Impax Asset Management Group Plc (IPX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Impax Asset Management Group Plc stock £1.82, price £0.90, upside +101.3%, quality 76 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range £0.8870 – £10.72 · fair‑value band £1.10 – £2.79 · the £0.9040 price screens below the £1.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Impax Asset Management Group Plc is a publicly owned investment manager. Through its subsidiaries, it provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom.
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It manages a range of funds and segregated accounts on behalf of institutional and private investors. It employs both fundamental to make its investments. The company was formerly known as Impax Group plc and changed its name to Impax Asset Management Group plc in October 2009.
Impax Asset Management Group Plc was founded in 1998 and is based in London, the United Kingdom.
Stock analysis
Impax Asset Management Group Plc (IPX) currently trades at £0.9040, while our model-based Fair Value estimate is £1.82, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of £5.69 per share, and 12 of the 13 models we run sit above the £0.9040 price.
Bear case: the Asset-Based group reads lowest at £0.6300, and 1 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: £1.10 (bear) to £2.79 (bull), the price of £0.9040 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 76/100 (high quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Impax Asset Management Group Plc reported revenue of £142M in FY2025 versus £143M in FY2021, a compound −0.1%/yr. Reported net income was £20.3M in FY2025, compounding −15.7%/yr from FY2021.
Key figures
Market cap £111M Micro · P/E ratio 8.2 · P/S ratio 0.89 · EPS (TTM) £0.1100 · Dividend yield 11.1% · Net margin 10.6% · Return on equity 11.8% · Return on assets (EBIT) 28.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 101%, IPX screens cheaper than that median.
Fair Value models
Bear£1.10Fair Value £1.82Bull£2.79
Price £0.9040 · Upside +101.3%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (£0.0100 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−16.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Start year 2020 (pandemic). Over 10 years: +21.8% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)11.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.3% vs 17.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−35.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−14.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −36.7% a year for the price and −16.0% for the forecasts.
Compare Impax Asset Management Group Plc with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+101.3% · Top 25%
Profitability
Return on equity (12 months)11.8% · Above median
Return on assets13.1% · Top 25%
Net margin (12 months)10.6% · Bottom 25%
Operating margin (12 months)17.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−23.1% · Bottom 25%
Dividend yield (12 months)11.1% · Top 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Impax Asset Management Group Plc Fair Value". https://www.fairvalue-calculator.com/stock/IPX
Frequently asked questions
Is Impax Asset Management Group Plc (IPX) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of £1.82 versus a price of £0.9040, about +101% upside (undervalued).
What is the fair value of IPX?
Our model-based fair value for Impax Asset Management Group Plc is £1.82 (as of Nov 4, 2026), built from audited fundamentals. The current price: £0.9040.
What is the quality score of IPX?
Impax Asset Management Group Plc has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Impax Asset Management Group Plc (IPX)?
Our model-based price target is the fair value of £1.82 (as of Nov 4, 2026) from 13 valuation models. Cautious scenario £1.10, optimistic scenario £2.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Impax Asset Management Group Plc stock forecast for 2026?
Our models put fair value at £1.82, about +101% upside versus a price of £0.9040 (undervalued). Cautious scenario £1.10, optimistic scenario £2.79. The calculation is refreshed regularly with new filings.
What is the revenue of Impax Asset Management Group Plc (IPX)?
Impax Asset Management Group Plc reported trailing-twelve-month revenue of about £124M (latest available figure, as of Nov 4, 2026).
Does Impax Asset Management Group Plc pay a dividend?
Impax Asset Management Group Plc currently shows a dividend yield of 11.06% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Impax Asset Management Group Plc (IPX) and when is the ex-dividend date?
Impax Asset Management Group Plc pays a dividend of £0.1 per share a year, a dividend yield of 11.1%. The last ex-dividend date was Jun 11, 2026. A dividend has been paid every year since at least 2009. The payout ratio is 90.9% of earnings. Free cash flow covers the dividend 1.92 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Impax Asset Management Group Plc (IPX)?
For today's price to be fair in a discounted-cash-flow model, Impax Asset Management Group Plc would have to grow free cash flow by -35.3 % per year for five years (discount rate 14.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of IPX use?
Our models discount Impax Asset Management Group Plc at 14.4 %: a base by market capitalisation (micro), damped by beta 1.32, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Impax Asset Management Group Plc that is -35.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.4 %) and the same formula as our fair value.
How much growth has Impax Asset Management Group Plc (IPX) delivered so far?
Over the past 5 years revenue at Impax Asset Management Group Plc grew +10.1 % a year. The price currently implies free-cash-flow growth of -35.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Impax Asset Management Group Plc (IPX) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Impax Asset Management Group Plc (-35.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Impax Asset Management Group Plc (IPX)?
The free-cash-flow yield on the price is 21.02 %: that much free cash flow Impax Asset Management Group Plc produces per unit of market value. When it exceeds the discount rate of our models (14.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Impax Asset Management Group Plc (IPX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Impax Asset Management Group Plc it is £1.82 per share (as of Nov 4, 2026), against a price of £0.9040. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Impax Asset Management Group Plc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, IPX trades below its calculated fair value: price £0.9040, fair value £1.82, a gap of about +101% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IPX?
No. The price is what the market pays today (£0.9040); the fair value is what the company's own numbers justify (£1.82). For Impax Asset Management Group Plc the two are £0.9160 per share apart. That gap is exactly why we show both numbers side by side.
How much is Impax Asset Management Group Plc worth?
The market values Impax Asset Management Group Plc at about £111M (market capitalisation, as of Nov 4, 2026). Per share that is £0.9040; our models calculate a fair value of £1.82 per share.
What do the bullish and bearish scenarios say about IPX?
Our models span a range for Impax Asset Management Group Plc: cautious scenario £1.10, base £1.82, optimistic £2.79 per share (as of Nov 4, 2026, price £0.9040). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IPX?
Impax Asset Management Group Plc trades at a price-to-earnings ratio of 8.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.82 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 17.0. Other multiples: P/B 1.0, P/S 0.9, EV/EBITDA 3.5.
How solid is the balance sheet of Impax Asset Management Group Plc (IPX)?
Balance-sheet figures for Impax Asset Management Group Plc (as of Nov 4, 2026): return on equity 11.8%. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is IPX from its 52-week high?
Impax Asset Management Group Plc trades at £0.9040, about 50% below its 52-week high of £1.81 and 2% above the low of £0.8870 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £1.82 is for.
Which stocks are comparable to Impax Asset Management Group Plc?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Impax Asset Management Group Plc stock attractive at the current price?
The data as of Nov 4, 2026: price £0.9040, calculated fair value £1.82 (+101%), Quality Score 76/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IPX calculated?
We run Impax Asset Management Group Plc through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £1.82 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Impax Asset Management Group Plc currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Impax Asset Management Group Plc (IPX)?
The closing price on Nov 6, 2026 was £0.9040. Our model-based fair value is £1.82, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Impax Asset Management Group Plc right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (£1.10). The market is more pessimistic than our downside scenario. A fairly wide model range (£1.10 to £2.79) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Impax Asset Management Group Plc (IPX) come from?
Earnings per share at Impax Asset Management Group Plc grew +25.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +24.4 %, EBIT margin +3.7 %, tax rate −0.8 %, residual (interest, one-offs) −1.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Impax Asset Management Group Plc
How large is the market capitalisation of Impax Asset Management Group Plc (IPX)?
The market capitalisation of Impax Asset Management Group Plc is £111M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Impax Asset Management Group Plc (IPX)?
The price-to-sales ratio of Impax Asset Management Group Plc is 0.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Impax Asset Management Group Plc (IPX)?
Earnings per share at Impax Asset Management Group Plc are £0.1100 (price ÷ EPS = P/E 8.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Impax Asset Management Group Plc (IPX)?
The dividend yield of Impax Asset Management Group Plc is 11.1% (payout 90.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Impax Asset Management Group Plc (IPX)?
The net margin of Impax Asset Management Group Plc is 10.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Impax Asset Management Group Plc (IPX)?
The return on equity (ROE) of Impax Asset Management Group Plc is 11.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Impax Asset Management Group Plc (IPX)?
On an EBIT basis the return on assets of Impax Asset Management Group Plc is 28.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Impax Asset Management Group Plc (IPX)?
The operating margin of Impax Asset Management Group Plc is 17.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Impax Asset Management Group Plc (IPX)?
Revenue at Impax Asset Management Group Plc is growing −23.1% versus a year earlier (3y avg −6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Impax Asset Management Group Plc (IPX)?
Earnings per share at Impax Asset Management Group Plc are growing −54.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Impax Asset Management Group Plc (IPX) hold?
Impax Asset Management Group Plc holds more cash than debt, £17.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 4, 2026