olivLaw · European equity research
ASA International Group plc ASAI.L
United Kingdom · London Stock Exchange · ISIN GB00BDFXHW57 · Vertical: Listed companies from United Kingdom
ASA International Group plc is a microfinance group that provides small loans, mainly to low-income women entrepreneurs, through its ASA Model and a wide branch network. In fiscal 2025 the group disbursed 1,509.4 million USD of loans to 2.8 million clients, while its digital financial services are growing after the launch in Ghana.
At the close of 05 Nov 2026, ASA International Group plc (ASAI.L) stock was 2.47 GBP (+2.07% on the day), with beta 0.28, 52-week range 1.71–2.84 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.2
- neutral
- Bollinger (20, 2)
- 2.35 – 2.56
- in the upper half of the band · %B 0.58 · band width 8.4%
- SMA 50 / 200
- 2.41 / 2.26
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.9% | +0.4% | +2.5 pp | — |
| 3 months | +3.8% | −3.3% | +7.0 pp | — |
| 6 months | +17.6% | +4.0% | +13.7 pp | — |
| Year to date | +30.3% | +8.1% | +22.2 pp | — |
| 1 year | +37.2% | +10.7% | +26.5 pp | +5.8% |
| 3 years | +782.1% | +50.1% | +732.1 pp | +23.3% |
| 5 years | +64.4% | +43.6% | +20.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 176.6 m | 213.9 m | unavailable |
| Revenue YoY | unavailable | +21.1% | unavailable |
| Net income | 8.8 m | 29.2 m | 57.1 m |
| Net income YoY | unavailable | +234.0% | +95.2% |
| Diluted EPS | 0.09 | 0.29 | 0.57 |
| Diluted EPS YoY | unavailable | +222.2% | +96.6% |
| net % | 5.0% | 13.7% | unavailable |
| Free cash flow | -21.0 m | -25.8 m | -56.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 107.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 161.8 m USD
- Total assets
- 797.1 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 44.2%
- ROA
- 8.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 176.6 m | 213.9 m | — | esef· 07 May 2025verified |
| Depreciation & amortisation | 3.7 m | 3.7 m | — | esef· 07 May 2025verified |
| Interest expense | 37.8 m | 43.5 m | — | esef· 07 May 2025verified |
| Pre-tax income | 32.2 m | 63.5 m | 103.9 m | esef· 21 Apr 2026verified |
| Income tax | 20.1 m | 28.6 m | 40.8 m | esef· 21 Apr 2026verified |
| Net income | 8.8 m | 29.2 m | 57.1 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.09 | 0.29 | 0.57 | esef· 21 Apr 2026verified |
| Dividend per share | — | 0.03 | 0.09 | esef· 21 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 76.4 m | 79.1 m | 107.4 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 7.2 m | 7.6 m | 10.5 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 10.5 m | 15.6 m | esef· 21 Apr 2026verified |
| Total assets | 490.0 m | 568.5 m | 797.1 m | esef· 21 Apr 2026verified |
| Total liabilities | 413.4 m | 472.0 m | 635.3 m | esef· 21 Apr 2026verified |
| Equity | 76.6 m | 96.5 m | 161.8 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 97.3 m | 100.9 m | 100.2 m | esef· 21 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -16.7 m | -23.5 m | -53.4 m | esef· 21 Apr 2026verified |
| Capex | 4.4 m | 2.2 m | 2.9 m | esef· 21 Apr 2026verified |
| Free cash flow | -21.0 m ≈ | -25.8 m ≈ | -56.3 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -7.5 m | -6.1 m | -7.2 m | esef· 21 Apr 2026verified |
| Financing cash flow | 27.6 m | 34.9 m | 88.5 m | esef· 21 Apr 2026verified |
| Dividends paid | — | 3.0 m | 8.7 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.75 – 12.22 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.75 – 12.22 (Mid 8.74)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)outside the aggregate1.14 – 1.54 (Mid 1.31)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 26.7% | 80 (vs peers) | 50% |
| FCF conversion · Quality | -98.7% | 0 (on a fixed band) | 50% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality40/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASA INTERNATIONAL GROUP PLC (ASAI.L). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 213.9 m USD in 2024; YoY growth 21.1%; net margin 26.7%; ROE 43.5%.
The estimated value range is 6.75–12.22 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 26.7%
What contradicts it
- FCF conversion: -98.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for ASAI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ASA International Group plc is a microfinance group that provides small loans, mainly to low-income women entrepreneurs, through its ASA Model and a wide branch network. In fiscal 2025 the group disbursed 1,509.4 million USD of loans to 2.8 million clients, while its digital financial services are growing after the launch in Ghana.
SWOT
Strengths
- The ASA Model, based on group lending without collateral and services close to clients, supports a stable relationship with a broad client base, especially women entrepreneurs.
- The group is geographically diversified across several countries, reducing exposure to events specific to a single economy.
- The group has solid relationships with funders and a culture oriented to client protection, reinforced by signing the Client Protection Joint Statement.
Weaknesses
- The portfolio remains concentrated in a few countries, which amplifies the impact of adverse local economic developments.
- Human resource risk was reassessed as high, and attracting and retaining skilled staff remains difficult in some operations.
- The maturity of IT controls and recovery capacity differs between subsidiaries, which may expose the group to operational disruptions.
Opportunities
- Expanding digital financial services could open new client segments and reduce distribution costs in countries where branch access is limited.
- Obtaining banking licences in more countries could broaden the group's product range and funding sources.
- Growing client deposits could diversify funding sources and reduce reliance on external borrowing.
Threats
- Intensifying digital competition could reduce market share and put pressure on lending terms.
- Political instability and armed conflict in countries of operation could disrupt activity and affect staff.
- Currency risk and inflation volatility could affect reported results, especially if local currencies weaken.
Risks
- Exchange rate riskhigh
The group is exposed to exchange rate movements, although most of its USD-denominated exposure is hedged.
- Inflation riskhigh
Rising inflation could affect profitability and operating costs, and the group maintains provisions for a possible hyperinflationary impact.
- Human resource riskhigh
A shortage of skilled staff could affect growth plans, especially in operations where migration has reduced the availability of talent.
- Geographic concentration riskmedium
Concentration of the portfolio in a few countries could amplify the effects of adverse economic or political events.
- IT business continuity riskmedium
System outages, such as the one in Zambia in the fourth quarter of 2025, could disrupt critical operations.
Investment thesis
What would need to be true (bull case)
- If the ASA Model continues to attract and retain clients, the group could sustain a solid loan volume over the long term.
- The launch of digital services in Ghana could open a more cost-efficient growth path.
- Geographic and funding diversification could support the group's stability even in periods of regional volatility.
What would break the thesis
- Concentration of the portfolio in four countries could make the group's results sensitive to adverse developments in those markets.
- Intensifying digital competition could reduce margins or the pace of client acquisition.
- Currency and inflation risks could erode results reported in USD if local currencies weaken.
What to watch
- Evolution of the portfolio in the highly concentrated countries, notably Pakistan, the Philippines, Ghana and Tanzania2026
- Progress of the digital financial services launch in Ghana and its extension to other countries2026
- Completion of the India exit and effects on the group structure2026
- Migration of countries to the new core banking platform and stability of IT systemsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates through the ASA Model, based on group lending without collateral and services delivered at the branch close to clients' businesses. According to the annual report for 2025, the group served 2.8 million clients and operated 2,232 branches. Clients are predominantly women with small businesses (97%), and the group aims at financial inclusion and poverty reduction. It operates in thirteen countries and is gradually expanding digital financial services.
The group structure includes ASA International Group plc as holding company and several local microfinance institutions, each with its own portfolio and risk framework. The group aims to develop local currency funding and client deposits as additional funding sources. In 2025 it announced plans to exit India, where it has already surrendered its licence to the Reserve Bank of India.
The group employed about 15.2 thousand people and paid taxes of 47.4 million USD in 2025, reflecting the scale of its local operations. Social commitments, such as community projects and client protection standards, are an integral part of the business model described in the report.
Segments
Microfinance through the ASA Model
The core segment consists of small loans granted through client groups and branches close to clients, without joint liability. It forms the basis of the group's business and the main driver of loan disbursement volume.
Digital financial services
The group is developing digital financial services to complement the ASA Model and respond to client needs. It went live in Ghana in 2025, and the aim is to scale these services across the other countries of operation.
India operations
Operations in India are being wound down, with the group already having surrendered its licence to the Reserve Bank of India. This measure changes the group's geographic profile in the short term.
Market context
The microfinance market in the group's countries of operation is characterised by demand for credit and growing competition from established and emerging players. The group is present in thirteen countries, but its loan portfolio is concentrated in four: Pakistan, the Philippines, Ghana and Tanzania, so developments in these markets matter greatly for its results.
The annual report indicates that loan demand could remain resilient in 2026, but uncertainty around the Middle East war and its effects on commodity prices, supply chains and credit conditions could affect local markets. The group is closely monitoring inflation and exchange rates.
Trends
- Digitalisation of financial servicesmixed
Wider use of digital financial services by competitors and by the group itself could reduce distribution costs and attract new clients, if the digital model proves effective in countries such as Ghana.
- Stability of local currenciestailwind
In 2025 currencies in the countries of operation performed well, which helped the group manage foreign exchange risk. A return of volatility could however affect results reported in USD.
- Climate and weather eventsheadwind
Storms in the Philippines and flooding in Sri Lanka disrupted activity in 2025. The frequency of such events could affect clients' repayment capacity and branch operations.
- Rollout of a new core banking systemmixed
A gradual migration of countries to a new core banking platform is under way. If it succeeds it could improve operational efficiency, but it carries data migration risks.
Competitive position
The annual report notes that the competitive landscape is becoming more intense in several markets, driven by the expansion of digital financial services and more active outreach by established and emerging players. The group considers an effective response to client needs essential to keep its market position.
Competition directly affects pricing, client acquisition rates and the ability to diversify products. The group aims to maintain close client relationships and adapt its offer to reduce the risk of losing clients to competitors.
- Local microfinance providers in the countries of operation
Microfinance institutions and local banks, referred to generically in the report as established and emerging players.
- Digital financial service providers
Digital platforms extending credit and payment offers, an area the group is tracking through its launch in Ghana.
- Local commercial banks
Institutions competing with the group in small lending in certain countries, according to the report context.
- New market entrants
Emerging players entering microcredit markets that could change local competitive conditions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ASA International Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.