Solid FY23, with acquisition synergies realised
Client assets closed FY23 (to 31 May 23) on £15.3bn, up £0.4bn (3%) y-o-y (31 May 22: £14.9bn). While £0.6bn was added through the acquisition of Doherty Pension and Investment Consultancy, a -£0.2bn (-1%) impact from investment performance and net client flows is unsurprising considering the PIMFA Private Investor Balanced Index fell 2.0% over the year.Revenue also increased 3% to £111.2m (FY22: £108.2m), while adjusted EBITDA of £33.2m (+2% y-o-y) was slightly higher than our previous forecast of £32.9m. MW’s cash position remains strong at £45m (31 May 22: £54m), despite a £9.5m net cash outlay for acquisitions.
We make minor changes to our forecasts based on the additional information contained in these full- year results, increasing our revenue and cost forecasts with our FY24 adj. EBITDA forecast increasing from £35.6m to £35.9m (FY25 unchanged)
Our fundamental valuation/share is unchanged at 900p (45% above the last closing share price) and we highlight that MW’s PER of 12.7 is below a peer group median of 14.7
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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