Ninety One Group

LSE:N91 Stock Report

Market Cap: UK£1.3b

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 (£1.48) is trading below our estimate of fair value (£1.99)

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 Ratio8.7x
EarningsUK£153.40m
Market CapUK£1.34b

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 Average11.3x
LWDB Law Debenture
8.4xn/aUK£1.2b
ASHM Ashmore Group
11.3x-5.8%UK£1.1b
EMG Man Group
9.6x15.6%UK£2.4b
BBGI BBGI Global Infrastructure
15.9xn/aUK£879.3m
N91 Ninety One Group
8.7x6.6%UK£1.3b

Price-To-Earnings vs Peers: N91 is good value based on its Price-To-Earnings Ratio (8.7x) compared to the peer average (11.3x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PNIX Phoenix Digital Assets
1.3xn/aUS$37.06m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
MAFL Mineral & Financial Investments
2.5xn/aUS$6.25m
APQ APQ Global
0.4xn/aUS$5.84m
No more companies available in this PE range
N91 8.7xIndustry Avg. 11.8xNo. of Companies15PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: N91 is good value based on its Price-To-Earnings Ratio (8.7x) compared to the UK Capital Markets industry average (11.9x).

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 Ratio8.7x
Fair PE Ratio15.1x

Price-To-Earnings vs Fair Ratio: N91 is good value based on its Price-To-Earnings Ratio (8.7x) compared to the estimated Fair Price-To-Earnings Ratio (15.1x).

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£1.48
UK£1.70
+14.8%
12.3%UK£2.15UK£1.55n/a6
Dec ’25UK£1.59
UK£1.74
+9.0%
11.7%UK£2.15UK£1.55n/a6
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£1.55UK£1.596
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/17 14:01
End of Day Share Price 2024/12/17 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Ninety One Group is covered by 8 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sabena OmarAvior Capital Markets
Hubert LamBofA Global Research
Piers BrownHSBC