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 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
