Hi Yogi, I believe you have read it incorrectly - the range has been replaced with a payout policy of 'at least' 55% from profits after tax.
This, and many other points, is covered in a detailed research note just released from Equity Development, and their H2 dividend forecast is unchanged. As are longer term growth estimates, so their fundamental value also remains at £8 / share.
Full note is freely accessible here : |
Change to dividend policy is the catch also this time around. Now set at 55% of profits vs range of 55-80% in past. Last years div was at 78% so looks like H2 div will be significantly lower unless H2 profits are higher and make up the shortfall if I am reading correctly... |
Only because of strong market movements which they can't rely on every period - outflows quite heavy. Looks to be on about 15x earnings which doesn't look particularly cheap, unless you think they can return to their former stellar growth (I'm personally doubtful on that). |
The resilience in those figures is quite impressive- looks cheap on what are likely to be trough earnings |
Encouraging H1 results with AUM growth of 5.9% to £39.6 billion at 31 March, driven by investment performance. This is a top-third growth rate among a London-listed peer group.
REMINDER Management webinar open to all at 3pm today, to attend just register here: |
Risk/reward looking very good here. All the other investment managers are usefully up in the last couple of weeks - PMI, LIO, JUP, POLR - and this one is trundling along the bottom despite having a specialised focus, an excellent track long-term track record and a differentiated offering. I don't think ESG investing is dead.
I could easily see this up 10% in the next few weeks as investors realise that this one has been left behind.
I have been buying in size here so obviously DYOR |
Surely this is hideously undervalued |
 https://citywire.com/funds-insider/news/expert-view-imperial-brands-accrol-cyanconnode-johnson-matthey-impax-am/Buy' Impax for the rerating, says Peel HuntImpax Asset Management (IPX) has been the victim of downbeat sentiment towards the investment industry, but a rerating remains in reach, says Peel Hunt.Analyst Stuart Duncan retained his 'buy' recommendation and target price of 700p on the Citywire Elite Companies plus-rated asset manager, which added 2.6% to 454p on Tuesday.A second-quarter update showed assets under management edged 1% higher to £39.6bn over the three months, but the group also suffered further outflows 'as intermediated clients continued to make allocation decisions from equities', with net outflows amounting to £1.7bn.'AUM continues to progress towards our closing assumption, therefore forecasts remain unchanged at present,' said Duncan.The shares have fallen 40% over the past 12 months and the stock is now trading on a December 2024 embedded value to pre-tax earnings multiple of 10 times 'as in general, the sector has continued to modestly derate'.'We remain convinced that when sentiment recovers perhaps falling interest rates will be the catalyst Impax will benefit and we therefore retain our "buy" rating,' Duncan said.Previou |
Yes- 6% dividend while we wait for more progress. |
Driven by very strong investment performance AUM rose nicely by £2.2bn or 6% over H1, reaching £39.6bn
New research note out from Equity Dev with fair value/share still seen at 800p, well above current levels, as you can read here with free access: |
Ex div. Thanks for the heads up. |
Traded this until yesterday to the day before Exdivi... that was a cheeky BOD sale the day before exdivi... looks like a great profit making fund to invest in... but this was an ex divi trade for me.. hope this one does well for all. |
Correct Orange - apologies I did not read that corrcetly - genuine mistake |
Er, not quite. It was a sale following the vesting of shares. |
Ian Simm buying |
Doubled down on that gap fill! |
Added some here today. Exdivi 8th Feb, yield just over 5% |
Impax Asset Management Group plc (the "Company") announces that it has received notification of the following transaction in ordinary shares in the Company ("Ordinary Shares") by persons discharging managerial responsibilities.
Julia Bond, Non-Executive Director of the Company, has purchased 6,500 Ordinary Shares. |
 "AUM up 4.6% in Q1 and fixed income acquisition"
Impax recorded a solid Q1 of FY24, with AUM growing by £1.7bn (+4.6%) to £39.1bn on 31 Dec 23 (30 Sep 23: £37.4bn). This is above the trajectory required to meet our FY24 AUM forecast of £41.1bn (+10% annual AUM growth), but as it is very early in the financial year and markets remain volatile, we have taken a conservative approach and not yet adjusted our forecasts.
It has also announced an acquisition in the fixed income segment. While not huge in the context of the group (£351m or just under 1% of group AUM), fixed income is seen as strategically important and a significant growth opportunity, particularly in the US. Impax Asset Management Ireland Limited has entered into an agreement (subject to closing conditions) to acquire the assets of Absalon Corporate Credit, a fixed income manager of two strategies.
We remain bullish about the prospects of the sustainable investing market generally, and of Impax specifically. The positive AUM update for Q1-24 and the Absalon acquisition reinforce this view and our fundamental valuation remains at 800p per share, 50% above the current share price.
New report with audio here: |
Yep just in and looking - v good presentation - as always. Time for a top up |
It is certainly a relief to see the dividend maintained.
This comes to about 77% of earnings which is near the top of the 55-80% range mentioned by the directors.
It seems unlikely that this will be increased next year unless there is a big increase in earnings but a yield of 6% at the current share price looks attractive. |
Ed, will be recorded as am out then.b/w Swiss |
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