Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Impax Asset Management GroupIPXAF 66 Forward Rate of Return (Yacktman) % is 23.33% as of Sep. 2025, which is 4% above its 10-year median of 22.41. GuruFocus rates IPXAF with a GF Score™ of 66/100 and a GF Value™ of $3.23 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,172 Asset Management companies, Impax Asset Management Group ranks better than 96.93% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Impax Asset Management Group's forward rate of return for was 23.33%.
The historical rank and industry rank for Impax Asset Management Group's Forward Rate of Return (Yacktman) % or its related term are showing as below:
IPXAF'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 1.12 Med: 22.41 Max: 45.91
Current: 36.65
During the past 13 years, Impax Asset Management Group's highest Forward Rate of Return was 45.91. The lowest was 1.12. And the median was 22.41.
IPXAF's Forward Rate of Return (Yacktman) % is ranked better than 96.93% of 1172
companies
in the Asset Management industry
Industry Median: 4.58
vs IPXAF: 36.65
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Impax Asset Management Group (OTCPK:IPXAF) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Impax Asset Management Group Forward Rate of Return (Yacktman) % Related Terms
Impax Asset Management Group Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Impax Asset Management Group's Forward Rate of Return (Yacktman) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Impax Asset Management Group Forward Rate of Return (Yacktman) % Chart
IPXAF vs BLK, BX, KKR: Forward Rate of Return (Yacktman) % Comparison
For the Asset Management subindustry, Impax Asset Management Group's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Impax Asset Management Group Forward Rate of Return (Yacktman) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Impax Asset Management Group's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Impax Asset Management Group's Forward Rate of Return (Yacktman) % falls into.
Impax Asset Management Group Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Forward Rate of Return (Yacktman) % of 23.33% mean?
Impax Asset Management Group (IPXAF) has a Forward Rate of Return (Yacktman) % of 23.33% as of Sep. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Impax Asset Management Group and its competitors. This is near median its historical median of 22.41. Over the past decade, Impax Asset Management Group's Forward Rate of Return (Yacktman) % has ranged from 1.12 to 45.91. According to the industry distribution chart, Impax Asset Management Group ranks #36 out of 1172 companies in the Asset Management industry, placing it in the top 3.1%.
Is Impax Asset Management Group's Forward Rate of Return (Yacktman) % too high?
Impax Asset Management Group's current Forward Rate of Return (Yacktman) % of 23.33% is near median its 10-year median of 22.41. Over the past 10 years, this metric has ranged from a low of 1.12 to a high of 45.91. The Asset Management industry median Forward Rate of Return (Yacktman) % is 4.58. Impax Asset Management Group's value of 23.33% is 409.4% above this industry median. Based on the distribution chart, Impax Asset Management Group ranks #36 out of 1172 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Impax Asset Management Group has a GF Score™ of 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Impax Asset Management Group's Forward Rate of Return (Yacktman) % compare to BLK and BX?
According to the Asset Management industry distribution chart, Impax Asset Management Group ranks #36 out of 1172 companies for Forward Rate of Return (Yacktman) %. This places Impax Asset Management Group in the top 3% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 4.58. Impax Asset Management Group's value of 23.33% is 409.4% above this benchmark. Historically, Impax Asset Management Group's own Forward Rate of Return (Yacktman) % has ranged from 1.12 to 45.91 over the past decade. While the company's 10-year median is 22.41 vs. the industry median of 4.58, Impax Asset Management Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for an Asset Management company?
The median Forward Rate of Return (Yacktman) % among Asset Management companies is 4.58, based on 1,172 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Impax Asset Management Group's current Forward Rate of Return (Yacktman) % of 23.33% is 409.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Impax Asset Management Group and its competitors. For the Asset Management industry, the median Forward Rate of Return (Yacktman) % is 4.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Impax Asset Management Group's current Forward Rate of Return (Yacktman) % is 23.33%, which is near median its own 10-year median of 22.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Impax Asset Management Group stock overvalued right now?
Based on GuruFocus' analysis, Impax Asset Management Group (IPXAF) is currently considered Significantly Undervalued. The stock's GF Value™ is $3.23, compared to a current price of $1.54 — trading 52.5% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 23.33%, which is near median its 10-year median of 22.41 and 409.4% above the Asset Management industry median of 4.58. Impax Asset Management Group's overall GF Score™ is 66/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Impax Asset Management Group (IPXAF), the current Forward Rate of Return (Yacktman) % is 23.33% as of Sep. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Impax Asset Management Group (IPXAF) Overvalued in 2026?
Based on GuruFocus' analysis, Impax Asset Management Group stock appears to be undervalued.
The current stock price of $1.54 is trading 52.5% below its estimated GF Value™ of $3.23.
GuruFocus considers Impax Asset Management Group to be Significantly Undervalued.
Key valuation signals for IPXAF:
Forward Rate of Return (Yacktman) %: 23.33% (near median its 10-year median of 22.41)
GF Value™: $3.23 vs. price of $1.54 (52.5% below fair value)
Industry Position: 409.4% above the Asset Management median (#36 of 1172)
No single metric tells the full story. See the IPXAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Impax Asset Management Group PLC is an investment firm. It operates in both listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable economy. The Group is managed on an integrated basis and there is one reportable segment The company offers listed and private equity strategies to institutional clients, with assets under management and advice. Geographically, it derives a majority of revenue from North America and also has a presence in UK; France; Luxembourg; Netherlands; Ireland; Australia and other regions.
66GF Score
Get the complete analysis for IPXAF
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IPXAF has been successfully added to your 
