JPMorgan Emerging Markets Growth & Income plc
JPMorgan Emerging Markets Growth & Income plc is a UK-domiciled closed-ended investment company launched in 1991, designed to maximise total returns from emerging markets worldwide. It achieves this through a diversified portfolio of equities in companies offering attractive growth opportunities, benchmarked against the MSCI Emerging Markets Net Return in GBP. The trust emphasises high-quality growth stocks, with top holdings including Taiwan Semiconductor Manufacturing (14.79%), Tencent Holdings (8.05%), and SK Hynix, spanning sectors like technology (34.91%), financial services (27.56%), and communication services (10.84%). Geographic exposure focuses on Taiwan (21%), China (19.18%), India (15.05%), and South Korea (11.28%). Managing approximately £1.5 billion in assets with an ongoing charge of 0.79%, it pays quarterly dividends yielding around 1.44%, recently enhanced to 4% of prior-year NAV via capital reserves if needed. Currently trading at a discount to NAV, it provides investors with access to structural trends such as urbanisation, digitalisation, and middle-class expansion in vibrant emerging economies, supported by an experienced management team.
$1.59
-$0.04 (-2.22%)
EOD Oct 16, 2026
Revenue declined 41.3% YoY. The question is whether this is cyclical or a structural shift.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
25.7x earnings, 80.2x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£56M
▼ -41.3% YoY
Net Income (TTM)
£49M
▼ -41.8% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
£16M
▲ +12.8% YoY
Op. Cash Flow (TTM)
£16M
▲ +12.8% YoY
Net Debt
-£4M
Net Cash Position
Cash & Equiv.
£4M
3Y CAGR: +30.0%
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Is JPMorgan Emerging Markets Growth & Income (JMG) overvalued?
At a P/E of 25.7 and a price-to-free-cash-flow of 80.2, JPMorgan Emerging Markets Growth & Income (JMG) trades above a two-stage DCF intrinsic value of about £0.75 per share, so at £1.59 the stock looks overvalued (52.5% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, JPMorgan Emerging Markets Growth & Income scores 47/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.1%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is JPMorgan Emerging Markets Growth & Income's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £0.75 per share for JMG, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £0.57. At today's £1.59, that puts the stock about 52.5% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is JPMorgan Emerging Markets Growth & Income a high-quality business?+
JPMorgan Emerging Markets Growth & Income scores 47 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a mixed business on these measures. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does JPMorgan Emerging Markets Growth & Income (JMG) pay a dividend, and how much?+
Yes, JPMorgan Emerging Markets Growth & Income pays a regular dividend of about £0.03 per share per year (typically in quarterly installments), a yield of roughly 2.1% at the current price. That is a payout ratio of about 54.8% of earnings, so the dividend is well covered. JPMorgan Emerging Markets Growth & Income has grown the dividend at roughly 8.3% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For JMG's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is JPMorgan Emerging Markets Growth & Income a good stock to buy right now?+
That depends on valuation and quality together, not either alone. JMG currently trades above its estimated intrinsic value and scores 47/100 on quality (mixed). It also yields about 2.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.