Thanks varies |
sloppy joe.
IPX was on a very high rating at 1400p + and, of course, we should all have sold our shares then !
Assets under Management were rising inexorably, so it seemed, ebullient stock markets and new funds coming in.
The rating is now less out of line with that of rivals and I hope to see some recovery. There seems no reason to suspect that there is anything fundamentally wrong. |
This has lost a third since its peak. Anyone know what's going on? |
thanks TRINKA9 |
Thanks both. |
The dividend is payable around 29th March Xd on 10th February. |
There is a dividend of 17p payable on 13 Feb
The xd date was shown as the 10th but I wonder if it has been brought forward to today |
AuM down from 31 Dec by c8% at at 31 Jan, from numbers on the company's website this morning. Which I'm guessing is the reason the stock's down this morning? I was guessing 10-15% from peak so either less beta than I expected or better inflows. Either way, unless there's something (?) I'm missing the drop today looks a bit aggressive given it's not unexpected IMHO. Been picking up more at this level... |
The latest (free to access) Equity Development research has a forward adjusted / diluted EPS of 43.9p, so c 24.6x. I think you're probably looking at historic PE? With no analysis on my part to back it up I'd say fund managers trade on a forward PE of around 12-17x generally... but peers will generally be very lucky to get the same % inflow over a year that Impax gets over a quarter. Over time that's a big difference in AuM and revenue growth. For as long as I've been tracking it (say 2014 onwards) IPX has been the highest rated fund manager in terms of multiples. If you like ratios, the PEG (forward PE over long term growth in EPS) would be 24.6/45%* = 0.6, an old rule of thumb is |
As someone who took profits towards end of last year I have been wondering what is a good level to get back in at. I had a couple of queries - when I look at the PE it still looks quite high in current market at about 36. Do fund managers tend to have higher PEs? |
Impax is on a forward dividend yield close to 3%. Versus 10 year treasury on c1.8% with hawkish FED comments baked in... with long term momentum in sustainability IPX looks pretty attractive at these levels IMHO. AuM could be down 10% from highs, say, but sustainability themes could perform well in the face of various prospective sanctions on Russia, not to mention risks further out re tensions with China and Iran. I would be interested to hear if anyone has any negatives on investment case, other than recent market movements (turbo beta play, etc etc re wider market rotation out of growth / likely AuM drop in the short term at least). |
I'd be against that, as you lose IHT relief as an individual investor |
Currently Impax is quoted on AIM. Has the company commented on moving to the senior market? Thanks in advance. Steven |
Mello Events is hosting a FREE Trusts and Funds event at 2pm on Tuesday 18th January.
The programme is as follows:
Welcome and introduction to your co-host, Karin Schulte
2.00 pm Andrew Hollingworth presents his approach to investing in Investment Trusts and Funds
2.20 pm Company presentation by Impax AM
2.50 pm Reg Hoare outlines his criteria for selecting Investment Trusts and Funds
3.10 pm Company presentation by Augmentum Fintech
3.40 pm VectorVest – introducing their safe and consistent portfolio growth model (Full session the following day Wednesday 12 noon)
4.00 pm MoneyMakers Jonathan Davis and Simon Elliott present the latest Investment Trust News
4.20 pm Company presentation by Polar Capital Global Financials Trust plc – Global Financials: impact of rising interest rates and economic recovery
4.50 pm Investment Trusts and Funds Panel, including Reg Hoare, Andrew Hollingworth, Paul de Gruchy, hosted by Karin Schulte
To register for FREE click here: |
The AUM growth in Q1 was ahead of Equity Developments forecast growth rate for FY 2022 but it is early days : their forecasts held, as is fundamental value at 1450p / share.
New note and audio summary just out - free access here |
I have spread bet Blackrock smaller companies which have these in their portfolio as second biggest holding outside of WOSG .Also spread bet these individually. Much safer way to spread bet trusts rather than shares imo. |
And 2bn net inflows in the quarter. |
A further increase of Assets under management last month adding £4.2 billion for
First quarter 2021/22.Looks as if Equity Development’s forecast of £44.9 billion for year 2021/22 could be very conservative subject to market conditions. |
Just waiting on a thermal, then we'll be off to new heights... :) |
A Soaring/Swooping Eagle of course. What else could it be? |
wot type of eagle would that be Dave - seems on the swoop to me! |
Soaring like an eagle? : ) |
Down like a dogg |
There's resistance at 1500p |
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