Mattioli Woods (MTW)

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Mattioli Woods MTW Logo

The specialist wealth management and employee benefits business.

26-Oct-2017 – 821p – £212.5m

AGM Statement – Reading between the lines (it’s not the clearest of updates) it seems to be in-line here.

Based on this update and the high level figures I can’t quite convince myself to consider investing here or just pass – On that basis I will do what I usually do in this situation and pass.

6-Feb-2018 – 770p – £200.8m – PER 19.8

Interim Results For The 6 Months To End November 2017 –  Revenue is up 16.9% to £28.4m (1H17: £24.3m), Adjusted EPS is up 15.0% to 19.2p (1H17: 16.7p), EBITDA is up 23.9% and the Interim Dividend is up 17.0% to 5.5p per share (1H17: 4.7 pence). Net Cash £14.8m, £22,6m last time. Outlook is in-line with the Board’s expectations.

Impressive enough and ticks quite a few of my boxes. However, with plenty going on in the general markets I will remain on the side-lines for now.

4-Jul-2018 – 795p – £208.0m – PER 19.4

Trading Update For The 12 Months To End May 2018 –  Strong organic revenue growth 15%+, EBITDA margin ahead of 20% target, recent acquisitions performing well with Net Cash of £20m+.

Still quite like this but not enough for a conviction to buy – I remain Neutral.

4-Sep-2018 – 832.5p – £217.8m – PER 20.0

Final Results For The 12 Months To End May 2018 – Revenue up 16.2% to £58.7m (2017: £50.5m), PBT up 27.3% to £9.8m (2017: £7.7m), Adjusted EPS up 11.1% to 37.0p (2017: 33.3p), Total Dividend up 20.6% to 17.0p (2017: 14.1p) and there’s Net Cash of £20.2m (2017: £23.0m).

I am Neutral here and will remain that way. I quite like this company but just can’t convince myself there’s value here at this price (Stockopedia seems to agree where there is a Value score of 25 versus Quality and Momentum scores in excess of 80).

25-Oct-2018 – 687.5p – £180.8m – PER 15.9

AGM Statement – A lower level of client activity (didn’t blame the weather but did blame poor investor sentiment and Brexit) has impacted Revenue but not EBITDA. Profit outlook is in-line.

I still quite like this and can see value here at last. I remain Neutral but will do a little more research this week (hopefully).

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