Demand for advice in the face of uncertainty remains strong and business development initiatives continue to build a client base which will drive medium term returns. Although MW is partially insulated from market volatility, there is still some impact. We review our assumptions, softening our expectations for FY growth in AuA/M and driving a modest 5% reduction in EPS. We reiterate our BUY with an 850p 12m Target Price (from 890p) – using a 17x FY23e PER to reflect comparatively resilient earni ....
