Liontrust Asset Management (LIO) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Liontrust Asset Management stock £3.50, price £2.89, upside +21.3%, quality 72 out of 100. Rating: undervalued. 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 6, 2026.
How to read this chart
60‑month range £2.24 – £14.97 · fair‑value band £1.51 – £4.79 · the £2.89 price screens below the £3.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Liontrust Asset Management Plc is a publicly owned investment manager. The firm also launches equity, fixed income, , multi-asset and managed funds for its clients. It invests into the public equity and multi-asset markets across the globe.
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The firm was formerly known as River and Mercantile Investment Management Limited. Liontrust Asset Management Plc was founded in 1994 and is based in London, United Kingdom.
Stock analysis
Liontrust Asset Management (LIO) currently trades at £2.89, while our model-based Fair Value estimate is £3.50, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of £5.35 per share, and 8 of the 13 models we run sit above the £2.89 price.
Bear case: the Asset-Based group reads lowest at £0.7100, and 5 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: £1.51 (bear) to £4.79 (bull), the price of £2.89 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 72/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Liontrust Asset Management reported revenue of £134M in FY2026 versus £246M in FY2022, a compound −14.0%/yr. Reported net income was £9.6M in FY2026, compounding −36.5%/yr from FY2022.
Key figures
Market cap £180M Micro · P/E ratio 19.2 · P/S ratio 1.32 · EPS (TTM) £0.1500 · Dividend yield 6.6% · Net margin 7.1% · Return on equity 7.8% · Return on assets (EBIT) 7.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 21%, LIO screens cheaper than that median.
Fair Value models
Bear£1.51Fair Value £3.50Bull£4.79
Price £2.89 · Upside +21.3%
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.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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−20.9%
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.
−18.0%
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.
−5.2%
Start year 2021 (pandemic). Over 10 years: +11.6% a year
Revenue growth 26 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.
+9.5%
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What shareholders gained per year (last 5 years) ⓘ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.
−13.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.8%
Dividend (yield on the price)6.6%
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.−19.8% vs 0.4%, slowing
Profit margin 2021 to 2026 ⓘ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.20% → 11%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more 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).
+4.3%
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.
+6.2%
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 +1.9% a year for the price and +3.7% for the forecasts.
Compare Liontrust Asset Management with another stock
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 · 587 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+23.5% · Above median
Profitability
Return on equity (12 months)7.8% · Above median
Return on assets3.6% · Below median
Net margin (12 months)7.1% · Bottom 25%
Operating margin (12 months)12.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−21.2% · Bottom 25%
Dividend yield (12 months)6.6% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)19.2× · Pricier than median
P/B1.64× · Pricier than median
P/S (12 months)1.32× · Cheapest 25%
Price / free cash flow (fiscal year)12.2× · Cheaper than median
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Is Liontrust Asset Management (LIO) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of £3.50 versus a price of £2.89, about +21% upside (undervalued).
What is the fair value of LIO?
Our model-based fair value for Liontrust Asset Management is £3.50 (as of Nov 6, 2026), built from audited fundamentals. The current price: £2.89.
What is the quality score of LIO?
Liontrust Asset Management has a Quality Score of 72/100. 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 Liontrust Asset Management (LIO)?
Our model-based price target is the fair value of £3.50 (as of Nov 6, 2026) from 13 valuation models. Cautious scenario £1.51, optimistic scenario £4.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Liontrust Asset Management stock forecast for 2026?
Our models put fair value at £3.50, about +21% upside versus a price of £2.89 (undervalued). Cautious scenario £1.51, optimistic scenario £4.79. The calculation is refreshed regularly with new filings.
What is the revenue of Liontrust Asset Management (LIO)?
Liontrust Asset Management reported trailing-twelve-month revenue of about £134M (latest available figure, as of Nov 6, 2026).
Does Liontrust Asset Management pay a dividend?
Liontrust Asset Management currently shows a dividend yield of 6.59% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Liontrust Asset Management (LIO) and when is the ex-dividend date?
Liontrust Asset Management pays a dividend of £0.19 per share a year, a dividend yield of 6.6%. The last ex-dividend date was Jul 2, 2026. A dividend has been paid every year since 2013. The payout ratio is 127% of earnings. Free cash flow covers the dividend 1.24 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Liontrust Asset Management (LIO)?
For today's price to be fair in a discounted-cash-flow model, Liontrust Asset Management would have to grow free cash flow by +4.3 % per year for five years (discount rate 14.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of LIO use?
Our models discount Liontrust Asset Management at 14.8 %: a base by market capitalisation (micro), damped by beta 1.44, 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 Liontrust Asset Management that is +4.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.8 %) and the same formula as our fair value.
How much growth has Liontrust Asset Management (LIO) delivered so far?
Over the past 5 years revenue at Liontrust Asset Management grew -5.2 % a year. The price currently implies free-cash-flow growth of +4.3 % 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 Liontrust Asset Management (LIO) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Liontrust Asset Management (+4.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Liontrust Asset Management (LIO)?
The free-cash-flow yield on the price is 8.08 %: that much free cash flow Liontrust Asset Management produces per unit of market value. When it exceeds the discount rate of our models (14.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Liontrust Asset Management (LIO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Liontrust Asset Management it is £3.50 per share (as of Nov 6, 2026), against a price of £2.89. 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 Liontrust Asset Management stock overvalued or undervalued in 2026?
As of Nov 6, 2026, LIO trades below its calculated fair value: price £2.89, fair value £3.50, a gap of about +21% (undervalued). 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 LIO?
No. The price is what the market pays today (£2.89); the fair value is what the company's own numbers justify (£3.50). For Liontrust Asset Management the two are £0.6150 per share apart. That gap is exactly why we show both numbers side by side.
How much is Liontrust Asset Management worth?
The market values Liontrust Asset Management at about £180M (market capitalisation, as of Nov 6, 2026). Per share that is £2.89; our models calculate a fair value of £3.50 per share.
What do the bullish and bearish scenarios say about LIO?
Our models span a range for Liontrust Asset Management: cautious scenario £1.51, base £3.50, optimistic £4.79 per share (as of Nov 6, 2026, price £2.89). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LIO?
Liontrust Asset Management trades at a price-to-earnings ratio of 19.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £3.50 is built from several models across several years. Other multiples: PEG 0.2, P/B 1.6, P/S 1.3, EV/EBITDA 5.3.
What is the PEG ratio of LIO?
The PEG ratio of Liontrust Asset Management is 0.22 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Liontrust Asset Management (LIO)?
Balance-sheet figures for Liontrust Asset Management (as of Nov 6, 2026): return on equity 7.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is LIO from its 52-week high?
Liontrust Asset Management trades at £2.89, about 16% below its 52-week high of £3.44 and 29% above the low of £2.24 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of £3.50 is for.
Which stocks are comparable to Liontrust Asset Management?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, 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 Liontrust Asset Management stock attractive at the current price?
The data as of Nov 6, 2026: price £2.89, calculated fair value £3.50 (+21%), Quality Score 72/100, 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 LIO calculated?
We run Liontrust Asset Management 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 £3.50 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 13.3% above its aggregate fair value. Liontrust Asset Management currently trades 18% below its own fair value, and the market average says nothing about that. 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 Liontrust Asset Management (LIO)?
The closing price on Nov 9, 2026 was £2.89. Our model-based fair value is £3.50, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Liontrust Asset Management right now?
The model range is unusually wide (£1.51 to £4.79). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (72/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Liontrust Asset Management (LIO) come from?
Earnings per share at Liontrust Asset Management grew +3.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +10.1 %, EBIT margin −5.4 %, tax rate −1.0 %, residual (interest, one-offs) +0.6 %. 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 Liontrust Asset Management
How large is the market capitalisation of Liontrust Asset Management (LIO)?
The market capitalisation of Liontrust Asset Management is £180M. 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 Liontrust Asset Management (LIO)?
The price-to-sales ratio of Liontrust Asset Management is 1.32 (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 Liontrust Asset Management (LIO)?
Earnings per share at Liontrust Asset Management are £0.1500 (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 Liontrust Asset Management (LIO)?
The dividend yield of Liontrust Asset Management is 6.6% (payout 127%). 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 Liontrust Asset Management (LIO)?
The net margin of Liontrust Asset Management is 7.1% (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 Liontrust Asset Management (LIO)?
The return on equity (ROE) of Liontrust Asset Management is 7.8% (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 Liontrust Asset Management (LIO)?
On an EBIT basis the return on assets of Liontrust Asset Management is 7.5% (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 Liontrust Asset Management (LIO)?
The operating margin of Liontrust Asset Management is 12.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Liontrust Asset Management (LIO)?
Revenue at Liontrust Asset Management is growing −21.2% versus a year earlier (3y avg −18.0%). 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 Liontrust Asset Management (LIO)?
Earnings per share at Liontrust Asset Management are growing −36.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Liontrust Asset Management (LIO) hold?
Liontrust Asset Management holds more cash than debt, £47.9M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026