Harwood Wealth has posted in line final results. Adj. EBITDA is as expected: £6.1m vs N+1Se £6.0m. Earnings growth is strong, reflecting organic growth and annualising acquisitions. Nine bolt ons were completed in the year, a further one announced today, with 2 at signed heads and a further 6 in advanced stages. We do not change our earnings forecasts but take this opportunity to issue maiden FY21 estimates. Shares are trading at an attractive multiple (15x) below the sector before a consolidation premium. A 17x FY19e PER would imply a 160p/share intrinsic value.
