Well it’s certainly had a massive bounce from the recent low. I’ve got a sizeable position still so very pleasing. I’m still a bit wary of the recession impact on equities even if inflation is topping out. |
Interesting that Environmental Markets is already back at a premium. |
Not bad going. Impax will definitely be a winner going forward. I'm holding. Whether or not the share price has bottomed out, only time will tell. |
AUM is quite stable: £37.4bn as at 4 November, up from October. |
 Positive net inflows despite market declines (new research note - free and accessible)
Link to report:
Summary points:
AUM closed FY22 (30 Sep) on £35.7bn, 3.3% up over Q4 (30 Jun 22: £34.5bn) and 4.1% down y-o-y (30 Sep 21: £37.2bn). The sharp market falls over 2022, particularly in growth-oriented sustainability stocks, will understandably dominate any review of the year. Indeed, the FTSE Environmental Opportunities All-Share Index fell 28.1% over Jan-Sep 22, which contributed to a -£4.4bn AUM impact from market movements and investment performance over FY22.
At a company-fundamental level, what characterises FY22 is how well Impax’s ability to attract and retain client assets has held up, despite unhelpful market conditions. Net inflows totalled +£2.9bn in FY22 (+£606m in Q4), with only one quarter of relatively minor net outflows during FY22 (Apr-Jun, a period of the sharpest market falls, when net outflows were £186m).
However, our fundamental valuation per shares adjusts to 960p per share from 1050p, purely because of the jump in the 10-year Gilt yield (the risk-free rate used in our DCF valuation) which is now 4.2% (2.1% at the time of our previous forecast in July). Additionally, given its strong growth prospects, Impax’s PER of 14.3, only just above a peer group median of 13.0, is in our view, too low. |
£35.7bn at the end of September. Strong inflows given the markets. I would expect the share price to start bottoming soon, maybe at the c-70% level from the top. Should at least partially bounce back in the next year or two as the business model is still very sound. They do need to do much better on the private markets side of the business though as £521m is way too small. A small acquisition is needed to x2 or 3 this segment. |
Yes, a very positive update in the circumstances. |
I think that's a great result. £0.6bn net inflow over Q4 in an atrocious market goes to show why this trades at such a premium versus peers. Net inflows across all the asset classes as well. |
Well you would think. But its still following the market down. I'm thinking of topping up. I'm Long-term investing . They have interests I'm green energy which should rewarding. The company is well managed and I do belive its been over sold. |
Helpful to have most AuM in USD with a tanking pound? |
Increasing risk of 100bps move in the US. |
Shares have been selling off inline with the wider market all summer. I belive it was in May they said their assets under management were down 9% which lead to a downturn in share price. Dose anyone know of any other news why they are down close to 3% today, other than they are following the market down ? |
Also interesting to see performance relative to benchmark. I imagine a lot of portfolio holdings were probably impacted as much by the covid supply related disruptions as the obvious interest rate expectation increases. So to the extent the former has eased and the latter is stabilising, portfolios should have ample opportunity to shine as everybody thinks a bit longer term as to how we get out of this mess. |
Funds under management at end of August £38.0 billion v £38.2 billion at end of July.A very good performance considering how bad Stock markets were in August.Interesting to see inflows during the month. |
AuM as at 31 August is £38bn (from £38.2bn in July). |
These were £7.50 at the beginning of the week, that's a harsh drop, furthermore from over £14 last year. Solid company - still prepared to hold, bought 6000 shares in 2017, top sliced half last year when IPX appeared to be covid resistant (and going upwards), but the energy crisis is hitting this one hard. |
This is indeed positive news and suggests share price has some catching up to do .. |
Assets up from £34.5 billion at end of June to £38.2 billion at end of July.
Back in the game boys!! |
Assets under management bounced back hugely in July and Impax now have more assets under management than at any time in 2022: £ 38.2 bn. |
Helpful point re expected relative outperformance vs benchmark during Q3 |
Yesterday Impax gave an end of Q3 update on AUM, with a 9% fall from Q2 to £34.5bn mostly due to market moves and investment performance, with only nominal outflows.
On their new FY AUM estimates Equity Dev's fundamental value/share adjusts to 1050p, still materially above current levels. New note is accessible here: |
Anyone have background to the rise today? |
Noone can time this market. Topsliced some at 1150 and drip feeding back in using the fee free monthly investment option on my Interactive Investor account. |
It's pretty savage. Great buying opportunities rarely come around, and when they come around it's usually for a pretty scary reason. Undoubtably a great buying opportunity now, but will there be a better one tomorrow?? |
I boght mine at 50p. Sold about half through top-slicing. Hindsight is a wonderful thing. Keeping the rest now as it's a wonderful business. Should bounce back to c£10 when we get through this bear market. I would expect it to be a "leader" out of this downturn, but its clearly not bottomed yet. |
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