Report by Willis Welby
Interim results looked good - revenue was up 11% with Insurance particularly strong. There was a sharp increase in margins and management guided to the top of the range. Analysts have put through some meaningful upgrades for Y1 and Y2, but the share price has fallen markedly since then. Willis Welby continues to be bullish. There is a decent growth model and a good financial model. The balance sheet is strong. The implied to Y3 EBITM ratio of just 50 is too low. They see MONY, along with Next 15 and Team17, as prime candidates to be taken over by Private Equity.