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Impax Asset Management
(LSE:IPX)
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Rating:63Neutral
Price Target:
98.00 p
▼(-14.93% Downside)
Action:Reiterated
Date:10/14/26
The score is driven mainly by solid underlying financial quality (low leverage and healthy margins) and attractive valuation (low P/E and high dividend yield). These positives are meaningfully tempered by weak technicals (price below major moving averages; bearish MACD) and earnings-call risks centered on ongoing outflows and revenue pressure despite cost actions and improved investment performance.
Positive Factors
Strong balance sheet and low leverage
The low-debt, equity-funded structure gives Impax financial resilience while it manages weaker flows and revenue. It limits interest burden and preserves flexibility to fund products, absorb operating volatility, and maintain shareholder distributions without relying heavily on external financing.
Negative Factors
Persistent outflows and tender-related AUM pressure
Persistent negative flows directly threaten a fee-based asset manager because lower AUM reduces recurring management-fee revenue. The large IEM tender creates an additional near-term asset and revenue drag, while uncertainty about UCITS reinvestment makes recovery timing difficult to predict.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and low leverage
The low-debt, equity-funded structure gives Impax financial resilience while it manages weaker flows and revenue. It limits interest burden and preserves flexibility to fund products, absorb operating volatility, and maintain shareholder distributions without relying heavily on external financing.
Read all positive factors
Impax Asset Management (IPX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£114.45M
Dividend Yield10.58%
Average Volume (3M)371.40K
Price to Earnings (P/E)8.9
Beta (1Y)1.28
Revenue Growth-22.86%
EPS Growth-56.06%
CountryUK
Employees273
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.11
Shares Outstanding127,040,890
10 Day Avg. Volume509,354
30 Day Avg. Volume371,405
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
£135.00Price Target Upside17.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.1
Revenue Forecast (FY)£100.91M
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 investment management fees on assets under management (AUM). These fees are generally calculated as a percentage of AUM and are earned for managing client portfolios across its sustainability-focused strateg...
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
115.20
Price Trends
104.08
Negative
104.91
Negative
113.46
Negative
Market Momentum
-3.78
Negative
42.52
Neutral
63.76
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 115.2 is above the 20-day moving average (MA) of 97.02, above the 50-day MA of 104.08, and above the 200-day MA of 113.46, indicating a bearish trend. The MACD of -3.78 indicates Negative momentum. The RSI at 42.52 is Neutral, neither overbought nor oversold. The STOCH value of 63.76 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £870.22M | 8.44 | 11.59% | 6.66% | 37.81% | 83.65% | |
74 Outperform | £519.15M | 12.39 | 46.72% | 5.75% | 7.26% | 30.92% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £1.76B | 13.89 | 8.95% | 5.81% | 5.39% | 85.13% | |
63 Neutral | £114.45M | 8.93 | 11.90% | 10.58% | -22.86% | -56.06% | |
62 Neutral | £176.64M | 18.32 | 8.74% | 6.65% | -20.90% | -41.22% |
* Financial Sector Average
GB:IPX
Impax Asset Management
94.50
-84.03
-47.07%
GB:JUP
Jupiter Fund Management Plc
175.80
32.72
22.87%
GB:LIO
Liontrust Asset Management
285.50
-7.30
-2.49%
GB:RAT
Rathbones Group PLC
1,722.00
-89.18
-4.92%
GB:FSG
Foresight Group Holdings Ltd.
471.00
39.76
9.22%
Impax Asset Management Corporate Events
Business Operations and StrategyFinancial Disclosures
Impax Asset Management AUM Drops to £20bn as Equity Outflows Persist
Negative
Oct 13, 2026
Impax Asset Management reported that assets under management fell to £20.0 billion at 30 September 2026, down from £23.3 billion at the end of June and £26.1 billion a year earlier. The decline was driven by £2.4 billion of net...
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.