Share Name Share Symbol Market Type Share ISIN Share Description
Impax Asset Management Group Plc LSE:IPX London Ordinary Share GB0004905260 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -8.00 -2.4% 325.00 50,035 11:09:52
Bid Price Offer Price High Price Low Price Open Price
316.00 325.00 325.00 315.00 324.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 73.70 18.90 12.20 26.6 424
Last Trade Time Trade Type Trade Size Trade Price Currency
11:09:52 AT 191 325.00 GBX

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Impax Asset Management Daily Update: Impax Asset Management Group Plc is listed in the General Financial sector of the London Stock Exchange with ticker IPX. The last closing price for Impax Asset Management was 333p.
Impax Asset Management Group Plc has a 4 week average price of 191p and a 12 week average price of 191p.
The 1 year high share price is 410p while the 1 year low share price is currently 191p.
There are currently 130,415,087 shares in issue and the average daily traded volume is 113,179 shares. The market capitalisation of Impax Asset Management Group Plc is £434,282,239.71.
topvest: Yes, very positive again. Think 2019 and 2020 will probably see a bit of share price consolidation. Medium term looks very bright though - just think about the profitability when and if AUM get to £30 billion.
sirrux: Interesting yo yo moves in the share price, does the 'New Green Deal' mean anything for this or are we all destined to choke on Trump's fumes? Lol.
topvest: AUM good for Nov and back up a tad to £12.28bn. hxxps://
dan hol: Agree with all. And annual results out next thursday. Earnings predicted to double, and for a short window IPX will look super cheap before share price marches on. BUY!
jamielein: AUM has just been updated on their website for the end of August: 31/7/18 - £12357m 31/8/18 - £12588m hxxps://
topvest: Thanks - excellent news. Really is firing on all cylinders. Share price should bounce back off the support level given what's going on trading wise. Suspect the momentum traders will be buying the dip soon.
douglas fir: hxxp:// Impax Asset Management (IPX) Good-quality boutique asset managers can attract loyal followers, and Impax has successfully carved out a niche in the market. There is a growing trend both in the UK and worldwide for sustainable investments. And that is likely to continue to rise as more and more millennials become engaged with their investments. Impax was one of the first on the scene, with its flagship near-£500 million investment trust Impax Environmental Markets (IEM) launched in February 2002. They have added to their fund range over the years, but have remained focused on sustainability. This, according to Ken Wotton, manager of the LF Livingbridge Micro Cap fund, leaves them well-placed to benefit from a continued increased in the shift towards sustainability-type products. That demand should drive assets under management forward. “The capability they have is going to be attractive for larger asset management firms who want to take advantage of that trend,” he adds. Assets under management growth has been seen in recent years, and the recent acquisition of US-based Pax World Management took them past £10 billion, which is a “psychologically important milestone”. In fact, assets grew 51% in the six months to 31 March 2018 to just over £11 billion. Wotton is supportive of the Pax buy, despite acquisitions of US corporations by UK-domiciled entities being risky. He says Pax is a “low-risk transaction”, as the pair have been working together for 10 years so “they know the business very well”. Another string to its bow is its private equity mandates, which tend to be higher-margin and also gives them diversification in regards to their end clients. They are also long-duration vehicles. Wotton believes Impax has the scope to more than double its assets under management over time. But it’s also reasonable to assume it may become a takeover target itself in the long run. Something similar to Liontrust’s acquisition of Alliance Trust’s sustainability mandates. In the meantime, the balance sheet remains strong, as proven by recent results in which it promised a 2.6p special dividend and hiked its interim pay-out by 57% to 1.1p. The share price has almost trebled in the past 18 months and nearly doubled in the past year. But Wotton says it’s not actually trading on that high a multiple, at 16 times forward earnings. “That is a bit above the market, but it’s growing a lot faster than the market and it should fall quite rapidly.
topvest: Share price seems to have steadied itself. This is my biggest holding out of 310 stocks held. Not tempted to top-slice at this point, if at all. Great company in the making.
martinthebrave: Graham Neary at Stockopedia specialises in Financials & he remains a fan: Impax Asset Management (LON:IPX) •Share price: 161.5p (-3%) •No. of shares: 128 million •Market cap: £206 million Final Results This is an environmentally-focused asset manager which I've written about several times this year. Unfortunately, I didn't have the spare funds to invest in it earlier this year, when it seemed quite cheap against its earnings and prospects. The value proposition is different now that the share price has trebled in a year: So today's slight dip in the share price is in the context of a company where great things have arguably already been priced in. The results are excellent, as expected. In the year to September, AuM increased by over 60% (we already knew this thanks to the Q4 update: Assets under management and advice ("AUM") increased 61% to a new peak of £7.3 billion (2016: £4.5 billion), rising further to £7.6 billion by 31 October 2017 Record net inflows of £2.1 billion across several strategies and geographies So inflows were responsible for three-quarters of the AuM, with market movements responsible for the rest. Note also that the $52.5 million acquisition of similar US outfit Pax World is set to complete in Q1 2018. This is a debt-funded acquisition which will increase the company's risk profile in the short-term, but could super-charge earnings per share in future years. The financial highlights below show the effect of operational leverage, as op. earnings rises at a much faster rate than revenue. It's worth bearing in mind, naturally, that inflows during the year will not have generated fees for the entire year. You only generate fees on average AuM, not on closing AuM. Revenue: £32.7 million (2016: £21.1 million) Operating Earnings: £7.9 million (2016: £4.2 million) Profit before tax: £5.9 million (2016: £5.2 million) What may be disappointing investors a little bit is the rather muted PBT figure. £1 million was spent on advice related to the Pax acquisition. £0.6 million has also been lost in FX translation of the value of foreign currency in advance of that deal. There are some more costs which are contingent on the deal completing. Without those costs, Impax would have reported a 44% increase in PBT - it just goes to show how expensive deals can be in the short-term, and why organic growth is so valuable. Overall, though, the results look satisfactory to me. A lot depends now on the deal successfully going ahead. I've warned previously about inflows being from a relatively small number of customer mandates. Today we get an update on the level of customer concentration here: Revenue from three of the Group's customers individually represented more than 10 per cent of Group revenue, equating to £5,243,000, £4,275,000 and £3,428,000 (2016: three, equating to £3,644,000, £3,267,000 and £3,003,000). As the company gets bigger, it will hopefully also become less risky, from an investment point of view, as customer concentration diminishes. For now, it is still quite heavily concentrated. One other thing that caught my eye - whatever about the rights and wrongs of climate change/anthropomorphic global warming, it sounds like Impax is excited about its investments in the sphere of resource efficiency. That's a sector which ought to do well, regardless of global climate change agreements: We see a proliferation of opportunities to invest in smart systems to manage inventory control, production lines and warehouse space, and to reduce transportation costs across most industries, most notably in consumer goods. We are also following the rise of blockchain technology, which has the potential to transform resource efficiency across supply chains. Outlook statement is confident. My opinion The market cap is around the same ratio compared to (pre-Pax) AuM as it was last time I covered it, c. 2.7%. Again, I consider that to be around average. The Pax deal increases the level of uncertainty but brings with it strong potential rewards. Overall, then, I have about the same opinion as I did last time. It's a nice company and I still think it has a positive future. The costs associated with integrating Pax may continue to weigh in the short-term, and the valuation is no longer obviously cheap against its peers.
robsy2: Analysis of Impax(IPX), using Jim Slater’s Zulu Approach 1. Five Year Record (5 years positive earnings growth) YES 2. Low PEG Factor (PEG below 1 – eg. a 10% eps growth on a PE of 10 or less) YES…. year end 30.09.16 PEG = Current PER / profits growth PER = 52.75(sp)/3.62(fdeps) = 14.57 PEG = 14.57/ 16* =0.875 So just about a buy if <0.75=BUY) *Profits growth of 16% based on growth in fdeps from 2015(3.13p) to 2016 (3.62p) 3. Optimistic Chairman's Statement YES, optimistic. 4. Strong Financial Position YES. 10.5m GBP of distributable cash on the B/S cash after seed investments, provisions, share purchase obligations etc are taken into account. Strong cash flow, no debt. 5. Competitive Advantage YES.A focused, scale-able business model that is expanding rapidly, great operational leverage, very strong reputation, excellent product performance.AUM growing rapidly. 6. Something New YES. Less dilution going forward, starting to become a serious dividend payer, the new investments that have held back earnings of late now give IPX strong operational leverage going forwards. Legislation & investor appetite are pushing business their way. They have the expertise, smart distribution and keen pricing. 7. Small Market Capitalization (a small cap stock - anything in the FTSE250 or above is out) YES.MC £67m at 52.75p.Looks good value. 8. Relative Strength (as in the share price movement compared to the FTSE All Share Index) YES. 12 month share price +30%, compared to FTSE All Share Index +10% 9. Dividend Yield YES. 2.1p = 4% based on 2016 results, (2015 divi 2.1p included special divi of 0.5p. 10. Reasonable Asset Position YES. The balance sheet is very strong, room for more special dividends. 11. Management Shareholding YES. Don’t get me started…They have been very generous with themselves in the past so they are now motivated to get the share price up and the dividends up. CONCLUSION This analysis is based on the Jim Slater 11 point test to find underrated shares. It scores 11/11 so the share is underrated! NOTE: Remember shares can go down as well as up. This is not to be read as a recommendation to buy this share. It is simply an explanation of why I bought. Dilution Worries Senior management has been very generous with themselves over the years. Apart from fat salaries, they have awarded themselves lots of free shares. I sold in disgust some time ago because of this issue. Now the directors have loaded up on free shares, they will no doubt focus on dividend payments and improving the share price performance which has been lackluster to date The time looks right now so I am happy to be back on board again.
Impax Asset Management share price data is direct from the London Stock Exchange
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