Impax Asset Management Share Discussion Threads

[firtashia] 05/6/2017 10:11

Please accept my apologies for causing the share price to tank today; I bought in first thing this morning. My short term timing is always atrocious.

[topvest] 13/5/2017 15:38

I bought this 5 times in 2016 mostly in the 40s. Its my top share and I'm not tempted to sell any at this time. It seems very well placed for a world of increased focus on sustainable and ethical investments. Fantastic growth record over many years.

[robsy2] 12/5/2017 18:59

Thanks for that Martinthebrave.
Picking up on your point about relative valuations, I have just compared IPX with a peer group of FTSE 350 asset managers and yes, IPX at 1.93 is the lowest rated of the 10 I checked.
As you say JUP is on 5, the average of the 10 I checked was 2.66, so JUP seems high , the highest of the 10. others lowly rated are SDR at 2.22,EMG at 2.32 and MGR at 2.38.
So, right now we are 27% below the average rating.
Operationally ,I would think IPX is a relatively low cost provider because they have a narrow focus,a very limited product range, some extensive and simple distn deals in place, not too many people or offices and heavy incentivisation expenses have largely been dealt with already,so all in all, things are looking good here.
There may be a lot more to come here over the next 5 years or so.
R2

[martinthebrave] 12/5/2017 14:35

Graham Neary commenting on yesterdays Half Year results for Stockopedia. He is pretty positive - Impax Asset Management (LON:IPX)


Share price: 93p (+2%)
No. shares: 128m
Market cap: £119m

Half-year Report

This report came out yesterday but a reader asked me to comment and since I follow the asset management industry, I thought I'd see if I could come up with a few words on it.

Having a listen to the company's webinar on the results, it's a simple proposition: investment focused on resource efficiency and solving environmental problems. 30 investment professionals manage £6 billion in AuM from offices in London, Hong Kong, New York and Oregon.

Food safety, air pollution and clean water are some of the big challenges and themes which the company works on.

Momentum in AuM is fantastic at the moment, reporting six consecutive quarters of inflows and the following H1 movement:

59159a80191a1IPX_20170512.PNG

Scrolling down to the income statement, I see that operating costs reduced to 77% of revenue for the period, compared to 83% in the comparable period in 2016.

There is inevitably going to be profit-sharing with employees when you have a people business such as an asset management company, and variable staff compensation will usually rise with revenues, but you should still benefit from operating leverage as an investor and that reduction in % costs is the sort of thing to look for.

Interim dividend increases 40% to 0.7p from 0.5p, and is covered three times.

Balance sheet is fine, no debt and healthy cash reserves of £13 million (of which £6 million is a necessary "risk buffer", i.e. regulatory capital plus buffer).

My opinion

Sounds interesting, with the CEO talking about the capacity for £10 billion in AuM without the need for any new products.

The current market cap is just 2% of AuM, which strikes me as rather low. Depending on their fee margins, many active asset managers trade at higher levels than that - for example, Jupiter Fund Management (LON:JUP) is currently trading at 5% of AuM.

Of course, it's possible that Jupiter Fund Management (LON:JUP) is overvalued too, but I'd be inclined to think it's more likely that Impax shares are still too cheap, despite how much they've already risen.

[edmonda] 26/4/2017 10:57

We will be hosting an interim results webinar for Impax Asset Management Group. 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. If you would like to join please register now at:



After registering, you will receive a confirmation email containing information about joining the webinar.

If you would like to submit any questions for management ahead of the webinar please send them to [e-mail]

[topvest] 10/4/2017 10:10

Great news today. Time to accelerate their other strategies, given that listed equity is doing so well.

[acamas] 22/3/2017 08:13

Long may it continue a nice steady Eddie type share. Another share similar to this imo is SWL

[bighairyspider] 22/3/2017 00:13

I'm looking at this stock, like everything I've seen so far, but I can only find one analyst report from Peel Hunt in January with a buy recommendation. Target price 76p. Albeit 2 months later that has now been reached.

With such a growing AUM, pretty (damn) good annual results, I'm struggling to get company news from elsewhere other than their website, even a basic google search is rather scant.

I only noticed it on google finance when looking at one of my other holdings IPX popped up with a 5% increase in a day.

How is this all slipping under the radar?

[rhomboid] 08/3/2017 21:14

AGM presentation

Makes good reading..

[topvest] 08/3/2017 21:07

AUM are flying...next stop 6BN

[robsy2] 08/3/2017 17:01

GBP£5.5bn US$6.8bn
Assets under management and advice as at 28 February 2017.
R2

[topvest] 14/2/2017 20:55

All looking very positive here given the AUM increasing sharply month on month. Share price is starting to pick up on the growth story.

[martinthebrave] 14/2/2017 10:55

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!

[robsy2] 14/2/2017 09:43

Monthly update on the impax website, its a graph in the investors section.
Best
R2

[jamielein] 14/2/2017 08:59

R2, where did you get your figures from?

[robsy2] 14/2/2017 08:28

Morning all
AUM 5.18bn GBP as at 31.01.17.
R2

[topvest] 10/1/2017 11:32

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.

[robsy2] 10/1/2017 08:56

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.
Best
R2

[topvest] 10/1/2017 08:34

£5.06bn actually, but still fantastic. The business is flying.

[robsy2] 10/1/2017 07:34

....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.
R2

[topvest] 28/12/2016 20:22

Yes, I think this should at least double from here. Can see them getting to £10n AUM within 3-5 years.

[ntv] 28/12/2016 10:17

sold out to early, bah humbug!

[topvest] 10/12/2016 14:41

£4.9bn AUM at the end of November. Spectacular growth this year.

[topvest] 06/12/2016 18:42

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.

[hannahh] 06/12/2016 14:31

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 [e-mail]

Kind regards,
The Equity Development Team