Another positive update. I would really like to see them expand their private markets segment. A small bolt on acquisition in this area would help. |
 "Positive net flows continue, AUM +12% over H1’23" (new note from Equity Development)
Impax maintained its impressive record of attracting and retaining client assets, with net flows in Q2-FY23 (to 31 Mar 23) of +£326m, achieved in a quarter characterised by further market turmoil and, no doubt, investor nerves. A strong investment performance of +£1.9bn was recorded. AUM reached £40.1bn, up 6% over Q2 and 12% over H1 (AUM end-FY22: £35.7bn).
In the context of the wider sustainable investing market, we highlight that flows into sustainable funds were indeed far lower in 2022 than in 2021 but held up better than flows into ‘conventional’ funds and remained positive, with flows into conventional funds turning sharply negative. Additionally, we note sustainable equity valuations have bounced back strongly.
Our forecasts remain unchanged as does our fundamental valuation of 1,000p, 27% above the closing share price on 6 Apr 23. We think Impax’s PE ratio of 17.1 (peer group median 14.9) is undemanding and looks justified given is recent performance and growth prospects.
Link to note with audio summary here: |
nibbled a few more at 738p at the close. I think the SVB thing will blow over as depositors realise they will be supported, whilst the Fed questions whether it is wise to push interest rates up too much further. |
Equity Development forecasting a decrease in profit this year, just over 10% on adj diluted EPS basis, which I guess is based on £38.3bn of average AuM looking at FY23 estimated revs of £180.3m and 47bps. With markets looking like entering another wobbly period with SVB fallout and higher for longer, etc. that could be a tad ambitious. So EPS will be down due to investment, and potentially also below market expectations. Is that baked into the current price? |
That's a big jump from the figure at the end of December 2022 which was £37.9bn. Now on course to beat the all time high of £41.4bn reached at the end of December 2021. |
AuM £40.4bn / $49.7bn at 31 Jan 23 |
Just to let shareholders and prospective shareholders know that Impax Asset Management will be presenting with Q&A on the MelloMonday webinar at 6.10pm on 6th February.
The programme for the evening is as follows:
5.00 pm Stephen English: Twinkle, Twinkle, small cap stars
5.40 pm Company presentation by Newmark Security
6.10 pm Company presentation by Impax AM
6.50 pm Intro to Learning with experts
7.00 pm Company presentation by i3 Energy
7.40 pm Company presentation by Van Elle
8.10 pm Mello BASH with Damian Cannon, Kevin Taylor and Mark Simpson
Tickets are still available and if you would like one at half price then enter the code MMTADVFN50 |
Just to let shareholders and prospective investors know that Impax Asset Management will be one of the companies presenting on MelloMonday on Monday 6th February 2023 at 5pm.
The event will feature Investment Director, Stephen English; company presentations from Newmark Security, i3 energy plc and Van Elle; and our popular Mello BASH (Buy, Avoid, Sell, Hold)!
If you would like a half price ticket, use code MMTADVFN50.
There are lots of interesting sessions and all annual pass holders and individual ticket holders will be sent the recordings within 48 hours of registering.
For a limited time you can purchase a reduced Spring Annual Pass (May 2022-April 2023) that gives access until April 2023 for just £29! Use code AP29. Also includes bonus events and exclusive discounts to partner organisations.
Click here to view our other upcoming events this year: |
Regular updates are good and if any of you have questions there will be a Mello presentation on the next show... |
A large seller today 17 x 2k so far @ C.750p. Taking advantage of yesterdays 10% rise. share price should rise when seller clears. |
Share price needs to go higher |
Q1 AUM update - new research and audio summary available here:
Impax has recorded a strong Q1 of FY23, with AUM growing by £2.3bn (+6.4%), from £35.7bn on 30 Sep 22 to £37.9bn on 31 Dec 22. Market movements, FX and investment performance was responsible for £1.5bn of the increase, while the group continued its impressive record of attracting and retaining client assets, recording £797m of net inflows, up from £606m in the prior quarter.
While market conditions remain uncertain, Impax’s recent net inflow trend does look like an encouraging shift back to a higher level, following a drop-off during the sharpest periods of the 2022 market fall. Impressively, Impax has recorded only one quarter of net outflows (Apr-Jun 2022) since 2015.
We are bullish about the prospects of the sustainable investing market generally, and of Impax specifically, which has been a standout performer compared to other asset managers. With AUM growth on track, we maintain our fundamental valuation of 1,000p (37% above closing price on 6 Jan 2023). |
In case you missed our webinar with Impax Asset Management Group (IPX), the recording can be found on our YouTube channel: |
AUM inc. advice 30 November 2022 £39.2bn / $47.3bn |
Thanks for that. Seems obvious now. I guess alot of stops were wiped out yesterday too. This might also explain a drop in the share price of nearly 50p for a single day the middle of last month. I'd had another stop loss triggered, but didn't understand why. |
Your stop loss created further downside pressure that's the explanation |
91p drop this morning, saved by a stop loss. Any suggestion for the fall or just a tree shake? |
FY22 results were highly impressive despite market challenges, and Equity Development's fundamental value rises to £10/share – as you can read in a detailed new research note via link below, with audio summary: |
Yes, all good. I still think they need to double or triple their private assets in quick order. Its subscale versus the rest of the business, but could be very lucrative. |
'commendable' FY results : revs + 22.6%, PBT +58.6%, adj dil EPS +22.4% to 42.1p, total div 27.6p up 34%. 🙌
NB Webinar with CEO and CFO is TODAY 3pm, just register below to attend, all welcome |
ShareSoc Webinar with Impax Asset Management Group plc (IPX)
15 December 2022
ShareSoc is hosting a webinar with Impax Asset Management Group plc (IPX) on 15 December 2022, which may be of interest to current shareholders or potential investors. Ian Simm, Founder and Chief Executive will be presenting.
You can register here: |
IPX - save the date - 30th November investor presentation!
Impax Asset Management plc (AIM: IPX), leaders at investing in companies helping the transition to a more sustainable global economy, is pleased to announce that their CEO, Ian Simm and CFO, Charlie Ridge will conduct a live presentation reviewing their results for the 12 month period ended 30 September 2022.
The event will take place on Wednesday 30th November at 3.00pm.
The online presentation is open to all existing and potential shareholders and is free. Questions can be submitted before and during the presentation, and will be addressed at the end.
Sign up to register here: |
Torn a new one today |
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. |
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