Impax Asset Management – overvalued?

For the background to the company and my valuation methodology, please see my earlier article.

At the time of writing Impax is trading at 360p with 130.4m shares in issue. Thanks to the recent annual results we know that assets under management on 30/11/2019 were £15.7bn, valuing them at 3.0% of AuM. This is at the very high end of their trading range and a level at which historically the best course of action would have been to sell and buy back later.

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