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 raise the long term potential of the group. We reiterate our Buy rating.
