Revenue, profit, cash & dividends up materially
Given the sharp pullback in financial markets, which saw growth stocks and ‘sustainable’ stocks in particular suffer heavy falls, and also given widespread fund outflows, Impax’s financial FY results are highly impressive.While end-of-FY22 AUM (£35.7bn) closed 4.1% down y-o-y (30 Sep 21: £37.2bn), average AUM, the primary driver of revenue, increased around 28% from £29.6bn to £37.9bn. In turn, revenue increased 23% from £143m to £175m, adjusted operating profit* 20% (£56m to £67m), and cash reserves 53% (£70m to £107m).
Basic EPS increased 46% from 31.5p to 46.0p (boosted by a £6m forex gain), adjusted diluted EPS rose 22% from 34.4p to 42.1p, and the full year dividend 34% from 20.6p to 27.6p (a yield of 3.6%).
Amongst a London-listed active manager peer group Impax's 4.1% fall in AUM compared to a median fall of 22%, and it recorded the highest net inflow rate of +8% compared to a peer-group median of -5%.
Our fundamental value is now 1,000p per share, raised from 960p on strong financial results and a recent fall in the 10-year gilt yield (the risk-free rate used in our DCF valuation).
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.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.