Harwood Wealth (“HW”) has updated on recent acquisition activity: it has secured three targets from the pipeline, with £1.8m total consideration. We leave our forecasts unchanged. HW has developed through a careful mix of small and medium-sized acquisitions. There are further acquisition opportunities under consideration which can be funded from cashflow and balance sheet resources. Alongside embedded growth from acquisitions already made and being integrated, we believe this is not recognised in the current 12x Oct-19 PER, falling to 10x Oct-20, which is attractive.
