Ince Group Update - Theory into Practice
Gordon Dadds has delivered on its commitment to extend its innovative operating model and acquire additional firms. Three acquisitions since the turn of the year have prompted material upgrades to our 2019 and 2020 forecasts. Critically, these additions are on terms which allow the Group to align future performance with consideration, protecting a significant net cash position and maintaining the scope to acquire further. On valuation, we continue to see material upside using a DCF model and value on a comparative basis.