Knights announced the acquisition of Brookstreet des Roches on Monday 31st January – its fourth acquisition since listing in June. We upgrade our model for the previous acquisition of Cummins Solicitors (pro-forma £0.8m revenues) and for Brookstreet (proforma £7.2m revenue). FY19E numbers are largely unchanged given 1 April completion and we upgrade EPS 11% and 17% for FY20E and FY21E. We increase our PT to 280p (17.4x FY20E EPS) and move our stance to a Neutral. The shares
06 Feb 2019
Acquisition of Brookstreet; upgrades to numbers
