Impax Asset Management
Ticker: IPX Exchange: AIM

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.

Positive net flows continue, AUM +12% over H1’23

Impax maintained its impressive record of attracting and retaining client assets, with net flows in Q2-FY23 (to 31 Mar 23) of +£326m, achieved in a quarter characterised by further market turmoil and, no doubt, investor nerves. A strong investment performance of +£1.9bn was recorded. AUM reached £40.1bn, up 6% over Q2 and 12% over H1 (AUM end-FY22: £35.7bn).

In the context of the wider sustainable investing market, we highlight that flows into sustainable funds were indeed far lower in 2022 than in 2021 but held up better than flows into ‘conventional’ funds and remained positive, with flows into conventional funds turning sharply negative. Additionally, we note sustainable equity valuations have bounced back strongly.

Our forecasts remain unchanged as does our fundamental valuation of 1,000p, 27% above the closing share price on 6 Apr 23. We think Impax’s PE ratio of 17.1 (peer group median 14.9) is undemanding and looks justified given is recent performance and growth prospects.


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