Ince Group - Initiation
Ince offers investors near-unique access to a nascent but exciting legal services opportunity. Focused on small to mid-ranked legal partnerships, the company allows legal professionals to work within a more efficient structure; both operationally and financially. Its success in securing both lateral hires and firms to join its operation has been impressive but, coupled with considerable relative financial strength, it is likely that this growth could accelerate over the coming three years. Our initial forecasts are based on conservative further recruitment assumptions and no material acquisitions but show considerable growth in earnings and cash. Longer term, our DCF model implies material upside from the current level, a function of the company’s inherent operational gearing.