A prospective 9.8x FY16 PER (materially below pure legal quoted peer, Gateley) is supported by a well covered 3.7% yield. Forecasts are based upon conservative assumptions: lower than anticipated savings and synergies from recent acquisitions, no further additions to the group complement and further pressure on IVA/DM markets. We also see potential for better than expected growth in legal services revenues over the forecast period. The group’s robust finances, including access to long term bank facilities are available to fund further organic and acquisition-led growth.
16 Nov 2015
Resilient model offers much more growth
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Resilient model offers much more growth
FRP Advisory Group Plc (FRP:LON) | 114 0 0.0% | Mkt Cap: 287.8m
- Published:
16 Nov 2015 -
Author:
Roger Leboff -
Pages:
8
A prospective 9.8x FY16 PER (materially below pure legal quoted peer, Gateley) is supported by a well covered 3.7% yield. Forecasts are based upon conservative assumptions: lower than anticipated savings and synergies from recent acquisitions, no further additions to the group complement and further pressure on IVA/DM markets. We also see potential for better than expected growth in legal services revenues over the forecast period. The group’s robust finances, including access to long term bank facilities are available to fund further organic and acquisition-led growth.