AIM:IPX

Stock Analysis Report

Executive Summary

Impax Asset Management Group plc, through its subsidiaries, provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Impax Asset Management Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IPX's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.3%

IPX

0.5%

GB Capital Markets

-3.0%

GB Market


1 Year Return

104.9%

IPX

22.7%

GB Capital Markets

11.0%

GB Market

Return vs Industry: IPX exceeded the UK Capital Markets industry which returned 21.7% over the past year.

Return vs Market: IPX exceeded the UK Market which returned 12.7% over the past year.


Shareholder returns

IPXIndustryMarket
7 Day-1.3%0.5%-3.0%
30 Day3.9%-2.7%-2.4%
90 Day52.8%6.5%3.9%
1 Year108.7%104.9%25.7%22.7%16.8%11.0%
3 Year510.1%464.3%72.2%60.2%20.0%4.7%
5 Year695.7%593.0%132.3%105.2%38.9%6.8%

Price Volatility Vs. Market

How volatile is Impax Asset Management Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Impax Asset Management Group undervalued compared to its fair value and its price relative to the market?

32.35x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IPX (£3.9) is trading above our estimate of fair value (£1.54)

Significantly Below Fair Value: IPX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: IPX is poor value based on its PE Ratio (31.9x) compared to the Capital Markets industry average (20.9x).

PE vs Market: IPX is poor value based on its PE Ratio (31.9x) compared to the UK market (18.5x).


Price to Earnings Growth Ratio

PEG Ratio: IPX is poor value based on its PEG Ratio (4x)


Price to Book Ratio

PB vs Industry: IPX is overvalued based on its PB Ratio (7.5x) compared to the GB Capital Markets industry average (1.4x).

Future Growth

How is Impax Asset Management Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

7.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IPX's forecast earnings growth (7.9% per year) is above the savings rate (0.5%).

Earnings vs Market: IPX's earnings (7.9% per year) are forecast to grow slower than the UK market (11.7% per year).

High Growth Earnings: IPX's earnings are forecast to grow, but not significantly.

Revenue vs Market: IPX's revenue (11.9% per year) is forecast to grow faster than the UK market (3.6% per year).

High Growth Revenue: IPX's revenue (11.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if IPX's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Impax Asset Management Group performed over the past 5 years?

35.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IPX has a large one-off gain of £3.4M impacting its September 30 2019 financial results.

Growing Profit Margin: IPX's current net profit margins (20.4%) are higher than last year (16.2%).


Past Earnings Growth Analysis

Earnings Trend: IPX's earnings have grown significantly by 35.2% per year over the past 5 years.

Accelerating Growth: IPX's earnings growth over the past year (40.7%) exceeds its 5-year average (35.2% per year).

Earnings vs Industry: IPX earnings growth over the past year (40.7%) exceeded the Capital Markets industry 14.5%.


Return on Equity

High ROE: IPX's Return on Equity (24.9%) is considered high.


Return on Assets


Return on Capital Employed

Financial Health

How is Impax Asset Management Group's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: IPX has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if IPX's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: IPX's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if IPX has a sufficient allowance for bad loans.

Low Risk Liabilities: IPX reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if IPX has an acceptable proportion of non-loan assets held.

Low Risk Deposits: IPX has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if IPX has an appropriate level of bad loans.

Dividend

What is Impax Asset Management Group's current dividend yield, its reliability and sustainability?

1.39%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Impax Asset Management Group before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.4%marketbottom25%1.9%markettop25%5.1%industryaverage2.1%forecastin3Years2.0%

Current dividend yield vs market & industry

Notable Dividend: IPX's dividend (1.41%) isn’t notable compared to the bottom 25% of dividend payers in the UK market (1.83%).

High Dividend: IPX's dividend (1.41%) is low compared to the top 25% of dividend payers in the UK market (4.95%).


Stability and Growth of Payments

Stable Dividend: IPX's dividend payments have been volatile in the past 10 years.

Growing Dividend: IPX's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45%), IPX's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IPX's dividends in 3 years are forecast to be covered by earnings (55% payout ratio).

Management

What is the CEO of Impax Asset Management Group's salary, the management and board of directors tenure and is there insider trading?

3.9yrs

Average management tenure


CEO

Ian Simm (52yo)

14.4yrs

Tenure

UK£1,090,827

Compensation

Mr. Ian Richard Simm is the Founder and Chief Executive since August 19, 2005 at Impax Asset Management Group plc and has been its Managing Director, Portfolio Manager and Executive Director. Mr. Simm has  ...


CEO Compensation Analysis

Compensation vs Market: Ian's total compensation ($USD1.43M) is about average for companies of similar size in the UK market ($USD1.14M).

Compensation vs Earnings: Ian's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.9yrs

Average Tenure

52.5yo

Average Age

Experienced Management: IPX's management team is considered experienced (3.9 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

54.5yo

Average Age

Experienced Board: IPX's board of directors are considered experienced (4.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUK£13,08318 Apr 19
Ian Simm
EntityIndividual
Role
Chief Executive Officer
Founder
Shares11,496
Max PriceUK£2.33
SellUK£26,76118 Apr 19
Ian Simm
EntityIndividual
Role
Chief Executive Officer
Founder
Shares11,535
Max PriceUK£2.32

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.5%.


Management Team

  • Peter Van Rossbach (60yo)

    Managing Director of Private Equity Infrastructure

    • Bruce Jenkyn-Jones (53yo)

      Co-head of the Listed Equity business

      • Tenure: 2.6yrs
    • Ian Simm (52yo)

      Founder

      • Tenure: 14.4yrs
      • Compensation: UK£1.09m
    • Hu Aarts (48yo)

      Co-Head of the Listed Equity business

      • Tenure: 2.6yrs
    • Meg Brown

      Managing Director of Marketing & Business Development

      • Jon Forster (48yo)

        MD & Senior Portfolio Manager

        • Tenure: 2.6yrs
      • Charlie Ridge (55yo)

        Chief Financial Officer

        • Zack Wilson

          Group General Counsel & Company Secretary

          • Tenure: 9yrs
        • Anne Gilding

          Head of Brand & Communications and Director

          • Roz Reid

            Head of Human Resources

            • Tenure: 5.3yrs

          Board Members

          • Vince O'Brien (60yo)

            Senior Independent Director

            • Compensation: UK£40.00k
          • James Keith Falconer (64yo)

            Chairman

            • Tenure: 16yrs
            • Compensation: UK£70.00k
          • Ian Simm (52yo)

            Founder

            • Tenure: 14.4yrs
            • Compensation: UK£1.09m
          • Arnaud Jacques Gilbert de Beauchef de Servigny (55yo)

            Non-Executive Director

            • Tenure: 1.6yrs
            • Compensation: UK£30.00k
          • Sally Bridgeland (54yo)

            Independent Non-Executive Director

            • Tenure: 4.5yrs
            • Compensation: UK£40.00k
          • Lindsey Martinez (51yo)

            Independent Non-Executive Director

            • Tenure: 4.5yrs
            • Compensation: UK£39.16k

          Company Information

          Impax Asset Management Group plc's company bio, employee growth, exchange listings and data sources


          Key Information

          • Name: Impax Asset Management Group plc
          • Ticker: IPX
          • Exchange: AIM
          • Founded: 1998
          • Industry: Asset Management and Custody Banks
          • Sector: Diversified Financials
          • Market Cap: UK£479.883m
          • Shares outstanding: 121.49m
          • Website: https://www.impax.co.uk

          Number of Employees


          Location

          • Impax Asset Management Group plc
          • 30 Panton Street
          • 7th floor
          • London
          • Greater London
          • SW1Y 4AJ
          • United Kingdom

          Listings

          TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
          IPXAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPDec 1996
          IPXA.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 1996

          Biography

          Impax Asset Management Group plc, through its subsidiaries, provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom. It manages a range of funds and segregated accounts on behalf of institutional and private investors. The company was formerly known as Impax Group plc and changed its name to Impax Asset Management Group plc in October 2009. Impax Asset Management Group plc was founded in 1998 and is based in London, the United Kingdom. 


          Company Analysis and Financial Data Status

          All financial data provided by Standard & Poor's Capital IQ.
          DataLast Updated (UTC time)
          Company Analysis2020/01/27 20:41
          End of Day Share Price2020/01/27 00:00
          Earnings2019/09/30
          Annual Earnings2019/09/30


          Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.