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Berenberg hikes target price on FRP Advisory
(Sharecast News) - Analysts at Berenberg raised their target price on liquidators FRP Advisory from 175.0p to 200.0p on Friday, stating the group's FY24 update delivered "sizeable upgrades". Berenberg said FRP's FY24 trading update for the year to April was, in short, "highly impressive", with management now expecting to report revenues of £128.0m, up 23% year-on-year, and adjusted underlying earnings of £37.0m, up 37% year-on-year, representing a 28.9% margin.
"Having last heard from management on trading back in November 2023, today's update reflects continued strong performance across all service lines over H224, as well as the unwind of management conservatism," said the German bank, which reiterated its 'buy' rating on the stock.
"Since its IPO in 2020, FRP's EBITDA has increased by an 18% CAGR, and in the context of a current valuation of 12x FY25 P/E (on new forecasts), shares look attractive."
Reporting by Iain Gilbert at Sharecast.com
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