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DWF Dwf Group Plc

0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dwf Group Plc LSE:DWF London Ordinary Share GB00BJMD6M39 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 99.60 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 99.60 GBX

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Date Time Title Posts
12/9/202315:55DWF Group PLC169

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Posted at 11/7/2023 07:23 by tomtrudgian
I agree unbilled revenue is important. It is absolutely vital if of an amount that leads the 2022 auditor to declare it a “key audit risk”, and for the 2021 auditor to mention the debt covenant ceiling.

Broadicea. Nothing is extraordinary in the “audit time lag”. I am unaware of any time lag anyway. What seems extraordinary is that both parties must have known the draft 2023 figures in early May, when the auditors stated their work. They negotiated this very complex deal and even agreed a price, omitting to tell the shareholders before being forced to by the press.

The date for publication of the 2023 audited accounts is absent too. “However this omission may be connected with the corporate negotiations currently in train” you say. I agree, but these negotiations are likely to be protracted arguments between the DWF board and PWC auditors as to how to present the accounts.
Posted at 11/7/2023 07:11 by ben value
Is there a bit of upside on this share if the potential offer is £1. What am I missing?
Posted at 10/7/2023 19:32 by tomtrudgian
“Unbilled Revenue” was the term used by the auditors PWC when they specifically warned shareholders that the amount of it at DWF was a “key audit risk”. As DWF were allegedly at their banking covenant limit, why were fee invoices on account not issued before the year end, if recoverable?

I entirely agree an amount of uninvoiced work-in-progress is perfectly normal for solicitors partnerships. However no partners would add this amount to their HMRC tax return. Have DWF have felt it necessary to do so to protect their share price and banking support?

Although the latest audited accounts, they extraordinarily cover a period between 15 and 27 months ago!
Posted at 10/7/2023 16:12 by tomtrudgian
Always more difficult for an auditor to audit for the first time. Why? In practice they have to accept the previous year end’s figures, in particular for assets, or otherwise require prior year restatement. The assets (eg new computer and office equipment are depreciated over 4-10 years, and leasehold improvements over 10 years, etc, unusually
low). No provision is made for the Australian partners claim either.

I suggest potential investors study hard the unusually long auditor’s report. In particular they state as a “key risk” the valuation of unbilled revenue (fee invoices) at the 2022 year end, including unbilled expenses. Surely any firm invoices on time, even if on account. Billed revenue may be receivable, but unbilled?

Aleman, as you doubtless know there has been no legal offer at all, and can be withdrawn without cost. Apart from the 3% special dividend, your summary is correct but the offer is legally meaningless. The offeror has bought shares from which it may now profit from the enhanced share price when it sells.

When the current audited accounts are published, we shall see whether any buyer would ever have wished to pay 100p.
Posted at 10/7/2023 09:44 by jimmywilson612
Rumoured take over? - Inflexion in Talks to Buy UK Law Firm DWF Group, Sources Say
Posted at 28/6/2023 22:29 by spangle93
Mester Investor piece out recently

Doesn't mention the Liberum target.

"As far as I can see this group’s shares are significantly undervalued and could easily double within the next year.
Posted at 16/6/2023 14:11 by measle
Liberum are sole brokers to Gateleys so have a vested interest in rubbishing DWF. I'd have much more faith in other analysts' assessments. I'm expecting the year end results to show profit in line with predictions and a positive outlook for 23/24. There is plenty of upside at current price
Posted at 01/6/2023 13:36 by tole downgrades DWF to 'sell'Liberum has downgraded global legal business DWF (DWF) as it believes it could require an equity raise to prevent it from breaching debt covenants.Analyst James Allen changed his recommendation from 'hold' to 'sell' and reduced the target price from 80p to 50p on the stock, which fell 4.7%, or 3p, to 60.8p on Wednesday.A trading update from the group suggested net revenues are in line but pre-tax profits were 'likely 5% below our estimate and further below consensus.''Management remains confident in the outlook, but ambitious year-on-year profit before tax growth of 25% makes full-year 2024 estimates look stretched,' Allen said.He added that net debt is also expected to be 'much higher than our estimate of £80m at £95m, indicating poor cash generation'.'The trend of net debt coming in much higher than expected has therefore continued,' he said. 'We think DWF was close to breaching covenants in the period and, given the strong implied growth in full-year 2024, we believe this could deteriorate further and an equity raise could be required.'He said that the 'covenant could come under pressure if revenues were to miss by just 3%'.
Posted at 27/4/2023 05:50 by rcturner2
This stock has turned up in a screen that I use. It looks interesting to me, but the share price momentum is awful. Does anyone know if a trading update is likely soon?
Posted at 08/7/2022 17:44 by rat attack
DWF Group is significantly undervalued says Zeus

DWF Group plc (LON:DWF) has announced it is on track to deliver our FY22 adjusted PBT forecast despite some challenges particularly on utilisation during H2. Lock up days also continue to fall, and we sense increasing confidence in delivering medium-term strategic growth, reflected in a growing M&A pipeline. We continue to believe DWF is significantly undervalued, and the current valuation is at odds with its execution to date, strong growth outlook and sector leading dividend.

¨ Trading update: DWF Group has issued a reassuring trading update for its year end to April 2022. Adjusted PBT is in line with our forecast and is >20% higher than the prior year showing the ongoing strategic progress the Group continues to make. Further reductions in lock up days have also been made at 180, a 6 day reduction YOY. Confidence in medium term guidance provided in July 2021 has been reiterated.

¨ Key themes: Looking at revenue in more detail, strong activity levels continued into H2 with organic growth running at 6%. The UK was a standout performer delivering 9% growth during the period. Despite high activity levels, which we see as a strong pre cursor for growth in FY23 and beyond, utilisation did prove to be more challenging in H2 due to COVID absences and a build-up of holiday. We believe the holiday cliff edge has now passed and would expect utilisation to bounce back from here. Indeed, Q4 revenue exit run rate of 8% gives us confidence here. Despite these headwinds, adjusted PBT has been held and implies a 2pp increase in margin to 12% as strong margin and cost control came through. In addition, an agreement with Hauzen, an independent law firm in Hong Kong has been reached extending the global network of associations. A significant pipeline of M&A opportunities are also under consideration, which we see as a sign of confidence in management’s ability to reduce leverage and execute its medium term strategic plan.

¨ Forecasts: On the back of this update, we are tweaking our revenue assumptions to reflect H2 utilisation rates previously discussed. We have flowed this through into FY23 and FY24, which could prove conservative. However, we are holding our adjusted PBT and EPS forecasts in each year due to the strong margin and cost control evidenced to date. Our FY22 net debt assumptions have been reviewed and were below the previous Group guidance of £65-70m, which has been maintained. The increase in our net debt forecast stems from payment deferrals, which are not expected to occur from FY23.

¨ Investment view: We believe DWF Group remains substantially undervalued both against its peers and intrinsically vs. its medium-term targets. In our last note ‘Growth, income, quality earnings’ we considered the valuation from a number of different angles, and remain comfortable with our intrinsic value target of 212p per share. While there are some economic headwinds and utilisation issues facing DWF, we believe the current management team is building a strong track record of execution and a FY23 P/E of 9.4x backed with a yield of 7.5% is at odds with this and vs. a wider Legal services sector on a P/E of 17.3x, yield of 3.6%. FY results are expected on 21 July,

Summary financials
Price 103.0p
Market Cap 335.1m
Shares in issue 325.4m
12m Trading Range 97.2p – 130.0p
Free float c.40%
Next Event FY22 Results. 21 Jul

Financial forecasts
Yr end Apr (£’m) 2021A 2022E 2023E 2024E
Revenue 338.1 350 379 400.2
y.o.y growth (%) 13.8 3.5 8.3 5.6
EBITDA 58.2 65.5 70.8 76
Adj. EBITDA 46.1 53.5 58.8 64
Adj. PBT 34.2 41 46.6 51.7
EPS (p) ful dil. adj 7.4 9.8 11.2 11.9
DPS (p) 4.5 5.9 7.8 8.3
Net (debt)/cash 60.2 68.5 58.9 49.2
P/E 14.1 10.6 9.4 8.8
EV/EBITDA 8.7 7.6 6.8 6.1
Div Yield (%) 4.3 5.6 7.5 8
Dwf share price data is direct from the London Stock Exchange

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