Stock ASHM ASHMORE GROUP PLC
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Financials Ashmore Group Plc

Equities

ASHM

GB00B132NW22

Investment Management & Fund Operators

Real-time Estimate Cboe Europe
Other stock markets
 01:34:15 30/04/2024 pm IST 		5-day change 1st Jan Change
191.9 GBX +0.63% Intraday chart for Ashmore Group Plc +2.94% -13.69%
18/04 Ashmore Group plc Announces Stepping Down of Helen Beck as Non-Executive Director and Chair of the Remuneration Committee, Effective from 31 May 2024 CI
17/04 Bank of America Downgrades Ashmore Group to Underperform from Neutral, Lowers PT MT

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,425 2,791 2,542 1,464 1,372 1,265 - -
Enterprise Value (EV) 1 2,948 2,290 2,086 911.9 893.8 812.8 836.1 856.3
P/E ratio 20.3 x 16.2 x 11.2 x 17.6 x 17.1 x 13.1 x 16.1 x 14.9 x
Yield 3.27% 4.05% 4.39% 7.62% 8.13% 8.86% 8.86% 8.91%
Capitalization / Revenue 10.9 x 8.45 x 8.72 x 5.58 x 6.99 x 6.94 x 7.19 x 6.6 x
EV / Revenue 9.38 x 6.93 x 7.15 x 3.47 x 4.55 x 4.46 x 4.75 x 4.47 x
EV / EBITDA 14.6 x 10.3 x 10.7 x 5.55 x 8.42 x 9.79 x 10.4 x 9.15 x
EV / FCF 15.7 x 11.3 x 14 x 5.81 x 8.59 x 12.3 x 9.05 x 8.57 x
FCF Yield 6.39% 8.81% 7.12% 17.2% 11.6% 8.13% 11.1% 11.7%
Price to Book 4.27 x 3.2 x 2.79 x 1.54 x 1.53 x 1.5 x 1.56 x 1.61 x
Nbr of stocks (in thousands) 6,72,239 6,69,034 6,60,311 6,59,991 6,59,804 6,63,586 - -
Reference price 2 5.095 4.172 3.850 2.218 2.080 1.907 1.907 1.907
Announcement Date 06/09/19 11/09/20 03/09/21 02/09/22 06/09/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 314.3 330.5 291.7 262.5 196.4 182.4 176.1 191.7
EBITDA 1 201.8 222.5 195.7 164.3 106.2 83.05 80.17 93.62
EBIT 1 197 219.1 192.9 161.2 103 80.46 76.01 88.36
Operating Margin 62.68% 66.29% 66.13% 61.41% 52.44% 44.12% 43.17% 46.1%
Earnings before Tax (EBT) 1 219.9 221.5 282.5 118.4 111.8 127.3 106.2 113.2
Net income 1 178.6 182.1 240.1 88.5 83.3 96.28 82.71 91.23
Net margin 56.82% 55.1% 82.31% 33.71% 42.41% 52.79% 46.98% 47.6%
EPS 2 0.2504 0.2568 0.3423 0.1261 0.1215 0.1453 0.1186 0.1280
Free Cash Flow 1 188.3 201.8 148.5 156.9 104.1 66.1 92.4 99.9
FCF margin 59.91% 61.06% 50.91% 59.77% 53% 36.24% 52.48% 52.12%
FCF Conversion (EBITDA) 93.31% 90.7% 75.88% 95.5% 98.02% 79.59% 115.25% 106.71%
FCF Conversion (Net income) 105.43% 110.82% 61.85% 177.29% 124.97% 68.65% 111.71% 109.5%
Dividend per Share 2 0.1665 0.1690 0.1690 0.1690 0.1690 0.1690 0.1690 0.1700
Announcement Date 06/09/19 11/09/20 03/09/21 02/09/22 06/09/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1
Net sales 1 176.8 153.7 150.7 141 138.5 124 110.3 86.1 94.5
EBITDA 1 122.5 100 107.2 88.5 92 - 63.2 - 42.6
EBIT 1 120.8 98.3 105.6 87.3 90.4 70.8 61.5 - 34.2
Operating Margin 68.33% 63.96% 70.07% 61.91% 65.27% 57.1% 55.76% - 36.19%
Earnings before Tax (EBT) 1 132.4 89.1 - 131.9 - - - 58 74.5
Net income 112.9 69.2 - 112.4 - - - - -
Net margin 63.86% 45.02% - 79.72% - - - - -
EPS 2 0.1584 0.0984 - 0.1601 0.1331 - 0.0609 0.0606 0.0847
Dividend per Share 2 0.0480 0.1210 0.0480 0.1210 0.0480 0.1210 0.0480 0.1210 0.0980
Announcement Date 06/02/20 11/09/20 10/02/21 03/09/21 10/02/22 02/09/22 08/02/23 06/09/23 07/02/24
1GBP in Million2GBP
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 477 501 456 552 479 453 429 409
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 188 202 149 157 104 66.1 92.4 99.9
ROE (net income / shareholders' equity) 22.3% 21.4% 18.6% 14.1% 9.04% 10% 9.66% 10.9%
ROA (Net income/ Total Assets) 18.3% 17.4% 15.2% 11.9% 7.91% 8.34% 8.07% 9.62%
Assets 1 978.6 1,048 1,576 743.5 1,053 1,154 1,026 948.7
Book Value Per Share 2 1.190 1.300 1.380 1.440 1.360 1.270 1.220 1.180
Cash Flow per Share 2 0.2700 0.2900 0.2100 0.2200 0.1500 0.1200 0.1400 0.1400
Capex 1 0.8 1 0.7 0.5 0.4 0.35 0.3 0.3
Capex / Sales 0.25% 0.3% 0.24% 0.19% 0.2% 0.19% 0.17% 0.16%
Announcement Date 06/09/19 11/09/20 03/09/21 02/09/22 06/09/23 - - -
1GBP in Million2GBP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ashmore Group Plc

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
1.907 GBP
Average target price
1.95 GBP
Spread / Average Target
+2.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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Investment Management
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