In this note we reiterate our investment case for DWF, built on multiple drivers of profitable growth including a significant amount of latent capacity existing within new partner hires and the Group’s well invested infrastructure. We believe management are delivering ahead of expectation on working capital improvements with potential to over achieve against the medium-term target of a 5-10-day improvement in lock-up days. We also present our revised forecasts, reflecting an adjustment
21 Jan 2020
Multiple attractions
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Multiple attractions
- Published:
21 Jan 2020 -
Author:
Rachel Birkett, CFA -
Pages:
13
In this note we reiterate our investment case for DWF, built on multiple drivers of profitable growth including a significant amount of latent capacity existing within new partner hires and the Group’s well invested infrastructure. We believe management are delivering ahead of expectation on working capital improvements with potential to over achieve against the medium-term target of a 5-10-day improvement in lock-up days. We also present our revised forecasts, reflecting an adjustment