Added to YB: 2026-08-26
Pitch date: 2026-08-24
STJ.L [bullish]
St. James's Place plc
-1.42%
current return
Author Info
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Company Info
St. James's Place plc is a publicly owned investment manager. The firm launches and manages equity, fixed income, and balanced mutual funds for its clients.
Market Cap
GBP 6.0B
Pitch Price
GBP 12.00
Price Target
N/A
Dividend
1.52%
EV/EBITDA
3.41
P/E
11.16
EV/Sales
0.14
Sector
Capital Markets
Category
value
Priced as if half the assets have already left - St. James's Place plc
STJ.L: Trades at 0.53x published embedded value (EV £22.21/sh vs 1,188p); market implies a 47% EV write-down, requiring £130bn of the £240.8bn managed to permanently leave—vs only ~£5bn advised by the practices actually departing. Published sensitivities stack to just ~6% downside; recent experience misses <0.1%/half. Balance sheet has improved since 2023 (141% solvency, payout up to 70%), and the board is buying back stock at half EV. Key risk: more adviser/practice departures will pressure sentiment near-term, and Consumer Duty's removal of exit friction makes persistency assumptions unproven; watch for retention breaking below 95%.
Read full article (8 min)