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 (17x PER).
