# Ninety One (N91.LSE)

Canonical: https://gigainvestors.com/s/N91.LSE

Analysis as of: 2026-10-16T07:39:51.072Z. Financial observations: FY2017–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 199.00 per share; close as of 2026-10-15.

Estimated value: low GBX 248.17 per share, central GBX 275.59 per share, high GBX 312.08 per share. Buy at or below the central value GBX 275.59 per share. Valuation as of 2026-10-16T07:39:51.072Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.27×

- FY2019: 0.26×

- FY2020: 0.26×

- FY2021: 0.28×

- FY2022: 0.32×

- FY2023: 0.28×

- FY2024: 0.34×

- FY2025: 0.27×

- FY2026: 0.26×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 52.4%

- ROIC, second-lowest year: 35.2%

- Typical minus recent gross margin: -15.3 pp

- Typical gross margin (annual median): 65.5%

- Recent gross margin (lower of latest and 3-year median): 80.7%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 64.0%

- FY2018: 65.6%

- FY2019: 70.7%

- FY2020: 60.6%

- FY2021: 44.2%

- FY2022: 43.0%

- FY2023: 35.2%

- FY2024: >100%

- FY2025: 30.1%

- FY2026: 43.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 796M

- Net income, five-year total: GBP 837M

- Return on incremental invested capital: 9.7%

- Working capital / revenue, annual change: 6.9 pp

- Working capital / revenue, change between three-year averages: 29.6 pp

- Working capital / revenue, final three-year average: 18.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.96×

- FY2023: 0.96×

- FY2024: 0.95×

- FY2025: 0.95×

- FY2026: 0.94×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 65.6% vs 43.0%

- Per-share earnings: 0.20 to 0.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Per-share value growth: -2.4%

- Per-share value change: GBP -0.03

- Per-share value, starting three-year median: GBP 0.20

- Per-share value, ending three-year median: GBP 0.17

- Buybacks concentrated in cheaper years (correlation): 0.75

- Average buyback yield: 1.6%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: GBP 1.6B

- ROIC, first three-year median: 65.6%

- ROIC, last three-year median: 43.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.20

- FY2018: GBP 0.23

- FY2019: GBP 0.15

- FY2020: GBP 0.17

- FY2021: GBP 0.17

- FY2022: GBP 0.23

- FY2023: GBP 0.18

- FY2024: GBP 0.19

- FY2025: GBP 0.17

- FY2026: GBP 0.17

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.42×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.2%

- FY2018: -6.5%

- FY2019: -6.5%

- FY2020: -8.6%

- FY2021: -3.1%

- FY2022: -3.8%

- FY2023: 0.8%

- FY2024: -0.1%

- FY2025: -1.4%

- FY2026: -0.2%

## Holders

## Price story

Down 28% since Dec 2021 · sales +11.7%

Story as of 2026-10-16T10:00:11.033Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.3% a year for ten years

### Sales · FY2025–2026

sales +11.7%; source https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml; observed 2026-07-21.

- FY2017: GBP 590M 

- FY2018: GBP 662M 

- FY2019: GBP 697M 

- FY2020: GBP 761M 

- FY2021: GBP 756M 

- FY2022: GBP 795M 

- FY2023: GBP 746M 

- FY2024: GBP 589M 

- FY2025: GBP 700M 

- FY2026: GBP 782M 

### Gross margin · FY2026

gross margin 80.7%; source https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml; observed 2026-07-21.

- FY2017: 42.8% 

- FY2018: 43.1% 

- FY2019: 42.2% 

- FY2020: 44.2% 

- FY2021: 82.7% 

- FY2022: 83.5% 

- FY2023: 84.1% 

- FY2024: 50.2% 

- FY2025: 84.9% 

- FY2026: 80.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are GBP 781.9 million.

- Source: https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml (filed 2026-07-21); FY2026: revenue 781900000; grossProfit 631200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); N91.LSE: Ninety One Group operates as an independent global asset manager worldwide. It serves private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations, and central banks, as well as large retail financial groups, wealth managers, public and private equity as well as debt, private banks, and intermediaries. It seeks to invest in South African companies struggling with the economic fallout from the spread of coronavirus. Ninety One Group was founded in 1991 and is headquartered in Cape Town, South Africa with additional offices in Africa.

### Why customers stay

Margins ranged from 50.2% to 84.9% during 2024–26; it earns 52.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2024: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2025: grossProfit / revenue = 84.9%.

- Source: https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml (filed 2026-07-21); FY2026: grossProfit / revenue = 80.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); 10-year return on capital observations [[2017,0.6398359677750873],[2018,0.655754922187888],[2019,0.7070458274327022],[2020,0.6061633475800968],[2021,0.44195747355235276],[2022,0.4300828020733773],[2023,0.35211342858479333],[2024,1.832115459312488],[2025,0.30074943071782756],[2026,0.4298628805911199]]; median 0.5240604105662248. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 83% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml (filed 2026-07-21); Gross margin observations: [[2021,0.826961238259029],[2022,0.834989309520815],[2023,0.8411804158283032]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 40.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2017: growth capex 0; upkeep 1866000; owner earnings 127588000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2018: growth capex 0; upkeep 1860000; owner earnings 140634000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2019: growth capex 259797.98078849912; upkeep 6253202.019211501; owner earnings 135594797.9807885. Growth capex / owner earnings = 0.001915987815589416.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2020: growth capex 200000; upkeep 13200000; owner earnings 135080000. Growth capex / owner earnings = 0.0014806040864672786.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2021: growth capex 0; upkeep 19400000; owner earnings 129520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2022: growth capex 0; upkeep 1400000; owner earnings 197020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2023: growth capex 0; upkeep 1200000; owner earnings 156860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2024: growth capex 0; upkeep 2500000; owner earnings 155960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); FY2025: growth capex 0; upkeep 4400000; owner earnings 142180000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml (filed 2026-07-21); FY2026: growth capex 0; upkeep 7100000; owner earnings 144340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Dividend observations: [[2017,116506000],[2018,124291000],[2019,143939000],[2020,183900000],[2021,54000000],[2022,123700000],[2023,130200000],[2024,115800000],[2025,107200000],[2026,114800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml (filed 2026-07-21); FY2026: cash repurchases 40100000 GBP.

### Are managers owners

Insiders own 56.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); N91.LSE SharesStats.PercentInsiders = 56.566 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-21); Ten-year compound average after fade. Initial solved rate -0.07320664785883707. Price 199; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2020-03: GBX 172.90 per share

- 2020-04: GBX 169.70 per share

- 2020-05: GBX 196.10 per share

- 2020-06: GBX 206.00 per share

- 2020-07: GBX 218.00 per share

- 2020-08: GBX 220.60 per share

- 2020-09: GBX 204.00 per share

- 2020-10: GBX 206.00 per share

- 2020-11: GBX 211.60 per share

- 2020-12: GBX 229.20 per share

- 2021-01: GBX 234.80 per share

- 2021-02: GBX 219.40 per share

- 2021-03: GBX 238.80 per share

- 2021-04: GBX 244.40 per share

- 2021-05: GBX 238.80 per share

- 2021-06: GBX 220.20 per share

- 2021-07: GBX 227.60 per share

- 2021-08: GBX 256.20 per share

- 2021-09: GBX 257.40 per share

- 2021-10: GBX 260.80 per share

- 2021-11: GBX 251.40 per share

- 2021-12: GBX 277.20 per share

- 2022-01: GBX 259.40 per share

- 2022-02: GBX 249.00 per share

- 2022-03: GBX 254.80 per share

- 2022-04: GBX 265.80 per share

- 2022-05: GBX 226.00 per share

- 2022-06: GBX 197.70 per share

- 2022-07: GBX 205.20 per share

- 2022-08: GBX 197.50 per share

- 2022-09: GBX 182.00 per share

- 2022-10: GBX 203.60 per share

- 2022-11: GBX 201.20 per share

- 2022-12: GBX 185.90 per share

- 2023-01: GBX 198.10 per share

- 2023-02: GBX 210.60 per share

- 2023-03: GBX 185.20 per share

- 2023-04: GBX 181.10 per share

- 2023-05: GBX 162.90 per share

- 2023-06: GBX 168.00 per share

- 2023-07: GBX 172.40 per share

- 2023-08: GBX 171.30 per share

- 2023-09: GBX 171.10 per share

- 2023-10: GBX 158.10 per share

- 2023-11: GBX 171.90 per share

- 2023-12: GBX 183.50 per share

- 2024-01: GBX 176.50 per share

- 2024-02: GBX 164.00 per share

- 2024-03: GBX 170.80 per share

- 2024-04: GBX 168.70 per share

- 2024-05: GBX 170.20 per share

- 2024-06: GBX 167.40 per share

- 2024-07: GBX 172.10 per share

- 2024-08: GBX 165.20 per share

- 2024-09: GBX 174.60 per share

- 2024-10: GBX 165.20 per share

- 2024-11: GBX 159.40 per share

- 2024-12: GBX 145.80 per share

- 2025-01: GBX 150.30 per share

- 2025-02: GBX 140.30 per share

- 2025-03: GBX 144.40 per share

- 2025-04: GBX 148.90 per share

- 2025-05: GBX 160.80 per share

- 2025-06: GBX 185.20 per share

- 2025-07: GBX 188.30 per share

- 2025-08: GBX 189.70 per share

- 2025-09: GBX 203.80 per share

- 2025-10: GBX 231.60 per share

- 2025-11: GBX 216.00 per share

- 2025-12: GBX 216.20 per share

- 2026-01: GBX 252.80 per share

- 2026-02: GBX 249.40 per share

- 2026-03: GBX 227.40 per share

- 2026-04: GBX 215.40 per share

- 2026-05: GBX 222.00 per share

- 2026-06: GBX 211.20 per share

- 2026-07: GBX 212.20 per share

- 2026-08: GBX 214.40 per share

- 2026-09: GBX 210.40 per share

- 2026-10: GBX 199.00 per share

## Annual estimated value (GBX per share)

- FY2021: low GBX 1,195.14 per share, central GBX 1,219.24 per share, high GBX 1,251.33 per share

- FY2022: low GBX 1,415.85 per share, central GBX 1,441.54 per share, high GBX 1,475.74 per share

- FY2023: low GBX 1,335.08 per share, central GBX 1,359.60 per share, high GBX 1,392.23 per share

- FY2024: low GBX 194.74 per share, central GBX 215.87 per share, high GBX 243.99 per share

- FY2025: low GBX 1,546.27 per share, central GBX 1,571.90 per share, high GBX 1,606.03 per share

- FY2026: low GBX 241.56 per share, central GBX 268.25 per share, high GBX 303.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:36.305Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300G0TJCT3K15ZG14/2026-03-31/ESEF/GB/0/549300G0TJCT3K15ZG14-2026-03-31/reports/549300G0TJCT3K15ZG14-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-07-21.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.