Slow Q3, dividend yield now over 5%
On 30 Jun 23 (end-Q3 FY23), AUM totalled £39.7bn, 1% (£0.4bn) down over the quarter (31 Mar 23: £40.1bn) but 11% up over the first 9 months of FY23 (30 Sep 22: £35.7bn). Encouragingly, AUM increased 2.2% over the last month of the quarter (31 May 23: £38.9bn).Net flows dipped into negative territory at -£315m. However, this is only the second net quarterly outflow since 2015. The other (small) outflow was in the calender-Q2-22 quarter, a period of sharp market falls and extreme investor uncertainty. We would highlight how strong Impax’s net flows have been relative to other asset managers in good markets and bad.
Although this quarter has been slow, there was positive momentum in June and we haven’t changed our FY23 (to 30 Sep 23) forecasts. Our fundamental valuation / share remains at 900p, now 70% above the current share price.
We also flag that Impax’s PER has fallen back to peer-group median levels, which looks strange considering its relative performance and its strong growth prospects.
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.