HW has reported in line interim results with 28% adj. EBITDA growth leaving our FY19e forecast well covered (48%). We make no changes to forecasts. 5 acquisitions have been completed year to date, with a further 10 at varying stages of progress. A £7m credit facility has been secured, which we think is an optimal route to fund further acquisitions. The shares trade at a discounted 13x PER falling to 10.5x, with potential earnings upside. We think a 160p/share intrinsic value is more appropriate ....
27 Jun 2019
Interims show continued execution, strong pipeline
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Interims show continued execution, strong pipeline
Harwood Wealth Management (HW.:LON) | 0 0 0.0% | Mkt Cap: 89.1m
- Published:
27 Jun 2019 -
Author:
Andrew Watson -
Pages:
3
HW has reported in line interim results with 28% adj. EBITDA growth leaving our FY19e forecast well covered (48%). We make no changes to forecasts. 5 acquisitions have been completed year to date, with a further 10 at varying stages of progress. A £7m credit facility has been secured, which we think is an optimal route to fund further acquisitions. The shares trade at a discounted 13x PER falling to 10.5x, with potential earnings upside. We think a 160p/share intrinsic value is more appropriate ....