December, Charles Galbraith sold around 500k shares on-market at roughly €4.83 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €65m more than they bought in the last 12 months. Reported Earnings • Dec 04
Full year 2020 earnings released: EPS UK£0.095 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: UK£125.9m (up 20% from FY 2019). Net income: UK£38.8m (up 28% from FY 2019). Profit margin: 31% (up from 29% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Dec 04
Revenue beats expectations Revenue exceeded analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 3.6%, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Annonce • Dec 04
AJ Bell plc, Annual General Meeting, Jan 27, 2021 AJ Bell plc, Annual General Meeting, Jan 27, 2021. Agenda: To approve final dividend. Is New 90 Day High Low • Oct 21
New 90-day low: €4.46 The company is down 5.0% from its price of €4.71 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.98 per share. Annonce • Oct 02
AJ Bell plc Announces Management Changes AJ Bell has hired a veteran sales manager from Legal & General Investment Management (LGIM) to grow the distribution of its solutions, as it promotes two others within the investment team. Paul Pugh joins the platform as head of strategic accounts within its investment team, after previously holding the position of senior manager strategic alliances at LGIM. Pugh brings more than 20 years’ financial services experience to his new role and previously worked as head of strategic partnerships at Premier Asset Management, helping to develop the firm’s model portfolio service. AJ Bell chief investment officer Kevin Doran said: ‘Our focus from day one has been on offering advisers choice, competitive charges and clear communication. As head of strategic accounts, Paul will be responsible for taking investment solutions into the wider market, with a particular focus on networks and large national practices. Separately, AJ Bell has promoted Mark Gillan to head of product and Tom McGoldrick to passive portfolio analyst. Earlier this week the firm appointed former Hargreaves Lansdown financial analyst Laith Khalaf to work within its communications team. 
