N91

Ninety One PLC

Financial Services First-pass screen £1.4bn

310/1000 Overall fit

AI beneficiary 35% 20

Operating leverage 25% 38

Valuation 25% 30

Downside protection 15% 45

First-pass take

Active asset manager with zero AI exposure. Margins compressed (32.0% to 31.2%) and operating profit down 1% despite 4% AUM growth, evidencing negative operating leverage. Net outflows (£4.9bn FY25) and 65% institutional client concentration create cyclical vulnerability. Healthy margins provide modest downside protection.

Flags

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