Impax Asset Management Group PLC (GB:IPX)
LSE:IPX
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Impax Asset Management
(LSE:IPX)
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Rating:62Neutral
Price Target:
112.00 p
▼(-26.80% Downside)
Action:ReiteratedDate:04/12/26
The score is driven primarily by solid fundamentals (strong balance sheet and healthy margins) but is held back by weak business momentum (revenue and free cash flow declines) and a notably bearish technical setup (price far below key moving averages with negative MACD and very low RSI). Valuation is a partial offset with a moderate P/E and very high dividend yield, while the earnings call suggests near-term pressure but some strategic and cost-control positives.
Positive Factors
Strong balance sheet
Very low leverage and a high equity ratio provide durable financial resilience for an AUM-dependent firm. This balance-sheet strength supports dividends, buybacks and strategic investment during outflow periods, preserving operational flexibility and credibility with institutional clients over the medium term.
Negative Factors
Large mandate loss and outflows
Material client and mandate losses directly shrink AUM and recurring management fees, reducing revenue and operating scale. For a fee-driven business, such shocks erode profitability, may trigger further redemptions, and require sustained new wins or higher margins to restore prior earnings levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Very low leverage and a high equity ratio provide durable financial resilience for an AUM-dependent firm. This balance-sheet strength supports dividends, buybacks and strategic investment during outflow periods, preserving operational flexibility and credibility with institutional clients over the medium term.
Read all positive factors
Impax Asset Management (IPX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£121.35M
Dividend Yield17.93%
Average Volume (3M)357.23K
Price to Earnings (P/E)12.0
Beta (1Y)1.73
Revenue Growth-16.53%
EPS Growth-44.15%
CountryUK
Employees315
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.06
Shares Outstanding127,040,890
10 Day Avg. Volume586,658
30 Day Avg. Volume357,228
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)2.11
Price to Sales (P/S)1.71
P/FCF Ratio10.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£170.00Price Target Upside11.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.12
Revenue Forecast (FY)£110.42M
Impax Asset Management Business Overview & Revenue Model
Company Description
Impax Asset Management Group plc is a publicly owned investment manager. Through its subsidiaries, it provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sect...
How the Company Makes Money
Impax primarily makes money by charging investment management fees on assets under management (AUM). These fees are typically calculated as a percentage of AUM and are earned for managing sustainability-focused portfolios and funds (e.g., in publi...
Impax Asset Management Earnings Call Summary
Earnings Call Date:Dec 01, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Neutral
The call reflects a challenging year marked by significant outflows and revenue declines due to market conditions and loss of key mandates. However, strategic acquisitions, cost efficiency measures, and improvements in fee margins provide a positive outlook for future growth, particularly in the fixed income segment.Positive Updates
Strategic Acquisition
Acquisition of SKY Harbor, a unit focused on high-yield investment management in the fixed income space, completed in April 2025.
Negative Updates
Outflows and Revenue Decline
Significant net outflows in the first half of the year, primarily driven by the loss of the St. James's Place mandate, resulting in a GBP 28 million revenue decrease.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Acquisition
Acquisition of SKY Harbor, a unit focused on high-yield investment management in the fixed income space, completed in April 2025.
Read all positive updates
Company Guidance
During the call, Impax Asset Management provided guidance reflecting both challenges and opportunities for the fiscal year ending September 30, 2025. CFO Karen Cockburn highlighted the adjusted operating profit of GBP 33.6 million and EPS of 21.3, both down by over a third from the previous year due to significant outflows, including a GBP 6.2 billion mandate loss from St. James's Place. Despite these challenges, the business maintained a strong balance sheet, with a GBP 10 million share buyback nearly complete and a proposed dividend of 12p representing a 55.7% payout. The average fee margin increased to 46.9 basis points, showing underlying business strength. CEO Ian Simm emphasized the strategic focus on scaling the business through diversification into fixed income and private markets, with fixed income showing robust potential due to a strong pipeline and a completed acquisition of SKY Harbor. The call outlined optimism for 2026, expecting a market rebound and renewed inflows, supported by Impax's position as a global leader in thematic investing focused on sustainability.Impax Asset Management Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 141.87M | 170.11M | 178.37M | 175.95M | 142.69M |
| Gross Profit | 87.75M | 107.98M | 85.12M | 165.30M | 133.09M |
| EBITDA | 33.40M | 53.97M | 57.60M | 70.14M | 50.36M |
| Net Income | 20.29M | 36.48M | 39.22M | 59.48M | 40.24M |
Balance Sheet | |||||
| Total Assets | 154.70M | 182.38M | 188.52M | 203.45M | 172.35M |
| Cash, Cash Equivalents and Short-Term Investments | 80.28M | 109.09M | 104.78M | 118.17M | 81.80M |
| Total Debt | 5.74M | 7.79M | 8.74M | 9.08M | 9.43M |
| Total Liabilities | 39.48M | 51.26M | 54.56M | 65.27M | 61.83M |
| Stockholders Equity | 115.22M | 131.12M | 133.96M | 138.18M | 110.52M |
Cash Flow | |||||
| Free Cash Flow | 23.34M | 49.56M | 37.83M | 70.92M | 55.07M |
| Operating Cash Flow | 23.82M | 50.64M | 38.66M | 71.72M | 55.33M |
| Investing Cash Flow | 18.81M | -14.37M | 1.51M | -19.64M | -23.69M |
| Financing Cash Flow | -44.46M | -45.99M | -52.29M | -38.63M | -14.71M |
Impax Asset Management Technical Analysis
Negative
153.00
Price Trends
130.63
Negative
138.81
Negative
159.16
Negative
Market Momentum
-8.53
Positive
38.86
Neutral
25.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IPX, the sentiment is Negative. The current price of 153 is above the 20-day moving average (MA) of 115.67, above the 50-day MA of 130.63, and below the 200-day MA of 159.16, indicating a bearish trend. The MACD of -8.53 indicates Positive momentum. The RSI at 38.86 is Neutral, neither overbought nor oversold. The STOCH value of 25.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IPX.
Impax Asset Management Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £8.98B | 11.95 | 12.35% | 5.37% | 4.78% | -4.86% | |
74 Outperform | £810.56M | 8.25 | 11.49% | 2.70% | -4.38% | ― | |
73 Outperform | £452.69M | 7.48 | 44.99% | 5.73% | ― | ― | |
70 Outperform | £2.18B | 17.89 | 4.75% | 4.91% | 14.05% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £154.76M | 11.47 | 9.72% | 21.31% | -15.65% | -12.27% | |
62 Neutral | £121.35M | 11.98 | 17.51% | 17.93% | -16.53% | -44.15% |
* Financial Sector Average
GB:IPX
Impax Asset Management
105.40
-21.41
-16.88%
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GB:FSG
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Impax Asset Management Corporate Events
Business Operations and StrategyFinancial Disclosures
Impax Asset Management AUM Falls 8% as Institutional Outflows Weigh on Revenue Outlook
Negative
Apr 10, 2026
Impax Asset Management reported that assets under management fell 8.0% in its second quarter to £22.3 billion as of 31 March 2026, reflecting net outflows of £2.0 billion, mainly from a small number of institutional investors. Despite re...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresShareholder Meetings
Impax Asset Management Wins Strong Shareholder Backing at AGM
Positive
Mar 5, 2026
Impax Asset Management has received strong shareholder backing at its latest annual general meeting, with all resolutions passed on a poll, including the approval of the 2025 annual accounts and the advisory vote on the directors’ remunerati...
Regulatory Filings and Compliance
Impax Chair Increases Sole Shareholding with £19,000 Stock Purchase
Positive
Feb 19, 2026
Impax Asset Management Group plc has disclosed a transaction in its ordinary shares involving its non-executive chair, Simon O’Regan, in line with UK Market Abuse Regulation requirements. The London-listed sustainable investment manager focu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.