|All looking very positive here given the AUM increasing sharply month on month. Share price is starting to pick up on the growth story.|
|After a little bit of research over the weekend I have joined you guys first thing this morning. Already looking like one of my better decisions!|
|Monthly update on the impax website, its a graph in the investors section.
|R2, where did you get your figures from?|
AUM 5.18bn GBP as at 31.01.17.
|Short term maybe - this was known news anyway. But, I don't think the share price is up with events personally. Reasonably cconfident that the growth story will run on and they will get to £10bn under management within 3-4 years. What would that do to profitability? Not valued as a growth share really.|
|Whoops!Quite right.5.06bn GBP it is,up 12% in the last quarter to 31.12.16. The share price seems to be well up with events.
|£5.06bn actually, but still fantastic. The business is flying.|
|....and 5.5m GBP AUM at the end of December with new inflows accounting for 10% of the 12% increase,very impressive.It looks like the institutions are increasing their asset allocation towards the environmental sector.This works well for us.
|Yes, I think this should at least double from here. Can see them getting to £10n AUM within 3-5 years.|
|sold out to early, bah humbug!|
|£4.9bn AUM at the end of November. Spectacular growth this year.|
|Yes, an interesting analysis. Thanks. This is a great company in the making. Waiting to see what the November AUM is on their web-site.|
|If you would like to hear management present the results for Impax Asset Management we will be hosting a webinar on Monday 12th December at 1pm. Ian Simm, Chief Executive, and Charlie Ridge, Chief Financial Officer, will give a presentation lasting approximately 30 mins and there will then be an opportunity for Q&A.
To join please register at: hxxps://attendee.gotowebinar.com/register/2019095153726794242
If you would like to submit any questions for management ahead of the meeting please send them to [email protected]evelopment.co.uk
The Equity Development Team|
|Thought I'd share the above with you, it's a way of trying to stay objective....I have been buying and am a happy holder. It looks good going forward, obviously the markets could take a tumble but in general the funds have proved quite resilient. The dilution is the problem here but I feel that Simms and co, who have been at it for 20 years or so are now at the life stage and the biz stage to move to the next phase which is to rapidly expand the AUM to 10billion ? ?.
We should be good for 10-15% annual returns for the next 5 years or so,I hope.
|Analysis of Impax(IPX), using Jim Slater’s Zulu Approach
1. Five Year Record (5 years positive earnings growth)
2. Low PEG Factor (PEG below 1 – eg. a 10% eps growth on a PE of 10 or less)
YES…. year end 30.09.16
PEG = Current PER / profits growth
PER = 52.75(sp)/3.62(fdeps) = 14.57
PEG = 14.57/ 16* =0.875
So just about a buy if <0.75=BUY)
*Profits growth of 16% based on growth in fdeps from 2015(3.13p) to 2016 (3.62p)
3. Optimistic Chairman's Statement
4. Strong Financial Position
YES. 10.5m GBP of distributable cash on the B/S cash after seed investments, provisions, share purchase obligations etc are taken into account. Strong cash flow, no debt.
5. Competitive Advantage
YES.A focused, scale-able business model that is expanding rapidly, great operational leverage, very strong reputation, excellent product performance.AUM growing rapidly.
6. Something New
YES. Less dilution going forward, starting to become a serious dividend payer, the new investments that have held back earnings of late now give IPX strong operational leverage going forwards. Legislation & investor appetite are pushing business their way. They have the expertise, smart distribution and keen pricing.
7. Small Market Capitalization (a small cap stock - anything in the FTSE250 or above is out)
YES.MC £67m at 52.75p.Looks good value.
8. Relative Strength (as in the share price movement compared to the FTSE All Share Index)
YES. 12 month share price +30%, compared to FTSE All Share Index +10%
9. Dividend Yield
YES. 2.1p = 4% based on 2016 results, (2015 divi 2.1p included special divi of 0.5p.
10. Reasonable Asset Position
YES. The balance sheet is very strong, room for more special dividends.
11. Management Shareholding
YES. Don’t get me started…They have been very generous with themselves in the past so they are now motivated to get the share price up and the dividends up.
This analysis is based on the Jim Slater 11 point test to find underrated shares. It scores 11/11 so the share is underrated!
NOTE: Remember shares can go down as well as up. This is not to be read as a recommendation to buy this share. It is simply an explanation of why I bought.
Senior management has been very generous with themselves over the years. Apart from fat salaries, they have awarded themselves lots of free shares. I sold in disgust some time ago because of this issue. Now the directors have loaded up on free shares, they will no doubt focus on dividend payments and improving the share price performance which has been lackluster to date The time looks right now so I am happy to be back on board again.|
|This will make you laugh. Stockopedia forecasts for next year are 3.6p EPS and 2p DPS. More likely to be well over 4p and 3p in my view. Really nice to own a company that is almost certain to blast its next year earnings forecast. How many companies with this sort of growth and dividend progression can you buy at this sort of price?|
|and me, too.
The managers pay themselves very well in cash and options but they are good at their job and do leave a reasonable amount for the shareholders.
I have also bought some Impax Environmental Markets Trust (IEM) shares for a politically-correct daughter. It is an "ethical" fund that has performed well.|
|And me! One of my top 10 holdings. At some point they'll be bought out at a good premium. Until then, happy to take the 4% yield and the rapidly improving performance.|
|Its great that we aren't getting any interest on this BB. Just you and me NTV! This little gem hasn't been noticed by most private investors. Slide deck and Annual Report on their web-site as well.|
|that RNS was released after hours
i presume they meant to release it this morning along with the results|
|Yes, they are doing really well. The future is green...the future is bright. Must be close to £5bn AUM by the end of November with the latest renewable energy fund.|
|everything looks pretty good here
nice increase in divi taking the yied to over 4.25% based on last nights closing price|
|Update from yesterday
Analysts At Peel Hunt Retained Impax Asset Management Plc (LON:IPX) As Buy
Today analysts at Peel Hunt retained Impax Asset Management Plc’s (LON:IPX) shares as ‘Buy’ in a report released to investors.
According to Peel Hunts price target of 63 on the company’s stock this indicates the broker now believes there is an increase of 28.21% from Impax Asset Management Plc’s current price of 49.14.
In the last year Impax Asset Management Plc’s stock price has increased by 0% from 0.00 to 49.14.
The number of Impax Asset Management Plc shares in issue is 106,725,000 which have a current share price of 49.14 bringing Impax Asset Management Plc’s market capitalisation to 52.44M GBp.
The 52 week high of shares in Impax Asset Management Plc is 53.13 while the 52 week low for the company’s shares is 40. The businesses 50 day moving average is 49.41 and its 200 day moving average is 48.66.
Impax Asset Management Group plc is a United Kingdom-based investment company, with assets under management and advice, primarily for institutional clients through both listed and private equity strategies. The Company is engaged in investment management. The Company operates through three segments: Listed Equity, Private Equity and Property. Its investments are focused on a small number of deeply researched global equity strategies across energy efficiency, alternative energy, water, waste/resource recovery, food and agriculture related markets. The Company offers professional and institutional investors exposure to a range of global and regional equity strategies, including specialists, leaders, water, food and agriculture, and Asia-pacific. It works with sectors, such as energy, waste, and sustainable food, agriculture and forestry. Its subsidiaries include Impax Asset Management Limited, Impax Asset Management (AIFM) Limited and Impax New Energy Investors (GP) Limited.|
|All very good in the trading update. Bought a few more. Enterprise value of £36m is a nonsense for £4.5bn under management. Next year will also no doubt benefit from expanding the PE FUM which must be close given the realisations about a year ago.|