Begbies Traynor Group plc is an AIM-listed professional services consultancy delivering solutions for businesses, financial institutions and professional advisers in the areas of corporate recovery, restructuring and turnaround, corporate finance, forensic accounting, investigations and security risk.

The Group serves its clients via an extensive UK office network and through an international association of approved partner firms which enables it to draw together specialist teams from around the world to meet specific cross-jurisdictional challenges.

23 Feb 2022

Q3 trading update underpins forecasts

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The group’s Q3 update (to end January 2022) confirmed that underlying trading was broadly in line with the first half. That supports our forecasts, which incorporate relatively conservative market recovery rates.

As the current financial year closes on 30 April, higher administrations is more of a story for FY23e. Although the timing is unpredictable, any pick-up in administrations will be more valuable to BEG, as they are typically larger, more complex instructions.

Despite this, the contribution from the Business Recovery arm is still in line with expectations, driven by additional scale and successful integration of acquisitions over the last few years. There is a similar story for Property Advisory & Transactional Services, which has completed two acquisitions this year.

Our unchanged 165p/share fair value estimate equates to 18.8x FY22e PER and 1.9% prospective yield (well covered 2.9x by adjusted earnings). We believe that remains justified based upon the gathering economic headwinds for UK businesses.

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