Investment performance drives 6% H1 AUM growth
AUM was up by £2.2bn or 6% over H1-24, reaching £39.6bn on 31 Mar 24 (30 Sep 23: £37.4bn). This is slightly above the trajectory required to meet our FY24 AUM forecast of £41.1bn (+10% annual growth), but taking a cautious approach our FY24 forecasts remain unchanged.A very strong investment performance was the growth driver in H1, contributing +£4.9bn (+13%) while net outflows were £2.7bn. We maintain our strong conviction that medium-to-long term structural factors favour Impax, but also flag some positive shorter-term cyclical data points which support Impax’s comments.
With strong growth prospects, margins and balance sheet, our fundamental valuation remains 800p per share, over 80% above the share price, and we see a PER of 14.5 as undemanding.
Impax Asset Management Group is an investment firm, providing listed and private equity strategies primarily to institutional clients. As of Sep 30 2017, Co. has total assets under management and advice of £7.30 billion.
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