Reflecting a decade of excellent revenue growth across increasingly diversified advisory services, Begbies Traynor is changing its name to BTG Consulting plc. Under this new name, and with the recently enhanced management team, the group is well placed for further profitable growth across its wide range of financial and real estate advisory services. As we recently wrote in Strategic diversification clearly paying off, BTG’s organic and acquired expansion has led to a decade of 13% revenue CAGR and a broad-based financial and real estate advisory business, with a new CEO, Mark Fry. Meanwhile UK businesses are still struggling under the weight of higher wages and inflation, increased tax burdens, elevated interest rates, and still weak consumer demand, suggesting a strong pipeline of work for BTG’s diversified services. BTG’s latest Red Flag Alert report shows a 44% yoy increase in businesses in “critical” financial distress. Although the share price has recovered its summer decline, it still trades on less than 10x cal 2027 PER, c. 30% below its long-run average valuation multiples and below our 150p Fair Value.