Impax Asset Management Group Plc

AIM:IPX Stock Report

Market Cap: UK£425.5m

Impax Asset Management Group Valuation

Is IPX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IPX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IPX (£3.33) is trading below our estimate of fair value (£9.36)

Significantly Below Fair Value: IPX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IPX?

Key metric: As IPX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IPX. This is calculated by dividing IPX's market cap by their current earnings.
What is IPX's PE Ratio?
PE Ratio10.5x
EarningsUK£40.67m
Market CapUK£425.48m

Price to Earnings Ratio vs Peers

How does IPX's PE Ratio compare to its peers?

The above table shows the PE ratio for IPX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.5x
TAM Tatton Asset Management
27.1x11.9%UK£417.4m
CGEO Georgia Capital
12.3xn/aUK£415.0m
PINT Pantheon Infrastructure
5.3xn/aUK£409.6m
POLN Pollen Street Group
9.5x3.1%UK£440.6m
IPX Impax Asset Management Group
10.5x2.5%UK£425.5m

Price-To-Earnings vs Peers: IPX is good value based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (13.4x).

Price to Earnings Ratio vs Industry

How does IPX's PE Ratio compare vs other companies in the GB Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PNIX Phoenix Digital Assets
1.2xn/aUS$34.29m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
APQ APQ Global
0.4xn/aUS$5.78m
MAFL Mineral & Financial Investments
2xn/aUS$5.00m
No more companies available in this PE range
IPX 10.5xIndustry Avg. 12.1xNo. of Companies19PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IPX is good value based on its Price-To-Earnings Ratio (10.5x) compared to the UK Capital Markets industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is IPX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IPX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.5x
Fair PE Ratio13.1x

Price-To-Earnings vs Fair Ratio: IPX is good value based on its Price-To-Earnings Ratio (10.5x) compared to the estimated Fair Price-To-Earnings Ratio (13.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IPX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£3.33
UK£5.49
+65.2%
22.8%UK£7.50UK£3.96n/a5
Nov ’25UK£3.53
UK£5.49
+55.6%
22.8%UK£7.50UK£3.96n/a5
Oct ’25UK£3.76
UK£5.76
+53.4%
24.0%UK£8.00UK£4.20n/a5
Sep ’25UK£3.72
UK£5.76
+55.0%
24.0%UK£8.00UK£4.20n/a5
Aug ’25UK£4.00
UK£5.76
+44.0%
24.0%UK£8.00UK£4.20n/a5
Jul ’25UK£3.84
UK£6.28
+63.5%
21.5%UK£8.00UK£4.50n/a5
Jun ’25UK£4.35
UK£6.28
+44.5%
21.5%UK£8.00UK£4.50n/a5
May ’25UK£4.42
UK£6.28
+42.3%
21.4%UK£8.00UK£4.50n/a5
Apr ’25UK£4.65
UK£6.30
+35.6%
21.1%UK£8.00UK£4.50n/a5
Mar ’25UK£4.65
UK£6.30
+35.5%
21.1%UK£8.00UK£4.50n/a5
Feb ’25UK£5.26
UK£6.30
+19.8%
21.1%UK£8.00UK£4.50n/a5
Jan ’25UK£5.50
UK£6.28
+14.2%
21.4%UK£8.00UK£4.60n/a5
Dec ’24UK£4.67
UK£6.28
+34.5%
21.4%UK£8.00UK£4.60n/a5
Nov ’24UK£3.88
UK£7.45
+92.0%
25.1%UK£10.00UK£4.80UK£3.534
Oct ’24UK£4.59
UK£8.79
+91.7%
15.9%UK£10.00UK£6.45UK£3.764
Sep ’24UK£5.21
UK£8.79
+68.7%
15.9%UK£10.00UK£6.45UK£3.724
Aug ’24UK£5.43
UK£8.79
+61.8%
15.9%UK£10.00UK£6.45UK£4.004
Jul ’24UK£5.69
UK£8.79
+54.4%
15.9%UK£10.00UK£6.45UK£3.844
Jun ’24UK£6.60
UK£8.79
+33.1%
15.9%UK£10.00UK£6.45UK£4.354
May ’24UK£7.84
UK£9.24
+17.8%
17.6%UK£10.50UK£6.45UK£4.424
Apr ’24UK£7.98
UK£9.20
+15.3%
18.3%UK£10.50UK£6.30UK£4.654
Mar ’24UK£7.93
UK£9.20
+16.0%
18.3%UK£10.50UK£6.30UK£4.654
Feb ’24UK£8.09
UK£9.20
+13.7%
18.3%UK£10.50UK£6.30UK£5.264
Jan ’24UK£7.23
UK£9.12
+26.2%
20.0%UK£10.50UK£5.99UK£5.504
Dec ’23UK£7.89
UK£9.12
+15.6%
20.0%UK£10.50UK£5.99UK£4.674
Nov ’23UK£6.83
UK£9.02
+32.1%
19.7%UK£10.50UK£5.99UK£3.884

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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