Last checked at (Sharecast News) - Analysts at Canaccord Genuity slightly raised their target price on diversified financials group Mattioli Woods from 884.0p to 896.0p on Wednesday, labelling the group a "resilient performer".
Canaccord said after Mattioli Woods posted a 34.2% year-on-year increase in adjusted underlying earnings, it was clear that the previously flagged one-off action on costs taken in response to Covid-19 disruption had been successful.
The Canadian bank also highlighted that MTW's balance sheet remained strong following the group's acquisition of Hurley Partners in July and estimates it to have cash balances of roughly £18.0m, growing to around £21.0m by the end of the 2021 trading year.
Canaccord also stated that Mattioli's outlook indicated "signs of optimism", with current trading said to be in line with management expectations as it saw "light at the end of the Covid-19 tunnel".
"We continue to value MTW at a 20% premium to the long-run average one-year forward PE for the peer group (14.5x). We, therefore, target a PE of 17.4x," said Canaccord, which also stood by its 'buy' rating on the stock.
6 Jul 2021 08:07
Mattioli Woods profit in line as revenue rises
(Sharecast News) - Mattioli Woods said annual profit was in line with its expectations as the wealth and asset manager's generated new business and revenue rose.
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