Bolt-on adds scale and profile to property services
BEG’s latest acquisition, chartered surveying firm Daniells Harrison, extends its geographical coverage across the South Coast. This addition is part of the group’s ongoing strategy to develop the service portfolio and geographical reach of its Property Advisory and Transactional Services division.Since its inception at the end of 2014, BEG has progressively grown this division beyond its original northern base into London, Eastern England and now the South Coast. It demonstrates an intention to continue building a strong and visible revenue base derived from complementary professional services businesses. Acquisitions and organic growth since have increased divisional revenues from c £13m pa to a £26m current run rate.
For now we have held our forecasts and will revisit these as the detail of UK insolvency market volumes becomes available during the remainder of the current financial year. We also maintain a 165p/share fair value, equivalent to a 17.9x FY22e PER and a 1.9% prospective yield (2.9x covered by adjusted earnings)
Begbies Traynor Group is a business recovery, financial advisory and property services consultancy. Co. provides these services through two operating segments: business recovery and financial advisory services, which provides transactional support, valuations and advisory services through its subsidiary, BTG Financial Consulting LLP; and property services, which delivering advisory, such as commercial property valuations, property receiverships, property management and accounting, and as well as transactional services that include property auctioneers, machinery and business asset auctioneers to owners and occupiers of commercial property, investors and financial institution.
Mattioli Woods provides pension consulting and administration, wealth management, asset management and employee benefits consultancy. Co.'s operating segments comprise:Pension consultancy and administration, which include setting up and administering pension schemes, as well as providing consultancy services for one-off activities; Investment and asset management, which manages and placing of investments on behalf of clients; Property management, which manages collective property investment vehicles, facilitates direct commercial property investments on behalf of clients; and Employee benefits, which assists its corporate clients with employee engagement.
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