Ninety One Group

LSE:N91 Stock Report

Market Cap: UK£1.5b

Ninety One Group Valuation

Is N91 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of N91 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: N91 (£1.61) is trading below our estimate of fair value (£2.06)

Significantly Below Fair Value: N91 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for N91?

Key metric: As N91 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for N91. This is calculated by dividing N91's market cap by their current earnings.
What is N91's PE Ratio?
PE Ratio8.9x
EarningsUK£163.90m
Market CapUK£1.46b

Price to Earnings Ratio vs Peers

How does N91's PE Ratio compare to its peers?

The above table shows the PE ratio for N91 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.8x
EMG Man Group
9.5x15.0%UK£2.4b
LWDB Law Debenture
8.3xn/aUK£1.2b
ASHM Ashmore Group
12.1x-4.8%UK£1.1b
PHLL Petershill Partners
9.5x38.3%UK£2.6b
N91 Ninety One Group
8.9x2.0%UK£1.5b

Price-To-Earnings vs Peers: N91 is good value based on its Price-To-Earnings Ratio (8.9x) compared to the peer average (9.8x).

Price to Earnings Ratio vs Industry

How does N91's PE Ratio compare vs other companies in the GB Capital Markets Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PNIX Phoenix Digital Assets
1.1xn/aUS$32.25m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
APQ APQ Global
0.4xn/aUS$5.78m
No more companies available in this PE range
N91 8.9xIndustry Avg. 12.1xNo. of Companies16PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: N91 is good value based on its Price-To-Earnings Ratio (8.9x) compared to the UK Capital Markets industry average (12.2x).

Price to Earnings Ratio vs Fair Ratio

What is N91's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

N91 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.9x
Fair PE Ratio14.3x

Price-To-Earnings vs Fair Ratio: N91 is good value based on its Price-To-Earnings Ratio (8.9x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst N91 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.61
UK£1.77
+9.9%
11.0%UK£2.15UK£1.57n/a7
Nov ’25UK£1.67
UK£1.81
+8.1%
10.5%UK£2.15UK£1.57n/a7
Oct ’25UK£1.76
UK£1.78
+1.2%
11.0%UK£2.15UK£1.55n/a7
Sep ’25UK£1.65
UK£1.78
+7.6%
11.0%UK£2.15UK£1.55n/a7
Aug ’25UK£1.70
UK£1.78
+4.4%
11.0%UK£2.15UK£1.55n/a7
Jul ’25UK£1.70
UK£1.78
+4.6%
11.5%UK£2.15UK£1.50n/a7
Jun ’25UK£1.70
UK£1.84
+8.3%
9.9%UK£2.15UK£1.60n/a6
May ’25UK£1.73
UK£1.84
+6.7%
9.9%UK£2.15UK£1.60n/a6
Apr ’25UK£1.71
UK£1.82
+6.6%
10.7%UK£2.15UK£1.60n/a6
Mar ’25UK£1.66
UK£1.82
+9.4%
10.7%UK£2.15UK£1.60n/a6
Feb ’25UK£1.74
UK£1.82
+4.6%
10.7%UK£2.15UK£1.60n/a6
Jan ’25UK£1.84
UK£1.80
-2.2%
12.3%UK£2.15UK£1.55n/a6
Dec ’24UK£1.72
UK£1.76
+2.1%
12.0%UK£2.15UK£1.55n/a6
Nov ’24UK£1.60
UK£1.77
+10.7%
12.6%UK£2.15UK£1.50UK£1.676
Oct ’24UK£1.71
UK£1.79
+4.7%
13.1%UK£2.15UK£1.50UK£1.766
Sep ’24UK£1.71
UK£1.81
+5.9%
14.0%UK£2.15UK£1.50UK£1.655
Aug ’24UK£1.68
UK£1.81
+7.5%
14.0%UK£2.15UK£1.50UK£1.705
Jul ’24UK£1.68
UK£1.86
+10.6%
16.4%UK£2.25UK£1.50UK£1.705
Jun ’24UK£1.67
UK£1.86
+11.3%
16.4%UK£2.25UK£1.50UK£1.705
May ’24UK£1.81
UK£1.95
+7.5%
18.0%UK£2.50UK£1.50UK£1.735
Apr ’24UK£1.85
UK£2.00
+7.8%
19.1%UK£2.50UK£1.45UK£1.715
Mar ’24UK£2.09
UK£2.00
-4.7%
19.1%UK£2.50UK£1.45UK£1.665
Feb ’24UK£1.98
UK£2.00
+0.6%
19.1%UK£2.50UK£1.45UK£1.745
Jan ’24UK£1.86
UK£2.09
+12.2%
16.3%UK£2.50UK£1.55UK£1.845
Dec ’23UK£1.91
UK£2.10
+9.9%
15.9%UK£2.50UK£1.55UK£1.725
Nov ’23UK£2.08
UK£2.11
+1.3%
16.3%UK£2.55UK£1.55UK£1.605

Analyst Forecast: Target price is less than 20% higher than the current share price.

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