A confident AGM/H115 trading update indicated that WYG has good business momentum in the UK, and increasingly, in international regions. Consequently, a strong H2 PBT uplift is in prospect and this should serve to bring management’s longer-term profit aspirations into sharper focus. For now, the company is trading on a current year P/E of 13.0x, which based on our estimates, reduces to 9.8x by FY18.
