This new report adds our FY24e forecasts which incorporate (a) full contributions from recent property services and financial advisory acquisitions, (b) relatively cautious views at this early stage of underlying FY24 organic growth (i.e. below prior years) and (c) an ongoing pick-up in UK insolvency volumes. Our projections reflect potential from BEG’s increasingly diversified and competitively positioned businesses. To recap, the recent year-end trading update anticipated 11% growth in FY23e revenues and 6% organic growth in business recovery operations. As covered in our recent report ‘Update shows FY23 well ahead of forecasts’ BEG has commented that it expects corporate distress caused by inflation and rising interest rates to spread from smaller to larger UK companies. Our forecasts don’t include any further earnings enhancing acquisitions but BEG has a strategy to continue to build scale and add complementary services to its business complement. It has cash and undrawn facilities available to finance both organic and acquisitive investment. The trading update included a confident growth outlook. That more than underpins our retained 175p/share fair value estimate, which is equivalent to 16x FY24e EPS.