Berenberg stays at 'buy' on Mattioli Woods

7th Feb 2024 15:13

(Sharecast News) - Analysts at Berenberg reiterated their 'buy' rating and 870.0p target price on wealth management firm Mattioli Woods on Wednesday following the group's "solid" interim results a day earlier.

Berenberg noted that Mattioli had achieved year-on-year growth in both revenues and pre-tax profits. During the half, the company

also initiated a partnership with T Rowe Price, which Berenberg reckons should improve its investment product offering for clients.

"During the period, the company announced a partnership with US asset manager T Rowe Price, which will develop and advise on multi-asset funds for Mattioli's clients. This is beneficial for Mattioli given that the scale and reputation of T Rowe Price should enhance the wealth manager's investment proposition," said Berenberg.

Looking ahead, the German bank expects the company to continue to look to supplement growth with inorganic, bolt-on opportunities.

Berenberg also highlighted that Mattioli trades on roughly 12.0x forward earnings multiple.

Reporting by Iain Gilbert at Sharecast.com