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JPMorgan Emerg EMEA Sec

JEMA.L
47
Asset Management · Financial Services
Price
250.00 GBp
-1.00 (-0.40%)
Market Cap
£101.1M
Exchange
London Stock Exchange
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

4.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 42.3M (2021) → 40.4M (2025)

JPMorgan Emerging Europe Middle East & Africa Securities Plc is a closed-end investment trust listed in London. It pools money from investors and uses it to buy shares in companies located across emerging markets in Eastern Europe, the Middle East, and Africa. JPMorgan Asset Management runs the fund on behalf of shareholders.

The trust makes money by charging an annual management fee based on the value of assets it holds. It is a relatively small fund at around $0.1 billion in assets, and its competitive position rests on JPMorgan's research network and long experience investing in these regions. The main risk is significant: the fund is heavily exposed to politically unstable and economically volatile countries, and events like sanctions, currency crises, or regional conflicts can sharply reduce the value of its holdings. The war in Ukraine and ongoing tensions across the Middle East remain key factors that could continue to weigh on performance.

Winston Score History

Score breakdown

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Quality

Gross Margin
97.7%
Premium pricing power — 97.7% gross margin
Operating Margin
90.7%
Excellent — 90.7% operating margin
ROCE
14.8%
Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
N/A
Data not available
EPS YoY
N/A
Data not available
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
1%
Weak — only 1% of profit becomes cash
FCF Margin
0.9%
Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
20.9x
Growth-priced — P/E 20.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
0.24%
Small dividend — 0.24% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
-62.0%
Dividend cut (-62.0% YoY) — warning sign

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