FRP has delivered strong YoY growth in its first full interim period post-IPO. Despite subdued UK appointments this year, we see this as clear evidence FRP is taking market share. With little trading seasonality, FY21E forecasts look achievable. FRP is well positioned to service an expected increase in demand in 2021, as Government support winds down. We see upside to FY22E forecasts; a P/E of 15.5x that year fails to recognise this.
13 Nov 2020
Cenkos: FRP Advisory Group Plc -- Outperforming in a more subdued market
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Cenkos: FRP Advisory Group Plc -- Outperforming in a more subdued market
FRP Advisory Group Plc (FRP:LON) | 120 2.1 1.5% | Mkt Cap: 300.4m
- Published:
13 Nov 2020 -
Author:
Cavendish Research -
Pages:
7
FRP has delivered strong YoY growth in its first full interim period post-IPO. Despite subdued UK appointments this year, we see this as clear evidence FRP is taking market share. With little trading seasonality, FY21E forecasts look achievable. FRP is well positioned to service an expected increase in demand in 2021, as Government support winds down. We see upside to FY22E forecasts; a P/E of 15.5x that year fails to recognise this.