Impax Asset Management Group PLC (GB:IPX)
LSE:IPX
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Impax Asset Management
(LSE:IPX)
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Rating:64Neutral
Price Target:
111.00 p
▼(-27.45% Downside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by solid underlying financial quality (strong, low-leverage balance sheet and healthy operating margins) but held back by deteriorating revenue and free-cash-flow trends. Technical signals are bearish with the share price below key moving averages and a negative MACD. Valuation is supportive with a low P/E and high dividend yield, while the latest earnings call was mixed: strong cost control and reiterated guidance, but ongoing outflows and revenue pressure remain the key near-term risk.
Positive Factors
Low leverage / strong balance sheet
Extremely low debt and a high equity ratio provide durable financial flexibility: supports dividends, buybacks, and product investment while absorbing revenue volatility or outflows. A strong capital base reduces refinancing risk and preserves strategic optionality over the medium term.
Negative Factors
Declining revenues and client outflows
Sustained revenue decline and material tender-driven outflows reduce fee generation and create uncertainty about re-investment rates. Fee-dependent earnings are vulnerable until redirected flows or new net inflows offset losses, pressuring revenue and making multi-period recovery dependent on client behaviour.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Extremely low debt and a high equity ratio provide durable financial flexibility: supports dividends, buybacks, and product investment while absorbing revenue volatility or outflows. A strong capital base reduces refinancing risk and preserves strategic optionality over the medium term.
Read all positive factors
Impax Asset Management (IPX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£122.81M
Dividend Yield17.93%
Average Volume (3M)357.23K
Price to Earnings (P/E)9.3
Beta (1Y)1.63
Revenue Growth-22.86%
EPS Growth-56.06%
CountryUK
Employees315
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)£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: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
Negative
153.00
Price Trends
106.65
Negative
124.95
Negative
145.38
Negative
Market Momentum
-2.05
Negative
43.93
Neutral
46.30
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 103.22, above the 50-day MA of 106.65, and above the 200-day MA of 145.38, indicating a bearish trend. The MACD of -2.05 indicates Negative momentum. The RSI at 43.93 is Neutral, neither overbought nor oversold. The STOCH value of 46.30 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 | £9.08B | 16.95 | 12.35% | 5.37% | 12.45% | 28.89% | |
74 Outperform | £833.87M | 8.36 | 11.49% | 2.70% | 16.37% | 58.77% | |
73 Outperform | £488.06M | 12.37 | 44.99% | 5.73% | 10.71% | 29.94% | |
70 Outperform | £2.01B | 15.66 | 8.33% | 4.91% | 2.02% | 69.06% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | £122.81M | 9.31 | 11.90% | 17.93% | -22.86% | -56.06% | |
64 Neutral | £185.64M | 15.19 | 10.12% | 21.31% | -15.65% | -12.27% |
* Financial Sector Average
GB:IPX
Impax Asset Management
100.60
-76.79
-43.29%
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167.20
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93.02%
GB:LIO
Liontrust Asset Management
306.50
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-9.27%
GB:RAT
Rathbones Group PLC
1,926.00
367.82
23.61%
GB:SDR
Schroders
584.50
230.62
65.17%
GB:FSG
Foresight Group Holdings Ltd.
427.00
46.08
12.10%
Impax Asset Management Corporate Events
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...
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...
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.