Client growth & pipeline solid, markets peg back forecasts
Mattioli Woods has reported continued new client growth in the first four months of FY23 (to 30 Sep 22) with 289 new clients added, a solid pipeline, and demand for advice remaining robust. Its recently launched range of passive portfolios has seen good initial traction, and its Private Equity business (Maven Capital Partners) is performing well with a solid outlook.Market falls have, however, pegged back assets under management by 7.3% over the four-month period to £4.7bn (31 May 22: £5.1bn). As a reminder, total client assets managed by MTW on 31 May 22 was around £14.9bn.
We have updated our forecasts to take the above into account and, In turn, our fundamental valuation reduces slightly from 950p to 925p per share. However, following recent falls in the MTW share price, this fundamental value is still 55% above the current share price.
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.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
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