Ashmore Group Plc

LSE:ASHM Stock Report

Market Cap: UK£1.4b

Ashmore Group Future Growth

Future criteria checks 1/6

Ashmore Group's earnings are forecast to decline at 18.5% per annum while its annual revenue is expected to grow at 10.7% per year. EPS is expected to decline by 21.1% per annum. Return on equity is forecast to be 8.3% in 3 years.

Key information

-18.5%

Earnings growth rate

-21.15%

EPS growth rate

Capital Markets earnings growth11.1%
Revenue growth rate10.7%
Future return on equity8.32%
Analyst coverage

Good

Last updated19 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 30

ASHM: Emerging Market Turn Will Face Repriced Risk Yet Retain Balanced Potential

The analyst consensus price target for Ashmore Group has been reduced by a total of £0.25, with recent cuts of £0.05 each from Deutsche Bank and Barclays and £0.15 from Morgan Stanley. Analysts are reassessing assumptions around discount rate and future P/E while keeping fair value and key growth and margin inputs broadly unchanged.
Narrative Update • May 15

ASHM: Emerging Market Turn Will Offer Limited Upside As Execution Risk Persists

Analyst price targets for Ashmore Group have been trimmed modestly in recent weeks, with cuts of £0.05 to £0.15 from several banks, partly offset by a Jefferies upgrade to £2.85, as analysts reassess expectations around the emerging markets cycle while leaving core valuation inputs broadly unchanged. Analyst Commentary Recent research has highlighted a split in opinion on Ashmore Group, with some analysts focusing on improving sentiment around emerging markets and others trimming expectations through lower price targets.
Narrative Update • Apr 24

ASHM: Emerging Market Turn Will Support Earnings While Recent Revisions Limit P E Upside

Narrative Update The updated analyst price target for Ashmore Group reflects a modest reduction in fair value to £1.96, with analysts pointing to slightly softer revenue growth and profit margin assumptions, a higher discount rate, and a higher future P/E multiple, alongside recent Street moves that include several £0.05 to £0.15 target cuts and a Jefferies upgrade with a £2.85 target. Analyst Commentary Recent research updates on Ashmore Group point to a mixed but constructive tone, with price targets moving in both directions and views splitting between valuation appeal and execution risk.
Narrative Update • Apr 10

ASHM: Emerging Market Turn Will Support Earnings While Mixed Views Temper P E Upside

Analysts have trimmed the fair value estimate for Ashmore Group, with the updated analyst price target now at £1.998 from £2.067. This reflects slightly more conservative assumptions on revenue growth, profit margins and the future P/E multiple, despite mixed recent target moves from firms such as Morgan Stanley, Jefferies and Deutsche Bank.
Narrative Update • Mar 26

ASHM: Emerging Market Turning Point And Higher Fair Value Will Support Upside

The updated analyst price targets for Ashmore Group point higher, with one key upgrade moving from £1.70 to £2.85 as analysts cite a perceived turning point in the emerging markets cycle alongside revised assumptions on growth, margins and future P/E. Analyst Commentary Recent research points to a more constructive stance on Ashmore Group, with bullish analysts highlighting higher price targets and upgrades that reflect greater confidence in the company’s positioning within emerging markets.
Narrative Update • Mar 11

ASHM: Emerging Market Turn Will Support Earnings While Keeping P/E Constraints

The analyst price target for Ashmore Group has been revised higher to reflect a small uplift in fair value to £2.07, supported by recent upgrades and higher targets from several firms. These firms now see a turning point in emerging markets and have slightly adjusted their assumptions for revenue growth, profit margins and future P/E.
Narrative Update • Feb 24

ASHM: Emerging Market Turning Point Will Sustain Pressure On Future P/E

The analyst fair value estimate for Ashmore Group has increased from £1.74 to £2.04 per share, reflecting higher revenue growth assumptions and recent price target increases from firms that see a potential turning point for emerging market assets. Analyst Commentary Recent research points to a more constructive tone around Ashmore Group, but views remain mixed, particularly on execution and the durability of any improvement in emerging market conditions.
Narrative Update • Feb 10

ASHM: Modest Discount Rate Shift Will Sustain Pressure On Future P/E

Analysts have inched their blended price target for Ashmore Group higher, reflecting a recent £0.10 increase from one firm, partly offset by a £0.01 reduction from another. The updated view is supported by relatively stable fair value inputs and only small adjustments to the discount rate and future P/E assumptions.
Narrative Update • Jan 27

ASHM: Higher Profit Assumptions Will Face Ongoing P/E Discount Risk

The analyst price target for Ashmore Group has moved higher to £1.74 from £1.56, as analysts point to updated assumptions around revenue growth, profit margins and a lower future P/E, alongside recent mixed Street research that includes a £0.10 price target increase at one firm and a £0.01 trim at another. Analyst Commentary Bullish Takeaways Bullish analysts see the higher £1.74 target as more in line with updated assumptions on revenue potential and profit margins, which they view as better reflected in the revised P/E framework.
Analysis Article • Jan 16

Earnings Not Telling The Story For Ashmore Group Plc (LON:ASHM) After Shares Rise 35%

Ashmore Group Plc ( LON:ASHM ) shares have had a really impressive month, gaining 35% after a shaky period beforehand...
Narrative Update • Jan 12

ASHM: Fair Value Assumptions And Earnings Focus Will Support Future Upside

Analysts have trimmed their price target on Ashmore Group to £1.65 from £1.68, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. Analyst Commentary Recent Street research has adjusted the price target on Ashmore Group to £1.65 from £1.68, with the rating on the shares maintained at Equal Weight.
Narrative Update • Dec 27

ASHM: Strong Cash Generation And Dividends Will Support Future Upside

Analysts have slightly reduced their price target on Ashmore Group to 165 GBp from 168 GBp, citing a marginally lower discount rate and modest tweaks to long term growth and profitability assumptions. Analyst Commentary Bullish analysts note that the revised price target, while modestly lower, still implies upside from current trading levels.
Narrative Update • Dec 12

ASHM: Improved Profitability And Cost Discipline Will Support Future Upside Potential

Ashmore Group's analyst price target has been trimmed slightly, with the modest reduction supported by analysts pointing to a higher required return, slower expected revenue growth, and lower valuation multiples, partly offset by improved profitability. Analyst Commentary Analyst reactions to Ashmore Group have been mixed, with modestly lower price targets reflecting lingering caution on flows and fee visibility, but also acknowledging improving fundamentals and resilient profitability.
Analysis Article • Oct 18

Ashmore Group (LON:ASHM) Is Paying Out A Dividend Of £0.121

The board of Ashmore Group Plc ( LON:ASHM ) has announced that it will pay a dividend of £0.121 per share on the 8th of...
Analysis Article • Sep 20

Ashmore Group (LON:ASHM) Will Pay A Dividend Of £0.121

Ashmore Group Plc ( LON:ASHM ) will pay a dividend of £0.121 on the 8th of December. Based on this payment, the...
Narrative Update • Aug 27

Emerging Markets Expansion Will Increase Client Activity But Earnings May Face Pressure

Analysts have raised their price target for Ashmore Group to £1.56, reflecting optimism around improving emerging market sentiment, stabilizing outflows, and stronger recent earnings, though tempered by ongoing structural concerns. Analyst Commentary Anticipation of improving emerging market sentiment boosting Ashmore Group's assets under management growth prospects.
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New Narrative • Feb 09

Expansion Into Colombia And India Will Open New Opportunities In Emerging Markets

Positive trends in emerging markets and strategic diversification are poised to enhance Ashmore's revenue and margins.
Analysis Article • Sep 26

Ashmore Group (LON:ASHM) Will Pay A Dividend Of £0.121

The board of Ashmore Group Plc ( LON:ASHM ) has announced that it will pay a dividend of £0.121 per share on the 6th of...
Analysis Article • Sep 12

Ashmore Group's (LON:ASHM) Dividend Will Be £0.121

The board of Ashmore Group Plc ( LON:ASHM ) has announced that it will pay a dividend of £0.121 per share on the 6th of...
Analysis Article • Jun 08

Ashmore Group Plc's (LON:ASHM) Business And Shares Still Trailing The Market

When close to half the companies in the United Kingdom have price-to-earnings ratios (or "P/E's") above 17x, you may...
Analysis Article • Feb 22

Ashmore Group (LON:ASHM) Has Announced A Dividend Of £0.048

Ashmore Group Plc's ( LON:ASHM ) investors are due to receive a payment of £0.048 per share on 2nd of April. This means...
Analysis Article • Jan 03

What Ashmore Group Plc's (LON:ASHM) 26% Share Price Gain Is Not Telling You

Ashmore Group Plc ( LON:ASHM ) shareholders have had their patience rewarded with a 26% share price jump in the last...
Analysis Article • Oct 31

Ashmore Group (LON:ASHM) Has Affirmed Its Dividend Of £0.121

Ashmore Group Plc ( LON:ASHM ) has announced that it will pay a dividend of £0.121 per share on the 8th of December...
Analysis Article • Sep 09

Ashmore Group (LON:ASHM) Will Pay A Dividend Of £0.121

Ashmore Group Plc ( LON:ASHM ) has announced that it will pay a dividend of £0.121 per share on the 8th of December...
Analysis Article • Oct 16

Ashmore Group (LON:ASHM) Will Pay A Dividend Of £0.121

Ashmore Group PLC ( LON:ASHM ) will pay a dividend of £0.121 on the 9th of December. Based on this payment, the...
Analysis Article • Sep 05

Ashmore Group (LON:ASHM) Has Affirmed Its Dividend Of £0.121

Ashmore Group PLC's ( LON:ASHM ) investors are due to receive a payment of £0.121 per share on 9th of December. The...

Earnings and Revenue Growth Forecasts

LSE:ASHM - Analysts future estimates and past financials data (GBP Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
6/30/20281737583656
6/30/20271556673587
6/30/202614092106857
12/31/20251321144243N/A
9/30/2025137974546N/A
6/30/2025142814849N/A
3/31/2025157776262N/A
12/31/2024172737576N/A
9/30/2024179838282N/A
6/30/2024187948889N/A
3/31/2024184969494N/A
12/31/2023180999999N/A
9/30/202318691102102N/A
6/30/202319183104105N/A
3/31/202320560113113N/A
12/31/202221838122122N/A
9/30/202223563139140N/A
6/30/202225189157157N/A
3/31/2022263147155156N/A
12/31/2021275206154154N/A
9/30/2021281223151152N/A
6/30/2021287240149149N/A
3/31/2021292219170171N/A
12/31/2020297197191192N/A
9/30/2020310190197197N/A
6/30/2020324182202203N/A
3/31/2020328201198199N/A
12/31/2019332219194195N/A
9/30/2019317199N/A192N/A
6/30/2019303179N/A189N/A
3/31/2019294161N/A183N/A
12/31/2018286144N/A176N/A
9/30/2018281148N/A168N/A
6/30/2018277151N/A159N/A
3/31/2018263150N/A132N/A
12/31/2017250149N/A105N/A
9/30/2017251159N/A114N/A
6/30/2017253168N/A123N/A
3/31/2017246174N/A125N/A
12/31/2016240180N/A126N/A
9/30/2016225154N/A112N/A
6/30/2016210128N/A99N/A
3/31/2016221115N/A109N/A
12/31/2015232102N/A119N/A
9/30/2015249119N/A132N/A
6/30/2015265137N/A146N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASHM's earnings are forecast to decline over the next 3 years (-18.5% per year).

Earnings vs Market: ASHM's earnings are forecast to decline over the next 3 years (-18.5% per year).

High Growth Earnings: ASHM's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ASHM's revenue (10.7% per year) is forecast to grow faster than the UK market (4.5% per year).

High Growth Revenue: ASHM's revenue (10.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ASHM's Return on Equity is forecast to be low in 3 years time (8.3%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/02 11:11
End of Day Share Price 2026/06/02 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ashmore Group Plc is covered by 28 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Daniel GarrodBarclays
Michael SandersonBarclays
Andrew LoweBerenberg