Upgrades on back of positive year-end update
Our upgrades comprise a 3.3% increase in revenue, 4.7% in Adjusted PBT, and reflect a full 12 months’ ownership of the larger acquisitions secured during FY21 and just as important, their successful integration and strong performance during the period. Both divisions produced very positive performances.Revenue from Business Recovery and Financial Advisory was c 35% ahead, and Property Advisory segment revenue was c 19% higher. The group ended FY22 with £4.7m of net cash (FY21: £3.0m), after payment of £7.5m of acquisition and earnouts during the period.
The core message, worth reiterating, is that BEG’s growth is not predicated on recovery in the UK insolvency market. Its financial advisory and property services consultancy operations are substantial and complementary to its business recovery arm. This update and FY22e upgrades reinforce our view on underlying value and a deserved higher rating for the shares.
Prior to detailed results due 19 July, we retain our long-held 165p / share fair value estimate.
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.
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