AJ Bell plc (AJB) Fair Value & Analysis
Financial Services · GB · Market cap 2.4B GBX · ISIN GB00BFZNLB60
What is AJ Bell plc really worth?
A strong business, but trading 78% above our fair value of £3.46.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 13 valuation models · updated today
Share price +1.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide (£2.60 to £9.51). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range £2.17 – £6.38 · fair‑value band £2.60 – £9.51 · the £6.15 price screens above the £3.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
AJ Bell plc (AJB) currently trades at £6.15, while our model-based Fair Value estimate is £3.46, implying the stock looks roughly 77.6% overvalued today. The Quality Score stands at 82/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of £5.75 per share, and 3 of the 13 models we run sit above the £6.15 price. Bear case: the Asset-Based group reads lowest at £0.3700, and 10 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, AJ Bell plc generated revenue of £347M at a net margin of 35.5%. Revenue grew 19.5% year over year. It earns a return on equity of 59.9%. The balance sheet holds a net cash position of £176M. Fundamentals as of Sep 5, 2026
Our scenario range runs from £2.60 (bear case) to £9.51 (bull case); at £6.15, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −44%, AJB screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly £0.1412 per share, which is 4.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (£5.75) versus Asset-Based (£0.3700). Highest evidence: Growth DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 83 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
AJ Bell plc, through its subsidiaries, operates investment platforms in the United Kingdom. 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.
Full company description
AJ Bell plc, through its subsidiaries, operates investment platforms in the United Kingdom. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +18.5 % · buybacks/dilution −0.6 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
AJB screens 78% overvalued. Compare with Blackstone Inc →
Peer Group
Asset Management · 697 stocks
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.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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