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Ashmore Group PLC
(LSE:ASHM)
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Rating:76Outperform
Price Target:
249.00 p
▲(11.56% Upside)
Action:Reiterated
Date:09/08/26
The score is driven primarily by strong financial quality (high profitability and a very conservative balance sheet), supported by attractive income/valuation (high dividend yield and moderate P/E). This is tempered by weakening cash-flow conversion and multi-year revenue pressure, while technicals and the earnings call point to improving operational momentum but continued fee and performance-fee timing risks.
Positive Factors
AUM and net inflow growth
A 10% increase in AuM, positive net inflows, and stronger subscriptions indicate improving client demand and asset gathering. If sustained, these trends can rebuild the fee-generating base, support scale benefits, and strengthen Ashmore’s competitive position over the next several quarters.
Negative Factors
Multi-year revenue decline
Several years of falling revenue indicate that strong current profitability is not yet supported by a durable top-line growth trend. Continued contraction in the fee base could weaken operating leverage, constrain reinvestment, and make earnings increasingly dependent on investment performance or other variable income.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM and net inflow growth
A 10% increase in AuM, positive net inflows, and stronger subscriptions indicate improving client demand and asset gathering. If sustained, these trends can rebuild the fee-generating base, support scale benefits, and strengthen Ashmore’s competitive position over the next several quarters.
Read all positive factors
Ashmore Group PLC (ASHM) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.44B
Dividend Yield7.66%
Average Volume (3M)866.66K
Price to Earnings (P/E)12.4
Beta (1Y)1.56
Revenue Growth-10.49%
EPS Growth27.89%
CountryUK
Employees272
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.18
Shares Outstanding712,740,800
10 Day Avg. Volume913,294
30 Day Avg. Volume866,663
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.67
Price to Sales (P/S)9.48
P/FCF Ratio31.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£183.75Price Target Upside-17.67% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)£158.90M
Ashmore Group PLC Business Overview & Revenue Model
Company Description
Ashmore Group PLC functions as a publicly traded asset management firm. Serving a diverse clientele, it offers its services to both private individuals (retail) and large organizations (institutional investors). The company specializes in construc...
How the Company Makes Money
Ashmore makes money primarily by providing investment management services and charging fees tied to assets it manages and, in some cases, investment performance. The core revenue stream is management fees (often charged as a percentage of average ...
Ashmore Group PLC Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
Overall the call conveyed a positive operational and investment story: strong investment outperformance, meaningful seed gains boosting statutory profits, double-digit AuM growth (+10%) and improved flows (subscriptions +39%, redemptions -35%) supported a material rise in PBT (+64%) and EPS (+89%). The main weaknesses were lower reported revenue (-16%) driven by reduced performance fees, temporary fee mix impacts from alternatives, timing uncertainty around future performance fees, and short-term cash pressure from seed deployment. Given robust balance-sheet liquidity, continued product and local-office expansion, and a healthier pipeline, the positives materially outweigh the negatives.Positive Updates
Assets under Management Growth
Total AuM increased by 10% over the half to $52.5bn, driven by investment outperformance (+$2.6bn) and net inflows (+$2.3bn).
Negative Updates
Revenue Decline Year-on-Year
Adjusted net revenue fell 16% year-on-year, attributable to lower average AuM (3% lower) and materially reduced performance fees versus the prior period.
Read all updates
Q2-2026 Updates
Positive
Negative
Assets under Management Growth
Total AuM increased by 10% over the half to $52.5bn, driven by investment outperformance (+$2.6bn) and net inflows (+$2.3bn).
Read all positive updates
Company Guidance
The guidance was constructive and metric‑rich: management expects full‑year non‑VC operating costs to be about twice H1’s £29m (with slightly higher non‑cash depreciation from the new London lease), continues to accrue variable compensation at ~32.5% of pre‑bonus profit (subject to remco review in July), and assumes modest fee margin pressure of ~1–2 bps every 12–24 months; performance‑fee guidance remains up to £5m for the year (H1 perf fees £0.8m). Seed activity should help fund growth (H1 seed gains £55.4m of which £9.6m realised; seed market value £391m; commitments £81m), the balance sheet is strong (total financial resources £573.6m v. capital requirements £93.3m; excess £480m or 67p per share; cash £261m), and management expects continued AUM and flow momentum (AUM +10% H1 to $52.5bn, net inflows $2.3bn, subscriptions +39% to $5.7bn, redemptions -35% to $3.4bn, investment outperformance added $2.6bn) while noting timing of funding and performance‑fee realisations is uncertain and macro tailwinds for EM (expected rate cuts, dollar softness) should support further growth in local and equity businesses.Ashmore Group PLC Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 144.50M | 139.90M | 144.40M | 186.80M | 219.30M | 199.50M |
| Gross Profit | 107.20M | 136.30M | 120.60M | 101.70M | 153.10M | 126.10M |
| EBITDA | 99.50M | 132.20M | 112.00M | 131.50M | 86.60M | 107.60M |
| Net Income | 113.50M | 103.30M | 81.20M | 93.70M | 83.30M | 88.50M |
Balance Sheet | ||||||
| Total Assets | 961.50M | 1.07B | 908.10M | 979.70M | 1.01B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 288.30M | 381.60M | 687.20M | 745.50M | 764.30M | 849.40M |
| Total Debt | 16.90M | 16.80M | 4.60M | 6.40M | 5.80M | 8.00M |
| Total Liabilities | 180.70M | 261.20M | 117.30M | 88.90M | 95.70M | 131.40M |
| Stockholders Equity | 771.80M | 794.30M | 782.60M | 882.60M | 898.80M | 945.00M |
Cash Flow | ||||||
| Free Cash Flow | 62.30M | 41.90M | 48.40M | 88.30M | 140.00M | 158.10M |
| Operating Cash Flow | 62.70M | 62.70M | 48.60M | 89.10M | 140.40M | 158.60M |
| Investing Cash Flow | 107.10M | 122.30M | 33.60M | -108.40M | -5.20M | 70.30M |
| Financing Cash Flow | -112.70M | -100.90M | -156.10M | -151.20M | -170.00M | -173.30M |
Ashmore Group PLC Technical Analysis
Positive
223.20
Price Trends
216.03
Positive
211.85
Positive
207.84
Positive
Market Momentum
0.83
Positive
51.45
Neutral
36.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ASHM, the sentiment is Positive. The current price of 223.2 is below the 20-day moving average (MA) of 223.45, above the 50-day MA of 216.03, and above the 200-day MA of 207.84, indicating a neutral trend. The MACD of 0.83 indicates Positive momentum. The RSI at 51.45 is Neutral, neither overbought nor oversold. The STOCH value of 36.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ASHM.
Ashmore Group PLC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
89 Outperform | £823.25M | 14.23 | 42.37% | 5.35% | 18.94% | 66.50% | |
77 Outperform | £812.07M | 7.83 | 11.59% | 7.17% | 37.81% | 83.65% | |
76 Outperform | £1.44B | 12.37 | 14.60% | 10.97% | -10.49% | 27.89% | |
76 Outperform | £3.42B | 14.34 | 20.41% | 4.12% | 23.65% | 73.43% | |
72 Outperform | £4.10B | 12.22 | 28.08% | 6.27% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.69B | 13.35 | 8.95% | 6.06% | 5.39% | 85.13% |
* Financial Sector Average
GB:ASHM
Ashmore Group PLC
220.60
72.87
49.33%
GB:JUP
Jupiter Fund Management Plc
163.20
53.94
49.37%
GB:EMG
Man Group plc
307.00
154.79
101.69%
GB:POLR
Polar Capital Holdings
860.00
436.50
103.07%
GB:RAT
Rathbones Group PLC
1,650.00
-58.66
-3.43%
GB:N91
Ninety One
213.60
32.62
18.02%
Ashmore Group PLC Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Ashmore boosts AuM and profits as emerging markets rally
Positive
Sep 7, 2026
Ashmore Group reported a 13% rise in assets under management to US$54.0 billion for the year to 30 June 2026, driven by US$2.7 billion of net inflows and strong emerging markets investment performance. Equities now account for 19% of AuM, alternat...
Business Operations and StrategyFinancial Disclosures
Ashmore lifts assets under management as emerging markets rally
Positive
Jul 14, 2026
Ashmore Group plc reported a 7% rise in assets under management in the fourth quarter to an estimated $54.0 billion as of 30 June 2026, driven by $2.0 billion of positive investment performance and $1.3 billion of net inflows. Growth was broad-bas...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.