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Jupiter Fund Management Plc

4.50 (4.15%)
Share Name Share Symbol Market Type Share ISIN Share Description
Jupiter Fund Management Plc LSE:JUP London Ordinary Share GB00B53P2009 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  4.50 4.15% 113.00 1,579,189 15:43:30
Bid Price Offer Price High Price Low Price Open Price
112.50 113.10 113.20 106.60 109.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Misc Business Credit Instn 397.30 47.90 8.80 12.06 615.83
Last Trade Time Trade Type Trade Size Trade Price Currency
15:43:30 AT 1,695 113.00 GBX

Jupiter Fund Management (JUP) Latest News

Jupiter Fund Management (JUP) Discussions and Chat

Jupiter Fund Management Forums and Chat

Date Time Title Posts
31/5/202310:08Jupiter Fund Management1,353

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Jupiter Fund Management (JUP) Most Recent Trades

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Jupiter Fund Management (JUP) Top Chat Posts

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Posted at 24/2/2023 08:00 by rcturner2
I would rate this at 8 x eps, which is a share price of about 70p.
Posted at 17/2/2023 21:56 by topvest
Yes, I'm a bit late but always difficult to time things - obviously, would have been better at a £1, but don't like catching a falling knife and would rather buy into the recovery. Well done though if you caught the bottom. I do hold most of the fund managers. It's just an opening small position for now, as the price has moved back down to its uptrend support, but I also do think the new CEO is starting to do the right things at Jupiter.
Posted at 17/2/2023 16:02 by kenmitch
Wondering about your timing topvest? I.e why now rather than near the lows last October, since as you know it’s a sector where the shares are very market sensitive. i.e they fall heavily when Fund Outflows are at their worst (as they were last Autumn) but thrive in bull markets. So isn’t it an obvious tactic to buy the dips and maximise dividend yield if they are confident of maintaining the dividend, and then top slice or sell after the big sector gains in bull markets?

JUP is already up about 60% since October, and as I bought then (ditto Polar) I hope you’re right about Jupiter recovery continuing.

Posted at 20/1/2023 17:06 by cwa1
Transactions in own shares and completion of share buyback programme

Jupiter is pleased to confirm the completion of the £10m share buyback programme, as announced on 20 October 2022. A total of 8,081,231 ordinary shares were purchased under the programme at a weighted average price of 1.237435 pence per share.

Posted at 26/8/2022 17:47 by wunderbar
This must be a proud moment for outgoing CEO Andrew Formica - for today, albeit momentarily, Jupiter officially became a penny stock, touching 99.3p before closing at 100.2p (down 4.2p/-4%). Note each penny of JUP's stock is worth £5.531m. This week alone has seen another £46m wiped off the market cap leaving JUP valued at just £554m compared to almost £1.5bn 12 months ago.

According to interim report: "Jupiter remains a well-capitalised business with a strong balance sheet". Indeed, the balance sheet at 30 June showed £209m cash in bank. However, this excludes pending Interim payout (7.9p) equivalent to £43.69m. So assume cash reduced to £165m. This is very rough guess but based on such figures you might deduce 30% of JUP's market cap is hard cash.

All of which leads to the big question - how low will this go? Impossible to say due to ongoing volatility, but given the rapid speed of decline there has to be a point (there always is) when the stock gains favour with investors or becomes a takeover target. I'm now pinning my hopes on a takeover, preferably one which will enable me to recoup a fair portion of my losses but nonetheless factoring in a worst case scenario 25-30% loss. Given this weeks further falls I'm revising my takeover price to 150-180p. Needless to say, the lower the share price goes the lower any takeout price is likely to be. I'm only favouring the takeover route because I want a relatively quick exit at a half reasonable price. I don't want this stock dragging on my portfolio indefinitely. I made a mistake on this one. End of.

PS. Sometimes the market shines a little light. Today, one of my medium sized holdings (MCRO) received takeover bid sending share price up 93%. Sounds great but note bid was made with share price not far off historic lows, turning what had been a small paper loss into a half decent profit on my investment. Doesn't come close to covering losses on JUP though. Morale of the story - every stock has its price.

Posted at 19/8/2022 15:40 by wunderbar
HamHam, I think you're being extremely optimistic with a price target of 300p in 24 months. I'd dearly love that to be the case but doubt very much it will materialise in such a short timeframe. Perhaps 3-5 years is more realistic, if at all! Incidentally, 300p was my price target when I started buying into JUP back in February c.223p. However, a lot has changed in that time, namely Putin rolling his tanks into Ukraine and by doing so changing the worldwide economic landscape. Add to that JUP's gung-ho investment in Chrysalis, as well as their repeated failure to stem outflows, and what you’re left with is a share price caught in a dangerous tailspin. We seem to be hitting new all-time lows almost every week. At what point does this trend stop - are we not already in bargain territory @ 111p? Jupiter’s market cap is now just £616m (YTD share price down 58%) – how low does it have to go to before turning the corner, or ignite a takeover bid? At present my investment is down c.40% so I’ve no choice but to sit tight through this period of turmoil and wait for a recovery of sorts, ideally offloading into a rising share price. Given the poor sentiment in this sector I'd settle for 130-150p come end of year. In the short term I can't see it climbing above said levels unless instigated by a takeover rumour/bid, and should one materialise I’d hedge my bets on an offer price in the region of 170-190p.

As for the dividend, I don’t think anyone should be fooled by the perceived current yield of 15%. Whilst the company intends paying out a full interim divi of 7.9p I reckon future payouts will be substantially cut, anything between 30-60%, which would still leave a healthy divi for investors at current price, but a hammer blow for investors who bought in much higher.

On a final note I think it’s absolutely disgraceful that Andrew Formica is still CEO (albeit until 1 October when he steps down). In my opinion he should’ve been shown the door following the Chrysalis debacle. His 3½ year tenure has been an abject failure. He has only succeeded in destroying shareholder capital during his reign, somewhat ironic given this is a wealth management company. Naturally, he has been handsomely rewarded for his failure, drawing an annual salary of c.£450k (excluding bonuses etc). In his first year alone he walked away with £1.3m. And to rub salt into shareholders wounds he will remain within the company until the middle of next year to ensure a smooth transition with his successor. Surely shareholders should have a say in this matter. This is the man who has overseen the biggest capital destruction in the company’s history. Under his leadership JUP’s share price has fallen 69% wiping almost £1.4bn off the market cap. He should go now.

Posted at 04/7/2022 13:48 by wunderbar
Came across a weekend Times article with headline: Jupiter fundholders lose £200m on back of stakes in Chrysalis.

I've pasted extract below - all of which further explains why CEO Andrew Formica announced he will be stepping down in a few months time (he's suddenly decided to retire at the ripe old age of 51!). IMHO, he's been asked to leave. Meanwhile, the share price misery continues with another all time low of 139p hit earlier today, leaving JUP with a market cap of just £780m. YTD share price down 47% (down 20% in past month alone). Absolutely shocking performance.

"Jupiter Fund Management has come under fresh scrutiny as it emerged that 12 of its funds had stakes in Chrysalis Investments, landing fundholders with losses of more than £200 million over the past nine months.

Chrysalis, a specialist listed company backing so-called "unicorns" and managed by Jupiter, wrote down its investments by £234 million this week and warned that it expected to have to make more writedowns as the valuations of growth companies tank.

The affair has raised eyebrows with investors after Jupiter was able to take an unprecedented £117 million in fees from Chrysalis last autumn because of what the Chrysalis board now accepts was a flawed fee structure. The entire market value of the company today is less than £573 million."

Posted at 28/6/2022 14:33 by wunderbar
Jupiter names new chief executive as Andrew Formica prepares to exit

Note I've tried pasting the article's text numerous times (even from Word doc) but ADVFN seems to be blocking it! Don't bother clicking link above as you'll hit a firewall. Simply Google the CEO's name and the FT article will appear in results, click on this and you'll be able to view the entire article. My comment below.

From an investors point of view Andrew Formica has been a complete failure at Jupiter and many will say good riddance. His plan to stem outflows has clearly not worked and I suspect he's bowed to both internal/external pressure to step down. Since he joined in March 2019 the share price has fallen over 55%. In fact it recently hit an all time low of 150p and continues to languish at these levels, all of which means the dividend yield is now a whopping 11%. Is the market expecting a divi cut or offering up a genuine bargain? If it's too good to be true it often is. Perhaps we'll get an answer of sorts when they publish Interim results (29 July).

JUP's market cap is now only £860m. The longer it stays at these depressed levels the more likely a predator will try and take it out on the cheap. Bearing in mind there was takeover talk last December when the share price was c.230p (£1.3bn market cap) this must be on somebody's radar given subsequent steep fall. I'd gladly accept an offer of 200p a share, even if it means taking a 10% loss. From my perspective this has been an abysmal investment. I've been buying into JUP since February - from 223p down to 152p. Let's hope things don't get any worse.

Posted at 29/5/2022 10:24 by devonbeachbum
Admittedly I'm no expert here but just wondering if the sell off and share price fall is overdone here? Dividend cover was 1.85 last year and they had record AUM of £60.3 as recently as July 21. Got to be tough trying to even just maintaining that in current market conditions when everybody is running for the hills? Just putting that beside previous AUM's of £58.7B at final report of 2020 and 42.8B at 2019. Is the recent trading update of 55.3B AUM that bad and warrant the share price falls? Trying to find a competitor to compare over the same period and would welcome any replies. Aviva Investors reported a 5% reduction in AUM compared to previous year in their trading update over the same period. That would appear to be market sentiment - which is also reflected on this board right now. I've got a small investment here sitting on a loss but may look to add from dividends elsewhere. With the yield currently looking almost 10% at this price I'm thinking a year or two of compounding may offset the share price decline nicely. There are other financial companies / insurers / banks with similar share price trends at the moment.
Posted at 17/2/2022 14:48 by wunderbar
I’ve been watching this stock for many months and recently bought a couple of tranches c.223p. I was hooked in by four things: Firstly, JUP has a dividend yield of 7.5%. Secondly, the share price (220p) is not far off historic lows (185-200p) thus appears to be good value. Thirdly, this stock and sector is traditionally boring and I’m looking to plant funds in unfashionable corners of the market. And finally, at this price point there is scope for significant capital gains when the market tide turns in JUP’s favour – I’m looking to double my money in 3-5 years. But right now this stock is unloved (noting sector is out of favour, ABDN also struggling). Is JUP a value trap (possible dividend cut) or is it a bargain? Needless to say I’m pinning my hopes on the latter.

To paraphrase Jack Nicholson’s famous one-liner from Batman: this company needs an enema! It’s share price performance over the past year has been woeful, down 25% in a rising market. In the past month alone it has fallen 9% but dare I say looks to be bottoming out at 220p. Perhaps JUP’s forthcoming full-year results on 25 February will prove to be the catalyst for a long overdue correction. Of course should they prove to be uninspiring then don’t be surprised if the market overreacts! I’m happy to buy more should we see 200-210p.

I also note recent speculation JUP might be a potential takeover target. An article I stumbled across (published December) stated the company had not yet received an approach, but was “on the radar” of potential bidders. The article went on to say Jupiter has allegedly hired one of London’s leading investment boutiques to strengthen its defences against a potential takeover. So then, how does a company successfully fend off what would presumably be seen as a hostile approach? Offer shareholders a chunky special dividend? (yes please). Or perhaps increase existing dividend (unlikely given the already high yield). I sincerely hope they don’t go down the well-trodden path of buying back company shares (yawn) – I absolutely hate it. Buy Backs rarely benefit shareholders in monetary terms, the vast majority of these have no impact on share price whatsoever. Give me cash in pocket any day. All this is pure conjecture of course. Time will tell whether this is just wild speculation or not.

Barring any takeover approach, and assuming we do see a recovery of sorts, I’d be disappointed not to see 270-290p come the end of this year.

Jupiter Fund Management share price data is direct from the London Stock Exchange
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