AJ Bell plc (AJB) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of AJ Bell plc stock £5.67, price £5.76, that is 1.6% below the price, quality 86 out of 100. Rating: fairly valued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range £2.17 – £6.38 · fair‑value band £2.61 – £9.62 · the £5.76 price screens above the £5.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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AJ Bell plc, through its subsidiaries, operates investment platforms in the United Kingdom.
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The company offers AJ Bell Investcentre, which offers adviser needs and client service, easy-to-use functionality, and a comprehensive investment range at competitive prices; and AJ Bell, an investment platform.
It also provides AJ Bell Touch, a mobile-focused platform service for financial advisers; AJ Bell Dodl, an investment platform that offers commission-free service; AJ Bell Investments, which offers investment management solutions through advisers and direct to customers; AJ Bell Securities for wealth management solutions.
In addition, the company operates dealing and custody, media, and educational material. The company was founded in 1995 and is headquartered in Manchester, the United Kingdom.
Stock analysis
AJ Bell plc (AJB) currently trades at £5.76, while our model-based Fair Value estimate is £5.67, so the stock looks roughly fairly valued today (gap 1.6%).
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Valuation
Bull case: the Earnings-Based group reads highest at a median of £8.83 per share, and 3 of the 13 models we run sit above the £5.76 price.
Bear case: the Multiples group reads lowest at £2.10, and 10 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: £2.61 (bear) to £9.62 (bull), the price of £5.76 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 86/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
AJ Bell plc reported revenue of £318M in FY2025 versus £146M in FY2021, a compound +21.5%/yr. Reported net income was £105M in FY2025, compounding +24.5%/yr from FY2021.
Key figures
Market cap £2.3B Mid · P/E ratio 19.2 · P/S ratio 6.71 · EPS (TTM) £0.3000 · Dividend yield 2.6% · Net margin 35.5% · Return on equity 59.9% · Return on assets (EBIT) 37.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 90 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −2% fair-value upside, at −2%, AJB screens cheaper than that median.
Fair Value models
Bear£2.61Fair Value £5.67Bull£9.62
Price £5.76 · Downside -1.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (£0.1520 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.2%
Start year 2020 (pandemic). Over 10 years: +18.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+26.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.0%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22.0% vs 23.1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.39% → 42%
2025 sits 55% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +11.9% a year for the price and +10.7% for the forecasts.
AI conclusion: The business shows solid profitability metrics as its main strength, yet lacks sufficient evidence of a durable competitive moat across key factors.
Main risk: The fee reduction to 0.12 percent risks compressing margins if continued investment in growth prevents higher volumes from fully offsetting lower revenue per pound of assets under administration.
AJ Bell has cut the annual charge on its core managed portfolio service to 0.12 percent from October, responding to intensifying competition among UK platforms and regulatory pressure on value for money. Strong recent inflows into both its advised and direct channels show customers still value the offering, yet the lower fee could compress margins if investment in growth continues. Will higher volumes more than compensate for the reduced revenue per pound of assets under administration?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 633 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score86 · Top 25%
Fair Value upside−1.6% · Below median
Profitability
Return on equity (12 months)59.9% · Top 25%
Return on assets34.7% · Top 25%
Net margin (12 months)35.5% · Above median
Operating margin (12 months)41.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)19.5% · Above median
Dividend yield (12 months)2.6% · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)19.2× · Pricier than median
P/B10.69× · Priciest 25%
P/S (12 months)6.71× · Pricier than median
Price / free cash flow (fiscal year)27.7× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "AJ Bell plc Fair Value". https://www.fairvalue-calculator.com/stock/AJB
Frequently asked questions
Is AJ Bell plc (AJB) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of £5.67 versus a price of £5.76, about 2% lower (fairly valued).
What is the fair value of AJB?
Our model-based fair value for AJ Bell plc is £5.67 (as of Nov 9, 2026), built from audited fundamentals. The current price: £5.76.
What is the quality score of AJB?
AJ Bell plc has a Quality Score of 86/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for AJ Bell plc (AJB)?
Our model-based price target is the fair value of £5.67 (as of Nov 9, 2026) from 13 valuation models. Cautious scenario £2.61, optimistic scenario £9.62. It is a calculation from audited fundamentals, not an analyst target.
What is the AJ Bell plc stock forecast for 2026?
Our models put fair value at £5.67, about 2% lower versus a price of £5.76 (fairly valued). Cautious scenario £2.61, optimistic scenario £9.62. The calculation is refreshed regularly with new filings.
What is the revenue of AJ Bell plc (AJB)?
AJ Bell plc reported trailing-twelve-month revenue of about £347M (latest available figure, as of Nov 9, 2026).
Does AJ Bell plc pay a dividend?
AJ Bell plc currently shows a dividend yield of 2.57% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of AJ Bell plc (AJB) and when is the ex-dividend date?
AJ Bell plc pays a dividend of £0.148 per share a year, a dividend yield of 2.6%. The last ex-dividend date was Jun 4, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 49.3% of earnings. Free cash flow covers the dividend 1.45 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into AJ Bell plc (AJB)?
For today's price to be fair in a discounted-cash-flow model, AJ Bell plc would have to grow free cash flow by +14.5 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.2 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of AJB use?
Our models discount AJ Bell plc at 9.9 %: a base by market capitalisation (mid), damped by beta 0.85, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For AJ Bell plc that is +14.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has AJ Bell plc (AJB) delivered so far?
Over the past 5 years revenue at AJ Bell plc grew +20.2 % a year. The price currently implies free-cash-flow growth of +14.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of AJ Bell plc (AJB) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into AJ Bell plc (+14.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AJ Bell plc (AJB)?
The free-cash-flow yield on the price is 3.61 %: that much free cash flow AJ Bell plc produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AJ Bell plc (AJB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AJ Bell plc it is £5.67 per share (as of Nov 9, 2026), against a price of £5.76. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is AJ Bell plc stock overvalued or undervalued in 2026?
As of Nov 9, 2026, AJB trades above its calculated fair value: price £5.76, fair value £5.67, a gap of about −2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AJB?
No. The price is what the market pays today (£5.76); the fair value is what the company's own numbers justify (£5.67). For AJ Bell plc the two are £0.0900 per share apart. That gap is exactly why we show both numbers side by side.
How much is AJ Bell plc worth?
The market values AJ Bell plc at about £2.3B (market capitalisation, as of Nov 9, 2026). Per share that is £5.76; our models calculate a fair value of £5.67 per share.
What do the bullish and bearish scenarios say about AJB?
Our models span a range for AJ Bell plc: cautious scenario £2.61, base £5.67, optimistic £9.62 per share (as of Nov 9, 2026, price £5.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AJB?
AJ Bell plc trades at a price-to-earnings ratio of 19.2 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £5.67 is built from several models across several years. Other multiples: P/B 10.7, P/S 6.7, EV/EBITDA 15.0.
How solid is the balance sheet of AJ Bell plc (AJB)?
Balance-sheet figures for AJ Bell plc (as of Nov 9, 2026): return on equity 59.9%. They feed the Quality Score of 86/100, which measures business quality independently of the share price.
How far is AJB from its 52-week high?
AJ Bell plc trades at £5.76, about 10% below its 52-week high of £6.38 and 40% above the low of £4.11 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of £5.67 is for.
Which stocks are comparable to AJ Bell plc?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is AJ Bell plc stock attractive at the current price?
The data as of Nov 9, 2026: price £5.76, calculated fair value £5.67 (−2%), Quality Score 86/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AJB calculated?
We run AJ Bell plc through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £5.67 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. AJ Bell plc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of AJ Bell plc (AJB)?
The closing price on Nov 11, 2026 was £5.76. Our model-based fair value is £5.67, about 2% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AJ Bell plc right now?
The model range is unusually wide (£2.61 to £9.62). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of AJ Bell plc (AJB) come from?
Earnings per share at AJ Bell plc grew +22.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +17.8 %, EBIT margin +4.3 %, tax rate −0.4 %, residual (interest, one-offs) +0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of AJ Bell plc
How large is the market capitalisation of AJ Bell plc (AJB)?
The market capitalisation of AJ Bell plc is £2.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of AJ Bell plc (AJB)?
The price-to-sales ratio of AJ Bell plc is 6.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AJ Bell plc (AJB)?
Earnings per share at AJ Bell plc are £0.3000 (price ÷ EPS = P/E 19.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AJ Bell plc (AJB)?
The dividend yield of AJ Bell plc is 2.6% (payout 49.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of AJ Bell plc (AJB)?
The net margin of AJ Bell plc is 35.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of AJ Bell plc (AJB)?
The return on equity (ROE) of AJ Bell plc is 59.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of AJ Bell plc (AJB)?
On an EBIT basis the return on assets of AJ Bell plc is 37.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of AJ Bell plc (AJB)?
The operating margin of AJ Bell plc is 41.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AJ Bell plc (AJB)?
Revenue at AJ Bell plc is growing +19.5% versus a year earlier (3y avg +24.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at AJ Bell plc (AJB)?
Earnings per share at AJ Bell plc are growing +38.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does AJ Bell plc (AJB) hold?
AJ Bell plc holds more cash than debt, £176M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 9, 2026