Impax Asset Management Group Plc

BATS-CHIXE:IPXL Stock Report

Market Cap: UK£214.0m

Impax Asset Management Group Valuation

Is IPXL 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 IPXL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

UK£7.04
Fair Value
75.5% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: IPXL (£1.72) is trading below our estimate of fair value (£7.04)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for IPXL. This is calculated by dividing IPXL's market cap by their current earnings.
What is IPXL's PE Ratio?
PE Ratio7x
EarningsUK£30.78m
Market CapUK£213.98m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for IPXL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.4x
BRK Brooks Macdonald Group
22.4x19.25%UK£260.2m
CLIG City of London Investment Group
11.9xn/aUK£176.6m
CGL Castelnau Group
46.5xn/aUK£305.2m
LIO Liontrust Asset Management
13x18.94%UK£165.0m
IPXL Impax Asset Management Group
7x-7.67%UK£214.0m

Price-To-Earnings vs Peers: IPXL is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (23.4x).

Price to Earnings Ratio vs Industry

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

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CGEO Georgia Capital
1.8xn/aUS$1.14b
BPM B.P. Marsh & Partners
2.3xn/aUS$316.22m
SIHL Symphony International Holdings
2.8xn/aUS$197.13m
TAVI Tavistock Investments
2.8xn/aUS$25.00m
No. of Companies12PE01224364860+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IPXL is good value based on its Price-To-Earnings Ratio (7x) compared to the UK Capital Markets industry average (13.1x).

Price to Earnings Ratio vs Fair Ratio

What is IPXL'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.

IPXL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7x
Fair PE Ratio11.2x

Price-To-Earnings vs Fair Ratio: IPXL is good value based on its Price-To-Earnings Ratio (7x) compared to the estimated Fair Price-To-Earnings Ratio (11.2x).

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 IPXL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.72
UK£2.90
+68.52%
20.66%UK£4.00UK£2.25n/a5
Nov ’26UK£1.92
UK£2.90
+51.30%
20.66%UK£4.00UK£2.25n/a5
Oct ’26UK£1.91
UK£2.90
+52.10%
20.66%UK£4.00UK£2.25n/a5
Sep ’26UK£1.84
UK£2.90
+57.38%
20.66%UK£4.00UK£2.25n/a5
Aug ’26UK£1.94
UK£2.90
+49.90%
20.66%UK£4.00UK£2.25n/a5
Jul ’26UK£1.89
UK£2.86
+51.43%
24.88%UK£4.00UK£2.05n/a5
Jun ’26UK£1.84
UK£2.86
+55.37%
24.88%UK£4.00UK£2.05n/a5
May ’26n/a
UK£2.90
0%
25.00%UK£4.00UK£2.05n/a5
Apr ’26n/a
UK£3.71
0%
35.81%UK£6.00UK£2.41n/a5
Mar ’26n/a
UK£4.33
0%
23.68%UK£6.00UK£3.05n/a5
Feb ’26n/a
UK£4.33
0%
23.68%UK£6.00UK£3.05n/a5
Jan ’26n/a
UK£4.80
0%
17.82%UK£6.00UK£3.69n/a4
Dec ’25n/a
UK£5.41
0%
19.88%UK£7.00UK£4.05n/a5
Nov ’25n/a
UK£5.49
0%
22.80%UK£7.50UK£3.96UK£1.925
Oct ’25n/a
UK£5.76
0%
24.00%UK£8.00UK£4.20UK£1.915
Sep ’25n/a
UK£5.76
0%
24.00%UK£8.00UK£4.20UK£1.845
Aug ’25n/a
UK£5.76
0%
24.00%UK£8.00UK£4.20UK£1.945
Jul ’25n/a
UK£6.28
0%
21.48%UK£8.00UK£4.50UK£1.895
Jun ’25n/a
UK£6.28
0%
21.48%UK£8.00UK£4.50UK£1.845
May ’25n/a
UK£6.28
0%
21.40%UK£8.00UK£4.50n/a5
Apr ’25n/a
UK£6.30
0%
21.06%UK£8.00UK£4.50n/a5
Mar ’25n/a
UK£6.30
0%
21.06%UK£8.00UK£4.50n/a5
Feb ’25n/a
UK£6.30
0%
21.06%UK£8.00UK£4.50n/a5
Jan ’25n/a
UK£6.28
0%
21.37%UK£8.00UK£4.60n/a5
Dec ’24n/a
UK£6.28
0%
21.37%UK£8.00UK£4.60n/a5
Nov ’24n/a
UK£7.45
0%
25.14%UK£10.00UK£4.80n/a4
UK£2.88
Fair Value
40.2% undervalued intrinsic discount
5
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/30 14:19
End of Day Share Price 2025/11/28 00:00
Earnings2025/03/31
Annual Earnings2024/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Impax Asset Management Group Plc is covered by 7 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Robert ChantryBerenberg
Jonathan RichardsBerenberg
Alexander BowersBerenberg