Harwood Wealth (“HW”) has reported in line interim results. AuI/M has grown as a product of an organic and acquisitive strategy, which has driven revenue (+44%) and earnings (adj. EBITDA +50%). H1 adj. EBITDA totals 50% of N+1Se FY18e. We leave our forecasts unchanged, but tweak the dividend down by 4-11%. HW has completed 69 acquisitions to date (9 H1’18) and has 18 at non-binding heads of terms. We believe the current 18.5x FY19e PER rating is attractive as the strategy continues to deliver.
03 Jul 2018
Interims in line, returns from consolidation continue
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Interims in line, returns from consolidation continue
Harwood Wealth Management (HW.:LON) | 0 0 0.0% | Mkt Cap: 89.1m
- Published:
03 Jul 2018 -
Author:
Andrew Watson -
Pages:
3
Harwood Wealth (“HW”) has reported in line interim results. AuI/M has grown as a product of an organic and acquisitive strategy, which has driven revenue (+44%) and earnings (adj. EBITDA +50%). H1 adj. EBITDA totals 50% of N+1Se FY18e. We leave our forecasts unchanged, but tweak the dividend down by 4-11%. HW has completed 69 acquisitions to date (9 H1’18) and has 18 at non-binding heads of terms. We believe the current 18.5x FY19e PER rating is attractive as the strategy continues to deliver.