FY22e is in line with +10% organic growth and strong performances in Amati and Maven. Fee income from client activity has offset asset price pressure – a unique quality in MW’s fee model – despite the recent uncertainty. Inflationary pressures, particularly in staff costs, offset this as we look further out. We opt to introduce higher cost assumptions pre-emptively; updating overall adj. EBITDA by +3%/-10%/-7% across our forecasts. At only 14x PER, we think that the valuation is ignoring revenue ....
