FRP will again deliver YoY growth in the upcoming H1/22E results. This is commendable given UK administration appointments remain subdued; however, the medium-term outlook looks positive, particularly given the recent rise in UK liquidations. The M&A market continues to be buoyant, aiding FRP Corporate Finance and validating recent acquisitions. Our unchanged FY22E forecasts expect the typical H2 weighting to profits and imply a 18x P/E multiple. This appears cheap versus historic multiples and ....
