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Impax Asset Management
(LSE:IPX)
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Rating:70Outperform
Price Target:
127.00 p
▼(-16.99% Downside)
Action:Upgraded
Date:07/11/26
The score is primarily supported by strong balance-sheet quality and profitability, plus attractive valuation (low P/E and high dividend yield). It is tempered by fundamental growth and cash flow pressure (revenue and free-cash-flow declines) and a mixed earnings-call backdrop where improving investment performance and cost control are offset by ongoing outflows and tender-driven AUM headwinds.
Positive Factors
Low leverage and strong capital base
A very low debt-to-equity ratio and high equity ratio provide durable financial flexibility for an asset manager. This capital strength supports dividend coverage, buybacks, investment in product/distribution, and the ability to weather AUM volatility without forcing asset sales or distress measures.
Negative Factors
Declining revenue trend
A sustained revenue decline reduces the firm's recurring fee base and undermines operating leverage. Even with cost reductions, falling revenues compress absolute profits and limit reinvestment capacity; recovery hinges on converting improved performance into positive, sustained net flows.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong capital base
A very low debt-to-equity ratio and high equity ratio provide durable financial flexibility for an asset manager. This capital strength supports dividend coverage, buybacks, investment in product/distribution, and the ability to weather AUM volatility without forcing asset sales or distress measures.
Read all positive factors
Impax Asset Management (IPX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£135.89M
Dividend Yield8.91%
Average Volume (3M)357.23K
Price to Earnings (P/E)10.6
Beta (1Y)1.48
Revenue Growth-22.86%
EPS Growth-56.06%
CountryUK
Employees275
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.11
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)0.11
Revenue Forecast (FY)£112.34M
Impax Asset Management Business Overview & Revenue Model
Company Description
Impax Asset Management Group plc is a publicly traded investment management firm that delivers its services through various subsidiaries. The company primarily offers investment solutions for funds focused on environmental sectors, specifically ta...
How the Company Makes Money
Impax primarily makes money by charging fees for investment management services. The main revenue stream is recurring management fees calculated as a percentage of assets under management (AUM) across its strategies; as AUM rises or falls (from ma...
Impax Asset Management Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 02, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but constructive picture: investment performance has materially improved (70% of AUM beating benchmarks) and the company has taken decisive cost and efficiency actions while preserving a strong, debt-free balance sheet and returning capital via a covered interim dividend. However, these positives are offset in the near term by continued net outflows (including a material IEM plc £740m tender), a notable H1 revenue decline (~10%), further headcount reductions and short-term cash pressure. Management is positioning for recovery through product launches (first US ETF), client outreach and continued cost discipline, but flows and reinvestment of tendered assets are key near-term uncertainties.Positive Updates
Investment Performance Recovery
Calendar year-to-date (end-April) 70% of assets under management have outperformed their benchmarks, marking a clear improvement versus prior years when performance lagged amid AI-dominated markets. Multiple listed equity and fixed income strategies showed calendar YTD outperformance (notably Leaders, Water and Specialists).
Negative Updates
Continued Net Outflows and Client Caution
Net flows remained negative across both reported six-month periods and have not yet turned positive despite improved investment performance. The IEM plc exit tender resulted in approximately GBP 740m of assets tendering and exiting (around GBP 200m remains in the trust), creating near-term AUM and revenue headwinds and uncertainty over how much will be reinvested into the UCITS equivalent.
Read all updates
Q2-2026 Updates
Positive
Negative
Investment Performance Recovery
Calendar year-to-date (end-April) 70% of assets under management have outperformed their benchmarks, marking a clear improvement versus prior years when performance lagged amid AI-dominated markets. Multiple listed equity and fixed income strategies showed calendar YTD outperformance (notably Leaders, Water and Specialists).
Read all positive updates
Company Guidance
The company guided that for the 6 months to 31 March 2026 it delivered underlying operating profit of £11.3m, revenue of £58.8m (H1 2025: £65.4m), costs of £47.5m (more than £8m lower YoY) and an H1 operating margin of 19.2%, and the Board declared a 2p interim dividend (aligned with a 55% payout policy); full‑year revenue is reiterated at £109–113m with an annual fee margin targeted around 47–48 bps and FY costs guided just below c.£95m. Management highlighted a strong, debt‑free balance sheet (shareholders’ equity £106m, seed capital £16.8m, completed £10m buyback) and said cash should recover after an H1 low; AUM sits at roughly c.£22bn with 70% of AUM beating benchmarks calendar YTD (end‑April), Karen cited a net outflow of £3.8m in the period, and an IEM plc tender has triggered ~£740m of exits (c.£200m remaining) which the firm is trying to redirect into its UCITS. Headcount was 269 (peak ≈315) with ~30 further redundancies planned, management owns 18% of the business, and the group believes equity liquidity supports well north of £50bn of capacity (total theoretical capacity >£70–100bn).Impax Asset Management Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 125.09M | 141.87M | 170.11M | 178.37M | 175.95M | 142.69M |
| Gross Profit | 124.61M | 87.75M | 107.98M | 85.12M | 165.30M | 133.09M |
| EBITDA | 24.01M | 33.40M | 53.97M | 57.60M | 70.14M | 50.36M |
| Net Income | 13.17M | 20.29M | 36.48M | 39.22M | 59.48M | 40.24M |
Balance Sheet | ||||||
| Total Assets | 131.08M | 154.70M | 182.38M | 188.52M | 203.45M | 172.35M |
| Cash, Cash Equivalents and Short-Term Investments | 59.18M | 80.28M | 109.09M | 104.78M | 118.17M | 81.80M |
| Total Debt | 4.81M | 5.74M | 7.79M | 8.74M | 9.08M | 9.43M |
| Total Liabilities | 24.91M | 39.48M | 51.26M | 54.56M | 65.27M | 61.83M |
| Stockholders Equity | 106.17M | 115.22M | 131.12M | 133.96M | 138.18M | 110.52M |
Cash Flow | ||||||
| Free Cash Flow | 19.35M | 23.34M | 49.56M | 37.83M | 70.92M | 55.07M |
| Operating Cash Flow | 19.57M | 23.82M | 50.64M | 38.66M | 71.72M | 55.33M |
| Investing Cash Flow | 3.81M | 18.81M | -14.37M | 1.51M | -19.64M | -23.69M |
| Financing Cash Flow | -30.20M | -44.46M | -45.99M | -52.29M | -38.63M | -14.71M |
Impax Asset Management Technical Analysis
Positive
153.00
Price Trends
101.13
Positive
108.94
Positive
132.04
Negative
Market Momentum
4.02
Negative
58.58
Neutral
79.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IPX, the sentiment is Positive. The current price of 153 is above the 20-day moving average (MA) of 102.96, above the 50-day MA of 101.13, and above the 200-day MA of 132.04, indicating a neutral trend. The MACD of 4.02 indicates Negative momentum. The RSI at 58.58 is Neutral, neither overbought nor oversold. The STOCH value of 79.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | £535.08M | 12.58 | 44.99% | 5.73% | 7.26% | 30.92% | |
76 Outperform | £9.12B | 17.48 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £846.76M | 8.53 | 11.49% | 2.70% | 16.37% | 58.77% | |
70 Outperform | £135.89M | 10.60 | 11.90% | 17.93% | -22.86% | -56.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £208.51M | 21.63 | 10.12% | 21.31% | -20.90% | -40.53% | |
67 Neutral | £1.75B | 14.58 | 8.33% | 4.91% | 2.02% | 69.06% |
* Financial Sector Average
GB:IPX
Impax Asset Management
112.20
-82.13
-42.26%
GB:JUP
Jupiter Fund Management Plc
171.60
47.69
38.49%
GB:LIO
Liontrust Asset Management
337.00
-13.60
-3.88%
GB:RAT
Rathbones Group PLC
1,706.00
-120.44
-6.59%
GB:SDR
Schroders
588.00
202.10
52.37%
GB:FSG
Foresight Group Holdings Ltd.
478.00
45.50
10.52%
Impax Asset Management Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Impax Asset Management’s AUM Climbs 4.4% as Sustainable Strategies Outperform
Positive
Jul 10, 2026
Impax Asset Management reported that assets under discretionary and advisory management rose 4.4% in its third fiscal quarter to £23.3 billion as of June 30, 2026, supported by strong performance from thematic equities, systematic equities an...
Business Operations and StrategyFinancial Disclosures
Impax to Present Interim Results in Live Online Investor Briefing
Positive
May 21, 2026
Impax Asset Management Group plc will host a live online presentation of its interim results for the six months to 31 March 2026 via the Investor Meet Company platform on 27 May at 14:30 GMT, led by founder and CEO Ian Simm. The event is open to e...
Business Operations and StrategyDividendsFinancial Disclosures
Impax Asset Management Weathers Outflows with Improved Performance and Product Diversification
Negative
May 20, 2026
Impax Asset Management reported a sharp contraction in interim results for the six months to 31 March 2026, as assets under management fell to £22.3 billion from £26.1 billion at the start of the financial year and revenue dropped to ...
Business Operations and StrategyFinancial Disclosures
Impax Asset Management to Host Webinar on Interim Results for Sustainable Investment Business
Positive
May 14, 2026
Impax Asset Management Group plc will host a free online investor webinar on 20 May to present its interim results for the six months to 31 March 2026, led by founder and CEO Ian Simm alongside CFO Karen Cockburn. The event, open to existing and p...
Financial Disclosures
Impax Asset Management Sets Date for Interim Results Announcement
Neutral
May 13, 2026
Impax Asset Management Group plc plans to release its interim results for the six months ended 31 March 2026 on 20 May 2026, signalling an upcoming update on its financial and operational performance. The company will host an analyst conference ca...
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.