Impax Asset Management
Ticker: IPX Exchange: AIM www.impaxam.com

Impax is a market leading and multi award winning manager of both listed and private equity funds, which invest in ways that take advantage of more environmentally sustainable corporate and economic growth globally.

AUM flat in Q4, ‘solid evidence flows are stabilising’

AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn. In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3).

Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates. We make very minor tweaks to our FY25 forecasts with FY25 results expected late-November, when we will update our FY26 (and beyond) forecasts.

We maintain our view that Impax’s differentiated offering within a large and growing market means a return to solid net inflows is just a matter of time, as is a re-rating of the share price. Our DCF valuation is 400p / share. Also, Impax’s PER of 8.0, the lowest in the sector, looks misplaced (page 4).

 

 
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