Jaywing has produced a positive set of interims, which we consider in-line with our FY22E forecasts given the traditional H2 weighting to results. A highlight is the +24% YoY net revenue growth, with both the UK, and in particular, Australian businesses contributing strongly. This translated to underlying adj EBITDA growth of +£1.0m YoY yet is masked by Covid-19 related one-offs in the comp. Jaywing's current rating (FY22E EV/EBITDA of 8.4x) is undemanding given its current momentum of new clien ....
