Ashmore Group
Website:
Ashmore Group
Index:
FTSE 250
EPIC: ASHM
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£1.52B
Payout Frequency: Semi-Annual
Ashmore Group Dividend Analysis and Summary
Key Dividend Details
- Interim ordinary dividend: 4.8 pence per share (unchanged YoY).
- Ex-dividend date: 26/02/2026 (derived from the record date; UK practice is ex-div one business day before record date).
- Record date: 27/02/2026.
- Payment date: 30/03/2026.
- Payout ratio: ~47% of diluted EPS for the half year (4.8p vs 10.1p).
Analysis: Sustainability and Growth
- Coverage: On statutory earnings, the interim dividend is comfortably covered (4.8p vs 10.1p diluted EPS). On an adjusted basis it is not (4.8p vs 3.1p adjusted diluted EPS), highlighting reliance on non-core items this half.
- Earnings quality mix: The sharp uplift in PBT (+64% YoY to £81.9m) and EPS was materially aided by £55.4m seed capital gains. Underlying performance softened with adjusted net revenue £67.5m (-16% YoY) and adjusted EBITDA £20.9m (-38% YoY; 31% margin).
- Balance sheet support: Strong liquidity and capital underpin the payout — cash and deposits of £277m (c. £261m excluding consolidated funds), excess financial resources of £480m, and total capital resources of £574m. The interim dividend cash cost c. £33.9m appears readily affordable.
- Growth trajectory: The interim DPS is flat at 4.8p. With management fees/margins lower and performance fees minimal, Ashmore is prudently holding the interim rather than increasing. Dividend progression will depend on sustaining net inflows and fee growth while reducing reliance on seed gains.
Support from Financial Performance and Capital Allocation
- AuM momentum: AuM rose 10% to US$52.5bn on US$2.3bn net inflows and US$2.6bn performance. This is supportive for medium-term fee earnings if maintained.
- Fee dynamics: Net management fees fell to £62.1m with net fee margin at 34bps (vs 36bps YoY) and very low performance fees (£0.8m). Any recovery in fee margins/volumes would strengthen dividend cover on an adjusted basis.
- Capital allocation: Continued investment in seed capital (market value up to £391m; undrawn commitments £80.6m) supports new strategies but introduces earnings volatility. Share purchases to satisfy awards (£13.8m) and a strong cash position indicate capacity to maintain ordinary dividends.
Structural Changes and Other Considerations
- No structural corporate actions (no demergers, M&A, or share consolidation) disclosed that would directly alter dividend policy.
- New London office lease increased right-of-use assets and lease liabilities, but this is not material to dividend capacity given current liquidity.
- Board reiterates a “progressive ordinary dividend over time,” balanced against financial performance and outlook.
Risks and Flags for Dividend Stability
- Earnings mix risk: Statutory profit reliance on seed capital gains this half; underlying (adjusted) profitability and cash conversion weakened. If market gains reverse, statutory cover could fall.
- Revenue pressure: -16% adjusted net revenue YoY, lower fee margins, and minimal performance fees increase uncertainty over near-term organic dividend cover.
- Market/EM exposure: Dividend resilience is sensitive to EM market performance, FX (stronger GBP is a headwind to USD-based fees), and investor flows.
- Growing seed commitments (£80.6m undrawn) elevate capital at risk and earnings volatility, though within ample capital buffers.
Read more
Ashmore Group Annual Dividend Yield - 8.01%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 27/02/2025 |
31/03/2025 |
Interim |
4.80p |
GBX |
| 06/11/2025 |
08/12/2025 |
Final |
12.10p |
GBX |
Total (Annual Dividends Per Share):
16.90p
Dividend Yield =
Annual Dividends Per Share (16.90p)
÷ Share Price (211p)
= 8.01%
Ashmore Group Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 26/02/2026 |
30/03/2026 |
Interim |
4.8000p |
GBX |
| 06/11/2025 |
08/12/2025 |
Final |
12.10p |
GBX |
| 27/02/2025 |
31/03/2025 |
Interim |
4.80p |
GBX |
| 07/11/2024 |
06/12/2024 |
Final |
12.10p |
GBX |
| 29/02/2024 |
02/04/2024 |
Interim |
4.80p |
GBX |
| 02/11/2023 |
08/12/2023 |
Final |
12.10p |
GBX |
| 02/03/2023 |
29/03/2023 |
Interim |
4.80p |
GBX |
| 03/11/2022 |
09/12/2022 |
Final |
12.10p |
GBX |
| 03/03/2022 |
30/03/2022 |
Interim |
4.80p |
GBX |
| 04/11/2021 |
10/12/2021 |
Final |
12.10p |
GBX |
| 04/03/2021 |
30/03/2021 |
Interim |
4.80p |
GBX |
| 05/11/2020 |
11/12/2020 |
Final |
12.10p |
GBX |
| 05/03/2020 |
30/03/2020 |
Interim |
4.80p |
GBX |
| 31/10/2019 |
06/12/2019 |
Final |
12.10p |
GBX |
| 07/03/2019 |
04/04/2019 |
Interim |
4.55p |
GBX |
| 01/11/2018 |
07/12/2018 |
Final |
12.10p |
GBX |
| 08/03/2018 |
04/04/2018 |
Interim |
4.55p |
GBX |
| 02/11/2017 |
01/12/2017 |
Final |
12.10p |
GBX |
| 09/03/2017 |
07/04/2017 |
Interim |
4.55p |
GBX |
| 03/11/2016 |
02/12/2016 |
Final |
12.10p |
GBX |
| 03/03/2016 |
01/04/2016 |
Interim |
4.55p |
GBX |
| 05/11/2015 |
04/12/2015 |
Final |
12.10p |
GBX |
| 05/03/2015 |
10/04/2015 |
Interim |
4.55p |
GBX |
| 06/11/2014 |
05/12/2014 |
Final |
12.00p |
GBX |
| 05/03/2014 |
11/04/2014 |
Interim |
4.45p |
GBX |
| 06/11/2013 |
06/12/2013 |
Final |
11.75p |
GBX |
| 13/03/2013 |
12/04/2013 |
Interim |
4.35p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
4.800 |
12.100 |
GBX |
16.900 |
0.000 |
| 2023 |
4.800 |
12.100 |
GBX |
16.900 |
0.000 |
| 2022 |
4.800 |
12.100 |
GBX |
16.900 |
0.000 |
| 2021 |
4.800 |
12.100 |
GBX |
16.900 |
0.000 |
| 2020 |
4.800 |
12.100 |
GBX |
16.900 |
1.500 |
| 2019 |
4.550 |
12.100 |
GBX |
16.650 |
0.000 |
| 2018 |
4.550 |
12.100 |
GBX |
16.650 |
0.000 |
| 2017 |
4.550 |
12.100 |
GBX |
16.650 |
0.000 |
| 2016 |
4.550 |
12.100 |
GBX |
16.650 |
0.000 |
| 2015 |
4.550 |
12.100 |
GBX |
16.650 |
1.210 |
| 2014 |
4.450 |
12.000 |
GBX |
16.450 |
2.170 |
| 2013 |
4.350 |
11.750 |
GBX |
16.100 |
|
Ashmore Group Dividend Calculator
Ashmore Group Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
–
|
| Payout Ratio |
104.85%
|
| Buyback Yield |
1.08%
|
| Shareholder Yield |
9.02%
|
| P/E Ratio (TTM) | 12.89 |
|---|
| Forward P/E | 29.27 |
|---|
| P/FCF | 32.66 |
|---|
| Earnings Yield | 8.2% |
|---|
| FCF Yield | 3.06% |
|---|
| ROE | 14.53% |
|---|
| ROCE | 4.01% |
|---|
| Profit Margin | 85.73% |
|---|
| Operating Margin | 24.47% |
|---|
| Gross Margin | 46% |
|---|