Ashmore Group PLC (GB:ASHM)
LSE:ASHM
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Ashmore Group PLC
(LSE:ASHM)
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Rating:72Outperform
Price Target:
219.00 p
▲(0.83% Upside)
Action:Upgraded
Date:02/17/26
The score is driven primarily by strong profitability and an exceptionally low-leverage balance sheet, supported by constructive price momentum and an attractive income valuation (6.81% yield, P/E 14.343). The main constraints are declining revenue, weaker operating cash conversion, and earnings-call risks around performance-fee timing and gradual fee pressure.
Positive Factors
Robust Profitability Margins
Sustained high gross and net margins indicate durable fee economics and operational efficiency. This profitability provides capacity to fund seed investments, maintain dividends or buybacks, and absorb periodic AUM or performance fee swings without immediate structural cost cuts.
Negative Factors
Material Revenue Decline
A notable revenue decline signals vulnerability in the firm's fee generation, driven partly by lower performance fees and mix shifts. If persistent, shrinking revenue can strain reinvestment, pressure incentive accruals, and reduce the margin of safety even if margins remain high on reported numbers.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust Profitability Margins
Sustained high gross and net margins indicate durable fee economics and operational efficiency. This profitability provides capacity to fund seed investments, maintain dividends or buybacks, and absorb periodic AUM or performance fee swings without immediate structural cost cuts.
Read all positive factors
Ashmore Group PLC (ASHM) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.30B
Dividend Yield9.91%
Average Volume (3M)1.03M
Price to Earnings (P/E)11.7
Beta (1Y)1.61
Revenue Growth-21.74%
EPS Growth58.92%
CountryUK
Employees283
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.18
Shares Outstanding712,740,800
10 Day Avg. Volume1,360,731
30 Day Avg. Volume1,034,706
Financial Highlights & Ratios
PEG Ratio-0.91
Price to Book (P/B)1.33
Price to Sales (P/S)7.23
P/FCF Ratio21.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£171.00Price Target Upside-21.27% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering3
EPS Forecast (FY)0.09
Revenue Forecast (FY)£141.11M
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 primarily makes money by earning management fees for managing client assets (assets under management, or AUM) across its emerging-markets funds and segregated mandates; these fees are typically calculated as a percentage of AUM and accrue ...
Ashmore Group PLC Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 07, 2026
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
65
Positive
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 144.50M | 144.40M | 186.80M | 219.30M | 199.50M | 424.90M |
| Gross Profit | 107.20M | 120.60M | 101.70M | 153.10M | 126.10M | 344.60M |
| EBITDA | 99.50M | 112.00M | 131.50M | 86.60M | 107.60M | 276.80M |
| Net Income | 113.50M | 81.20M | 93.70M | 83.30M | 88.50M | 240.10M |
Balance Sheet | ||||||
| Total Assets | 961.50M | 908.10M | 979.70M | 1.01B | 1.10B | 1.11B |
| Cash, Cash Equivalents and Short-Term Investments | 288.30M | 687.20M | 745.50M | 764.30M | 849.40M | 815.20M |
| Total Debt | 16.90M | 4.60M | 6.40M | 5.80M | 8.00M | 9.80M |
| Total Liabilities | 180.70M | 117.30M | 88.90M | 95.70M | 131.40M | 175.30M |
| Stockholders Equity | 771.80M | 782.60M | 882.60M | 898.80M | 945.00M | 911.60M |
Cash Flow | ||||||
| Free Cash Flow | 62.30M | 48.40M | 88.30M | 140.00M | 158.10M | 154.30M |
| Operating Cash Flow | 62.70M | 48.60M | 89.10M | 140.40M | 158.60M | 155.00M |
| Investing Cash Flow | 107.10M | 33.60M | -108.40M | -5.20M | 70.30M | -32.50M |
| Financing Cash Flow | -112.70M | -156.10M | -151.20M | -170.00M | -173.30M | -121.10M |
Ashmore Group PLC Technical Analysis
Negative
217.20
Price Trends
210.01
Negative
218.40
Negative
193.75
Positive
Market Momentum
-3.02
Positive
37.54
Neutral
40.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ASHM, the sentiment is Negative. The current price of 217.2 is above the 20-day moving average (MA) of 204.12, above the 50-day MA of 210.01, and above the 200-day MA of 193.75, indicating a neutral trend. The MACD of -3.02 indicates Positive momentum. The RSI at 37.54 is Neutral, neither overbought nor oversold. The STOCH value of 40.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £803.14M | 21.19 | 30.00% | 8.73% | 7.71% | -7.39% | |
74 Outperform | £834.14M | 8.58 | 11.49% | 2.70% | 16.37% | 58.77% | |
73 Outperform | £3.28B | 25.44 | 11.51% | 5.71% | -6.35% | -42.25% | |
72 Outperform | £1.30B | 11.70 | 14.60% | 9.91% | -21.74% | 58.92% | |
72 Outperform | £4.20B | 12.76 | 41.35% | 5.93% | 9.80% | 1.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.64B | 13.20 | 8.33% | 4.91% | 2.02% | 69.06% |
* Financial Sector Average
GB:ASHM
Ashmore Group PLC
197.60
58.58
42.14%
GB:JUP
Jupiter Fund Management Plc
168.20
79.80
90.27%
GB:EMG
Man Group plc
293.60
134.18
84.16%
GB:POLR
Polar Capital Holdings
847.00
457.48
117.45%
GB:RAT
Rathbones Group PLC
1,582.00
-46.58
-2.86%
GB:N91
Ninety One
215.00
47.74
28.54%
Ashmore Group PLC Corporate Events
Regulatory Filings and Compliance
Ashmore Discloses Share Sales by Associate of Finance Director
Neutral
May 28, 2026
Ashmore Group plc disclosed share transactions involving a person closely associated with Group Finance Director Tom Shippey. The company reported that Fay Shippey, identified as a closely associated person, executed two sales of Ashmore ordinary ...
Business Operations and StrategyFinancial Disclosures
Ashmore’s Assets Dip as Volatility Hits Emerging Markets, Japan Post Partnership Announced
Negative
Apr 16, 2026
Ashmore Group reported that assets under management declined 3% to an estimated $50.7 billion in the quarter to 31 March 2026, driven evenly by negative investment performance and net outflows. Fixed income strategies saw lower balances, particula...
Dividends
Ashmore Director Reinvests Dividend in Additional Company Shares
Positive
Apr 1, 2026
Ashmore Group plc has reported a director dealing transaction involving board member Clive Adamson, who acquired a small number of ordinary shares in the company. The purchase was funded using cash proceeds from the interim dividend paid on 30 Mar...
Business Operations and StrategyPrivate Placements and Financing
Ashmore seals strategic US$1bn emerging markets partnership with Japan Post Insurance
Positive
Mar 31, 2026
Ashmore Group plc, a specialist emerging markets investment manager, and Japan Post Insurance, one of Japan’s leading life insurers, have formalised a strategic partnership that deepens their eight-year relationship and reinforces Ashmore...
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.