BTG Consulting has announced good Q326 trading, with the business on track for FY26E market expectations. As anticipated given the tough macro-economic backdrop, restructuring services has continued to win new instructions whilst, encouragingly, financial advisory has completed on a greater number of transactions in recent weeks. We make no changes to our estimates and forecast 9% FY26E revenue growth and Adj. PBT of £24.2m, a high 14.4% margin (consensus Adj. PBT £24.3m, range £23.7m-£25.4m). Despite this reassuringly good performance, BTG’s shares trade on under 10x cal 2027 PER and a 2027 FCF yield of c.9%, c.30% below its long-run average valuation multiples and below our 150p Fair Value per share.
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