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.
