Jupiter Fund Management (JUP) came through a turbulent 2016 in pretty good shape. While net inflows at £1bn were down from a year earlier, this was a creditable performance considering that many other active managers suffered outflows.
New investors were attracted by an increased product range, which included Jupiter Asian Income Fund - the UK's most successful fund launch in 2016. The Absolute Return fund relaunch coincided with an increased flow of assets into this fund, and an open-ended SICAV (Société d’investissement à Capital Variable) version of the fund was also launched.
New offices were opened in Madrid and Milan, and while operating costs rose by 11.2 per cent to £182m, this was easily offset by a 6.6 per cent increase in net revenue to £351. And following an earlier review, Jupiter will move to single pricing for buying and selling unit trusts, which will trim profits from 2018. Profits from dealing on the spread in 2016 totalled £12.8m.
Trading in 2017 shows signs of accelerated net inflows and analysts at Numis are forecasting pre-tax profits for the year to December 2017 of £194.1m and EPS of 34p, rising to £216m and 37.9p in 2018.
| JUPITER FUND MANAGEMENT (JUP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 413.9p | MARKET VALUE: | £1.89bn | |
| TOUCH: | 413.9-414p | 12-MONTH HIGH: | 465p | LOW: 324p |
| DIVIDEND YIELD: | 3.6% | PE RATIO: | 14 | |
| NET ASSET VALUE: | 133p** | NET CASH: | £259m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p)* |
|---|---|---|---|---|
| 2012 | 346 | 74 | 14.9 | 8.8 |
| 2013 | 389 | 114 | 21.1 | 12.6 |
| 2014 | 388 | 160 | 28.4 | 13.2 |
| 2015 | 404 | 165 | 29.4 | 14.6 |
| 2016 | 402 | 171 | 30.3 | 14.7 |
| % change | -0.4 | +4 | +3 | +1 |
Ex-div: 9 Mar Payment: 7 Apr *Excludes special dividends of 11.5p in 2014, 10.9p in 2015 and 12.5p in 2016 **Includes intangible assets of £345m, or 75p a share | ||||
