Mattioli Woods – 289.5p

23 April 2013 – acquisition

Mattioli Woods has acquired the pensions administration business of Ashcourt Rowan for a total consideration of £1.325m funded through existing resources. The deal consists of an initial consideration of £700,000 followed by a deferred consideration of up to £625,000,  subject to revenue and client retention targets being met. The acquisition is expected to be earnings enhancing in the first year and fits well with Mattioli’s core business. The company has a May year end so looking to 2014 forecasts the stock is on a rating of 11x, which for this steady company looks attractive BUY.

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