BTG Consulting; Another complementary bolt-on acquisition

BTG Consulting’s impressive acquisition track record continues with the acquisition of Hornbeam in Milton Keynes for £2m initial consideration and a further £2m earn-out. This fits well into BTG’s strategy. Employing 13 staff, Hornbeam generates the majority of its £1.9m revenues (for the year ended Jan 26) from contracted property management services. In addition, the group provides strategic asset management services to a high-quality institutional investor client base, taking BTG into a new area of asset management expertise. Having reported a successful Q127only last week, we make no changes to our forecasts at this stage. BTG Consulting is confident in delivering FY27E market expectations for c.7% revenue growth and a c.15% Adj. PBT margin. We reiterate our Fair Value per share of 170p, equating to c.14x cal 2027 PER.