frog in a tree
11 Jan 2018
Re: Price Looking back at the broker price predictions a year back, they were all pretty much off target. This has proved to bevan excellent investment for me. I see no reason why there should not be more progress as Jupiter offers plenty of funds in which we can shelter our money safely away from the worst that Brexit might bring.Cheers,F
alibaba 40 hirsiz
26 Oct 2017
Re: Liberum targets 591p It has already passed 591 now. What is the next target?
r21442
18 Jul 2017
Liberum targets 591p Liberum is backing Jupiter (JUP) as one of its ‘favoured plays’ in asset management due to optimism on fund inflows. Analyst Justin Bates retained his ‘buy’ recommendation and increased the target price from 487p to 591p. The shares were trading up 1.2%, or 6.5p, at 530p at the time of writing.Bates noted the strong brand, expanded distribution and ‘deepened’ product range, as well as improving fund performance as reasons to like Jupiter. ‘A dividend per share yield of 5-6% per annum is also attractive,’ he said.‘Jupiter remains one of our favoured plays in the asset and wealth management sector. We have raised forecasts by 3% in current year 2017 and 5% per annum in current year 2018 and current year 2019, principally due to a more optimistic view on net inflows, aided by strong markets.’
r21442
04 May 2017
A tip of the week in IC 5-May The uncertainty provoked by last year's referendum highlighted the benefits of Jupiter Fund Management 's (JUP) efforts to diversify by geography and asset type during recent years. While some of its peers, such as Henderson(HGG), suffered net outflows last year, Jupiter managed a very respectable £1bn in net new business. However, the best indication that Jupiter is in robust form post-referendum came when it released its trading figures for the first three months of this year. This update showed net inflows of £1.3bn - the highest level of net new business gained by the asset manager since its IPO in 2010. This was also ahead of some analysts' expectations, leading to upgrades to expected inflows and earnings for 2017. This strong performance indicates that management efforts to diversify the business by asset mix, client type and geography seem to be paying off. During the past seven years, Jupiter has been reducing its exposure to equities, varying the geography of its invested assets and growing its exposure to non-UK clients. At the end of 2011, 80 per cent of the fund manager's assets were invested in equities. Yet by the end of 2016 this had fallen to a little over half, with the remainder split between fixed income and multi-asset investments. Investment returns, along with currency effects, were £1.7bn during the first three months of the year. Management reported particularly strong inflows into its fixed income, absolute return, multi-asset and global emerging market strategies.The fund manager also opened offices in Spain and Italy at the end of last year and reported positive contributions during the first three months of this year. The group now has offices in 19 countries. Management also reported particularly strong inflows in Asia and continental Europe. This builds on last year when the majority of net inflows came from its growing network of overseas offices. It is also broadening its product range in countries where it has an established presence. Admittedly, UK business still makes up a significant proportion of its overall client base - 78 per cent by the end of December. However, this compares with 90 per cent at the same time in 2011. Jupiter still has a high exposure to the retail market, with 87 per cent of its assets in mutual funds at the end of March. This means not only that flows can be more volatile, but management fees could come under pressure if fund distribution platforms continue to consolidate and starts to exert more pricing power. The fund manager is also less exposed to performance fees, which means it is less able to reap the gains of strong periods of active performance. Jupiter's cash profit margin remained strong at 49 per cent at the end of December 2016. However, this was down from 51 per cent in the previous year, following the introduction of an aggregate operating fee for its SICAV funds. Jupiter continues to maintain a strong balance sheet. At the end of last year, it had net cash of £259m. This backs up its generous dividend policy of paying out a base dividend of half its earnings, plus returning any further cash it does not feel it needs. This meant special dividends in 2014, 2015 and 2016 (see table). Analysts at Numis are forecasting further special payments this year and next.Jupiter offers exposure to the structural long-term growth of the defined-contribution pensions market, following the introduction of auto-enrolment and growing contributions. Meanwhile, investors can get hold of a potential dividend yield of more than 6 per cent. Despite this, the shares trade at 14 times forward earnings for 2017, falling to 13 times in 2018. We think this relatively low multiple is not justified by the growth and income potential of Jupiter. Buy.
WOisME
19 Jan 2017
Re: Price The 2016 performance overall looks good enough - the concern is the net out flow of funds in the final quarter and are they still flowing out? The Times Tempus suggested avoiding the shares as there may be more bad news to come; last year he recommended them as a buy.
5haggy
19 Jan 2017
Re: Price A fall of around 10% since their Trading Update on 12 January seems a bit over-done.Of course, the inevitable varied opinions from soothsayers (aka brokers) picking over the entrails and making their forecasts doesn’t help either. What do they know when they can’t even agree amongst themselves:Exane BNP Paribas – “underperform”, target 415pNumis – “add”, target 533pCantor Fitzgerald – “hold”, target 470pTo my mind, this represents an ideal buying opportunity - based on the details published in JUP’s Trading Update. Do others have an alternative view?
alibaba 40 hirsiz
13 Jan 2017
Price Why has the SP dropped suddenly? Do not see any news or discussion !!!
r21442
27 Oct 2016
An IC tip of the week 28-Oct The run-up to the EU referendum in June caused retail investor caution, hurting inflows for many asset managers during the first half of the year. Like its peers, Jupiter Fund Management (JUP) suffered a heavy fall in its share price as a result. However, unlike the vast majority of its peers, Jupiter continued to generate net inflows during this time. And in the three months following the referendum, inflows picked up further to £0.8bn, which was more than double that achieved during the entire first half of 2016. Analysts, many of whom had originally expected post-referendum outflows, have subsequently upgraded earnings forecasts for this year, as well as for 2017 and 2018.We feel the strong post-referendum performance gives added credence to Jupiter's strategy of diversifying its business by geography, client type and asset class since it listed in 2010. But we don't think the shares' huge yield and modest earnings multiple reflects the progress being made or the long-term growth opportunities that should result from the government and companies passing responsibility for pension savings to individuals.During the past five years, Jupiter has been decreasing its exposure to equities, varying the geography of its invested assets and growing the proportion of non-UK clients it has. At the end of June 2011, 82 per cent of the fund manager's assets were invested in equities. At the same time this year, equities made up little more than half of the group's assets, with the balance split fairly equally between fixed income and multi-asset investments. This variation contributed to Jupiter generating investment gains of £0.7bn during the first half, and investment returns rocketing to £2.5bn during the third quarter. Jupiter is also diversifying its client base. Admittedly, 79 per cent of its clients are UK-based, but this is down from 89 per cent five years ago. During the first half the strongest contribution to assets under management came via its fixed income and European products, while the majority of net flows came from its growing network of overseas offices. Once the fund manager expands into Spain and Italy it will have operations in 19 countries, and it is broadening its product mix in regions where it already has a strong foothold. However, Jupiter still has significant exposure towards the UK retail market with 87 per cent of assets in mutual funds. This makes it more susceptible to management fee pressure, compared with rivals with large institutional mandates, if the platform market consolidates and starts to exert more pricing power. The fund manager is also less exposed to performance fees, which means it is less able to reap the gains of strong periods of active performance. Nevertheless, Jupiter's cash profit margin remains high at 50 per cent. The business is also highly cash generative, with more than £200m in net cash on its books. This backs up a generous dividend policy based on paying out a base dividend of half earnings and returning a further 40-or-so per cent by other means. This has meant special dividends in 2014 and 2015 of 11.5p and 10.9p (included in the figures in our table) and another special dividend is planned this year.Not only do Jupiter's shares offer hugely attractive forecast income, but they are trading at just 13.6 times next-12-months consensus forecast earnings. This is inexpensive compared with peers Henderson at 14.5 times and Schroders at 15.6 times, both of which, unlike Jupiter, experienced retail outflows in the first half of 2016. The increasing diversity of Jupiter's business and long-term potential from changes in the pension market add further reasons to buy.
MrMeerkat
04 Sep 2015
Bought today Started adding JUP today at 424.89. I like the shape of the business but I think it's now oversold in current China concerns. Not looking for a rapid recovery, I invest on the basis that intrinsic value will shine through - eventually.MM
albent
05 Apr 2015
Established income payer, in a stable financial position with a proven track record. Anyone interested can see an infographic on Jupiter Fund Management [link]
wangbaudan
02 Mar 2015
Re: Dividend 24.7p Looks like 21p to me but not complaining!
Boop
27 Feb 2015
Dividend 24.7p Ordinary + special dividend total 24.7p to be paid in April, nice one!
