Share Name Share Symbol Market Type Share ISIN Share Description
Impax Asset Man LSE:IPX London Ordinary Share GB0004905260 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 52.75p 52.00p 53.50p 52.75p 52.75p 52.75p 40,000.00 07:53:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 19.7 3.6 3.2 16.7 67.39

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Date Time Title Posts
02/12/201610:24Impax - Profitable Environmental Fund Manager144.00
06/6/201207:58Impax Asset Management - Substantial long term potential-
12/12/200600:11IMPAX - Director buys at the bottom141.00
29/8/200520:32thanks all bb'ers read this very interesting1.00

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Impax Asset Man Daily Update: Impax Asset Man is listed in the General Financial sector of the London Stock Exchange with ticker IPX. The last closing price for Impax Asset Man was 52.75p.
Impax Asset Man has a 4 week average price of 48.85p and a 12 week average price of 48.69p.
The 1 year high share price is 53.75p while the 1 year low share price is currently 41p.
There are currently 127,749,098 shares in issue and the average daily traded volume is 113,190 shares. The market capitalisation of Impax Asset Man is £67,387,649.20.
robsy2: 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. LON:IPX 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.
robsy2: I'm back in. Here is my reasoning for the record. Analysis of Impax, using Jim Slater’s Zulu Approach 1. Five Year Record (5 years positive earnings growth) YES, well 4 years only, 5 if we include 2015. 2. Low PEG Factor (PEG below 1 – i.e. 10% eps growth on a PE of 10 or less) YES/ NO, it’s changing PEG = Current PER / profits growth PER 2014 47p/2.79p= 17 PEG = 17/7% growth = 2.42 so not so good (My rule here is <0.75=BUY) (PEG more optimistic with 30% growth in income at the interim stage EPS int 2015 1.61p v 2014 1.20p) so PEG could be 17/30 PEG = 0.5 =very good. 3. Optimistic Chairman's Statement YES, optimistic. 4. Strong Financial Position YES. Well covered dividend, good business franchise, lots of cash on the B/S cash 12m MCAP 62M so 20% cash in the share price 5. Competitive Advantage YES.A focused, scaleable business model that is poised for more expansion. 6. Something New YES. Less dilution going forward, starting to become a serious divi payer, new investments have held back earnings, should seed more earnings in the future, they are quality players in a good niche with a scaleable business with growing demand and a growing opportunity. 7. Small Market Capitalization (a small cap stock - anything in the FTSE250 or above is out) Yes.MC £62m.looks cheap compared to its competitors. 8. Relative Strength (as in the share price movement compared to the FTSE All Share Index) NO. no relative strength compared to AIM 100 or peer group contender INVP, so no score on that front. The share price has not had momentum for years, the share scheme has put investors like me off as the gains made have been giftd to the employees and directors but the dilution is now less going forward. IPX PER 15,Rated competitor INVP PER 27, so it looks left behind on that basis 9. Dividend Yield YES. 3% based on 2014 results .2015 int divi up 33% on 2014,divi cover 2. 10. Reasonable Asset Position YES. The balance sheet is very strong 11. Management Shareholding YES. They have been very generous with themselves in the past so they are motivated to get the share price up and the dividends up. CONCLUSION This analysis is based on the Jim Slater 11 point test to find underrated shares. It scores well so the conclusion is that 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 the share.
russianlinesman: rambutan2 hello anyone here. trading statement I just picked up on, funds under management £1.2bn - not down too much. First half revenues £5m, profits £1m+ Same again, total for year, profits say £2m. Cash of £5m Planning to pay a dividend. How much? 110m shares. 1p per share would take up £1.1m of the cash. 1p per share is a 5% yield. Maybe they can't afford to pay this much and they did say "small" dividend. I seem to recall there is an obligation to invest in IEM at some point, Share price was doing fine at 30p ish then dropped like a stone to 20p and below. Sentiment, sentiment, sentiment But what are we all going to do with the cash we save now we don't trust banks, pensions, etc, how about environmental funds? Is a complete no-brainer so have invested my last £1k in buying some more shares. Thoughts?
bloodsports: The director seems confident- share price has held firm all through the summer- and i was thinking they were a bit high and reduced. If i am lucky enougth to get a dip i going to add a few, get the feeling i little late.
davide1976: I know this company very well and are piling cash left right and centre into it. One thing i do know is that they might soft close funds in order to restrict inflows of money, we are a little way of this, but is seems a sensible thing to do. Look what happened to the fidelity Special Sits due to unmanageble size. Impax are also making a push to Independant financial adviser sector to generate further inflows, currently the people using are institutions and knowledgable traders. In my opinion, this company will go from strength to strength and the share price will reflect. the outlook is rosey though.
rambutan2: share price remaining strong on good trades.
rambutan2: see that someone paid 23.5p ie 0.5p over the offer, for 250k this morning. perhaps they noted the £55m aum added during dec/jan. my understanding is that it wasn't qvt that objected to the options, but the management accepting that the fig was too near to the current share price after the continual rise this year. i also understand the bridgewell (house broker) put out a note recently giving ipx a neutral rating and saying 20.5p was high enough. so, they continuing with their sparkling track record re ipx!
robsy2: Hi Russian Once the convertible stock is converted and the share incentives are dished out (assuming the share price reaches at least 14p by November 2007) then the company will have around 110 million shares in issue. The share price is well underpinned by the Directors need to get their share incentive. To get their shares the share price must reach at least 14p by November 2007. The current share price may be a bit ahead of the game, but the company appears to be making good progress issuing it's funds and the share price of the funds themselves are flying ahead. While I have reduced my holding a bit over the last few months to buy into other things I still have a sizeable holding , for me, and am very confident about the future of this company. all the best Robsy
robsy2: Thanks Rambutan So applying the ratio, we have the 220 million they have under management at 5% gives 11 million.I am not sure how many shares are issued at present and prefer to work on the fully diluted basis, assuming the convertable is converted and the share scheme is fully awarded. On that basis there would be around 110 million shares in issue by december 2007. For the share scheme to award the share price will have to reach 14-15p this means a market cap of 16.5 million and funds under management of 330 million compared to 220 million now. This looks do-able because they are expanding aggressively,funds undermanagement have tripled in the last year, they have other funds that they can expand and the funds themselves should grow organically as well. Their specialisation could mean a lower cost model and that combined with the growth factor menas that the company gets a premium rating. Another point in favour is that the above scenario doesn't take into account earnings from two other sources , firstly the corporate finance side, which did a million pounds of turnover in the year ended 30.9.04 and secondly the residual revenue from the sale of oil assets 2 years ago which will bring in a total income of US$5.45 million between now and 2011. The loan notes produce a minimum amount receivable in 2005 of 132,000 pounds. Add the fact that they won't be paying taxes for a while as they use up tax losses brought forward and you have a lot of upside on the share price. Say an extra 10 million on the market cap to cover the average cash receipt on the loan notes plus the income from corporate finance and you have a potential share price of 24p. Over to you guys Robsy
russianlinesman: Well, RNS re the fund expansion, coming on Monday. My calcualtions for Impax are as follows (all rough without aid of calculator but not so important). Funds under management (today) of approx 138mil - value at 4.5% of funds managed - New Star is listing at 4.6% and I don't see given Impax's niche sector any great reason for a lower valuation (though I admit I could do with some comparisons). Gives market cap of say 6.5mil Say funds raised of 60mil, giving total funds under amnagement of 200m, gives market cap of 9mil. Employees of Impax will get approx 20% of the company if they meet targets as follows - 9.5p average share price for 60 days following 2005 results, 12p for 2006 and 14p for 2007. Assume for our purposes these are all met, so current market cap of approx 3.3m owns 80% of the company. On current funds managed, value of 'our' 80% approx 5.4m, approx 14-15p per share. On expanded funds managed, approx 7.4m (out of 9m) equates to maybe 18p per share. Given also huge incentive for management to meet above share price targets, this is a company where management incentives really are aligned with improved shareholder value. Small size of market cap also makes this a very cheap takeover target if anybody fancies the sector, which as a sector has to grow due to world economic, political and oil situation. The consulting/development part of Impax could do with paying its own way, and query for now what value it adds, but given board changes earlier in the year Impax is now to be valued as a fund manager rather than a project developer, and the market hasn't really noticed, although the move from 6p to 10p was a move towards fair value. Given growth of sector (e.g. IEM is trying to raise about 150% of its current fund size again, and should have no problem investing it), one can assume Impax will continue to raise more funds, maybe in 6-9 months time. At 10p there seems to be very little downside, even if IEM doesn't make its 25mil bottom line fund-raising target (though share price would probably fall). Also note that with the most recent new fund, that Impax will be nearly in profit, and the expansion of IEM will make it profitable, so dividends can also be expected by 2007 latest. And they have about 500k in the bank as I recall. So that's why I have a big (for me) position in Impax. Any thoughts? Am particularly interested in comparable funds under management sector valuations.
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