Wilmington has made an acquisition that bolsters one of its core focal areas, Finance, and helps strengthen Healthcare. We expect the group to pay out the maximum £20.6m given the momentum of the acquired business. On this basis it is being acquired on an attractive historic 7.9x EBITDA and even lower on a prospective basis. We lift our TP to 327p from 313p in-line with our existing valuation methodology. Wilmington remains underleveraged and there is scope for further value accretive deals that ....
