Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– Jupiter- FundJupiterManagementFundPLCManagement(JUP.L) PLC (JUP.L)

Awaiting flow inflection

PRICE TARGET 193p EQUAL-WEIGHT THESIS

We apply a 10x P/E multiple, roughly in line with the sector to reflect the revised growth Runway for growth within Institutional and

outlook, add ~50% of the excess capital and use an 11% CoE to translate this into a 12-month International, along with moderating mutual

valuation. fund outflows suggests opportunities for

revenue recovery; however, Jupiter’s active

173p asset management business continues to

Consensus Price Target Distribution 120.00p 210.00p face performance-related equity flow

MS PT headwinds, and we expect current

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates challenges to persist. Given limited upside to

our target price, we view the risk reward as

balanced, hence Equal-weight.

RISK REWARD CHART

Consensus Rating Distribution

GBp

22% Overweight

313p313p(+100.64%)313p(+100.64%)(+100.64%) 67% Equal-weight

320 11% Underweight

MS Rating

240 Source: Refinitiv, Morgan Stanley Research

193p193p(+23.72%)193p(+23.72%)(+23.72%)

160 156p156p156p

80 108p108p(-30.77%)108p(-30.77%)(-30.77%)

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research

BULL CASE 313p BASE CASE 193p BEAR CASE 108p

Strong market recovery and improving Flow recovery on Absolute Return Prolonged market volatility and weaker

flows outperformance outflows

We assume an improved macro outlook and We assume AuM growth at ~6% CAGR over Under our bear scenario, we assume

superior market recovery, with stronger 2026-28e, driven by stronger retail flows. prolonged market volatility with macro