Quality in a challenging market | Elaborate fairy tales
News covered here includes delightfully clean results from one well-established company, without an adjustment in sight – if only others would follow their lead. A specialist investment manager also looks interesting value at current levels. While both businesses are currently facing challenging markets, their qualities should ultimately shine through. Unfortunately, we are less impressed with updates from two other companies where fairy tale EBITDA has been taken to new extremes.
Impax: quality in a challenging market Impax Asset Management (AIM:IPX), the specialist investor focused on the transition to a more sustainable global economy, announced decent results for its year ending 30 September 2023, in the context of a very difficult stock market. Impax Asset Management has been celebrating its 25th anniversary and the results statement commented on the dramatic changes across the markets in which it invests over the period since its founding. For example, in 1998, the largest wind turbines generated 1MW (vs 16MW today), the price of solar panels was the equivalent of around US$7 per watt (vs…