Frenkel Topping today announce the acquisition of the entire issued share capital of Cardinal Management Limited for a maximum consideration of £10.0m, £5.0m of which is deferred over four years in relation to high growth performance targets. To 31 March 2021, Cardinal reported £0.3m PBT. We subsequently upgrade FY22 EBITDA by £0.5m to £6.2m (+9.1%) and FY23 EBITDA by £0.7m to £7.5m (+10.6%), implying a pre-deferred consideration EBITDA multiple of 10.0x. Our previous 21.0x P/E multiple is appli ....
