Impax Asset Management Share Discussion Threads

[kemche] 10/7/2024 10:21

ESG was just a natural bedfellow of DEI. The world is waking to all that nonsense. No one invests for do gooding - and if they do then they need to see a shrink.

[riverman77] 10/7/2024 08:51

Continued large outflows show no sign of abating. IPX was a big beneficiary of the sustainable investment bubble of recent years ago, but frankly don't see this coming back into fashion - one to avoid for time being.

[bulltradept] 10/7/2024 08:32

Look like the market doesn't agree with me atm!

[bulltradept] 10/7/2024 07:18

Too low surely? Buy.

[edmonda] 10/7/2024 06:50

"AUM down in Q3, another fixed income acquisition"

AUM declined over Q3 of FY24 from £39.6bn on 31 Mar 24 to £36.9bn on 30 Jun 24, a fall of 6.8%. That offsets a 5.9% increase over H1, resulting in AUM being down 1.3% over the first 9 months of FY24. Net flows and market movements / investment performance were negative in the quarter, -£1.89bn and -£0.81bn respectively. Impax noted that outflows were dominated by its wholesale channel, with some clients continuing to rotate out of equities, although outflows eased in key parts of its European operations. It noted the direct sales team enjoyed a busy period and that its new business pipeline is healthy.

Impax has previously stated that it had a strategic focus on increasing the proportion of overall AUM in this asset class, and in turn decreasing the proportion of its AUM in small and mid-cap equities. In this vein, it has announced an agreement (subject to terms and conditions) to acquire the European assets (cUS$2bn AUM) of US-based SKY Harbor Capital Management, LLC (SKY Harbor). It looks to be a very good fit. SKY Harbor was an early adopter of the integration of sustainability risks and opportunities into its investment process and specialises in the management of fixed income corporate high yield securities and leveraged loans.

Our FY24 & FY25 forecasts reduce slightly on the lower AUM level at the end of Q3. But overall, this update has a small impact on longer-term projections and our fundamental value remains at 800p per share (c90% above the share price) and Impax’s PER of 13.7 looks undemanding.

Link to research:

[susiebe] 20/6/2024 10:32

Tipped,or just getting back to where they should be?

[growthpotential] 13/6/2024 17:06

What is wrong with this dogg? The investment case still remains to construct new energy solutions, less pollution, etc. will form an increasing part of the energy mix

[steve3sandal] 12/6/2024 11:16

Thank you, very kind, very informative

[davidosh] 08/6/2024 14:04

Impax will be presenting on MelloMonday on Monday 10th June 2024 (5:30pm start).
Shareholders can have free access to the whole show using the code SHR100


Programme
5:30pm Gervais Williams of Premier Miton presents UK Breakout – What Next?
6:00pm Company presentation by Impax Asset Management
6:30pm Company presentation by REACT Group plc
7:00pm BASH Panel featuring Mark Simpson and Kevin Taylor

[susiebe] 07/6/2024 18:47

Berenberg have a target here of 700p, tipped on 29/5/24

[lawson27] 06/6/2024 09:09

Want to see this one break 450 and make an assault to the 500s, GLA

[melloteam] 06/6/2024 08:52

Just to let shareholders and prospective investors know that Impax will be presenting on MelloMonday on Monday 10th June 2024 (5:30pm start).
Get 50% off your ticket with code MMTADVFN50

[growthpotential] 29/5/2024 10:34

I have topped up here, good long run holding

[edmonda] 29/5/2024 10:27

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 :

[yogi] 29/5/2024 08:17

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...

[riverman77] 29/5/2024 08:07

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).

[se81] 29/5/2024 06:48

The resilience in those figures is quite impressive- looks cheap on what are likely to be trough earnings

[edmonda] 29/5/2024 06:24

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:

[mammyoko] 03/5/2024 09:32

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