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Ashmore Group PLC
(LSE:ASHM)
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Rating:76Outperform
Price Target:
243.00 p
▲(8.87% Upside)
Action:Reiterated
Date:09/12/26
The score is driven primarily by strong financial quality (high profitability and very low leverage), supported by attractive shareholder returns via a high dividend yield and reasonable P/E. These positives are moderated by soft technical momentum and fundamental headwinds noted in results/cash flow (multi-year revenue declines, weaker recent cash conversion, and margin pressure despite constructive AUM/flow trends).
Positive Factors
AUM and flow recovery
Returning AUM growth, broad-based net inflows and improving redemptions indicate renewed client demand across Ashmore’s emerging-market platform. This supports recurring management-fee revenue and suggests the firm’s distribution, products and investment capabilities remain relevant over the next several quarters.
Negative Factors
Multi-year revenue decline
Several years of declining revenue show that strong profitability has not yet translated into durable top-line growth. If revenue remains below prior-cycle levels, Ashmore may have less capacity to expand organically, absorb investment spending and sustain earnings as client allocations shift.
Read all positive and negative factors
Positive Factors
Negative Factors
AUM and flow recovery
Returning AUM growth, broad-based net inflows and improving redemptions indicate renewed client demand across Ashmore’s emerging-market platform. This supports recurring management-fee revenue and suggests the firm’s distribution, products and investment capabilities remain relevant over the next several quarters.
Read all positive factors
Ashmore Group PLC (ASHM) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.47B
Dividend Yield7.61%
Average Volume (3M)1.30M
Price to Earnings (P/E)13.7
Beta (1Y)1.49
Revenue Growth2.50%
EPS Growth27.89%
CountryUK
Employees282
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.16
Shares Outstanding712,740,800
10 Day Avg. Volume1,550,454
30 Day Avg. Volume1,300,196
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
£203.20Price Target Upside-8.96% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)0.07
Revenue Forecast (FY)£156.24M
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:Sep 07, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was strongly constructive. Ashmore reported returning assets under management and flows to growth, strong investment and seed-capital performance, higher profit and EPS, expanding equities and local-office businesses, and a well-capitalized balance sheet. These positives were partly offset by a 7% decline in adjusted revenue, lower performance fees and interest income, margin compression, uneven strategy growth, limited U.S. fixed-income demand, and geopolitical and macro uncertainty.Positive Updates
Assets Under Management Returned to Growth
Assets under management increased 13% to $54 billion, supported by positive investment performance of $3.7 billion and $2.7 billion of broad-based net inflows.
Negative Updates
Adjusted Revenue Declined
Adjusted revenues declined 7% year-on-year, primarily due to lower performance fees on core assets under management; Tom Shippey also cited a weaker U.S. dollar and lower performance fees as factors reducing adjusted net revenue.
Read all updates
Q4-2026 Updates
Positive
Negative
Assets Under Management Returned to Growth
Assets under management increased 13% to $54 billion, supported by positive investment performance of $3.7 billion and $2.7 billion of broad-based net inflows.
Read all positive updates
Company Guidance
For FY27, Ashmore expects non-VC like-for-like operating costs to increase at approximately 2% to 3%, forward-looking depreciation to be broadly consistent with the current year, and the tax rate to be approximately 22%; performance fees for the current financial year are expected to be no more than GBP 5 million, broadly consistent with the average of recent years, while seed-capital recycling is expected to return to closer to the historic average of 30%, obviously being dependent on factors such as continuing performance and third-party client subscription levels. The alternatives allocation in the overall seed book is expected to continue to increase both in absolute terms and as a proportion of the whole, variable remuneration is assumed at a reasonable rate between 30% and 35% for the operating profit, and the group would expect to see more inflow in U.S. equity in the next 12 months in this financial year.Ashmore Group PLC Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 139.90M | 144.40M | 186.80M | 219.30M | 199.50M |
| Gross Profit | 136.30M | 120.60M | 101.70M | 153.10M | 126.10M |
| EBITDA | 132.20M | 112.00M | 131.50M | 86.60M | 107.60M |
| Net Income | 103.30M | 81.20M | 93.70M | 83.30M | 88.50M |
Balance Sheet | |||||
| Total Assets | 1.07B | 908.10M | 979.70M | 1.01B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 381.60M | 687.20M | 745.50M | 764.30M | 849.40M |
| Total Debt | 16.80M | 4.60M | 6.40M | 5.80M | 8.00M |
| Total Liabilities | 261.20M | 117.30M | 88.90M | 95.70M | 131.40M |
| Stockholders Equity | 794.30M | 782.60M | 882.60M | 898.80M | 945.00M |
Cash Flow | |||||
| Free Cash Flow | 41.90M | 48.40M | 88.30M | 140.00M | 158.10M |
| Operating Cash Flow | 62.70M | 48.60M | 89.10M | 140.40M | 158.60M |
| Investing Cash Flow | 122.30M | 33.60M | -108.40M | -5.20M | 70.30M |
| Financing Cash Flow | -100.90M | -156.10M | -151.20M | -170.00M | -173.30M |
Ashmore Group PLC Technical Analysis
Positive
223.20
Price Trends
219.35
Positive
214.89
Positive
217.54
Positive
Market Momentum
1.55
Positive
55.88
Neutral
54.46
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 above the 20-day moving average (MA) of 222.11, above the 50-day MA of 219.35, and above the 200-day MA of 217.54, indicating a bullish trend. The MACD of 1.55 indicates Positive momentum. The RSI at 55.88 is Neutral, neither overbought nor oversold. The STOCH value of 54.46 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | £720.82M | 12.46 | 42.37% | 6.05% | 18.94% | 66.50% | |
77 Outperform | £869.23M | 8.43 | 11.59% | 6.66% | 37.81% | 83.65% | |
77 Outperform | £3.69B | 15.28 | 20.41% | 3.80% | 23.65% | 73.43% | |
76 Outperform | £1.47B | 13.70 | 13.19% | 7.61% | 2.50% | 27.89% | |
71 Outperform | £3.83B | 11.53 | 28.08% | 6.65% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.77B | 14.02 | 8.95% | 5.75% | 5.39% | 85.13% |
* Financial Sector Average
GB:ASHM
Ashmore Group PLC
222.00
47.49
27.22%
GB:JUP
Jupiter Fund Management Plc
175.60
33.08
23.21%
GB:EMG
Man Group plc
333.00
129.60
63.72%
GB:POLR
Polar Capital Holdings
760.00
219.46
40.60%
GB:RAT
Rathbones Group PLC
1,738.00
17.94
1.04%
GB:N91
Ninety One
201.60
-17.65
-8.05%
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.