European Insurance News & Views: £500m advice firm valuation at 16-17x EBITDA, positive read-across for asset gatherers

Research evidence excerpt

European Insurance News & Views: £500m advice firm valuation at 16-17x EBITDA, positive read-across for asset gatherers

Global Research

25 June 2026ab

European Insurance News & Views Equities

Europe including UK£500m advice firm valuation at 16-17x EBITDA,

positive read-across for asset gatherers Financial

Nasib Ahmed, FIA

Analyst

nasib-za.ahmed@ubs.com

Headline: £500m advice firm valuation at 16-17x EBITDA, positive read-across +44-20-7568 8231

for asset gatherers

Will Hardcastle, CFA

We note that Citywire reports a potential >£500m valuation for advice firm, My Pension will.hardcastle@ubs.com

Expert (see here). If this level of valuation is achieved, we believe this would lead to +44-20-7567 9763

positive read-across for SJP, trading at low teens (12-month forward earnings), but with Qian Lu

double-digit earnings growth over the medium term (see here). Analyst

qian-za.lu@ubs.com

+44-20-7567 4657UBS Summary:

Chloe Ryan

Associate Analyst

Citywire reports that the first round of bids for My Pension Expert were due on 4 June,

chloe.ryan@ubs.com

with a FY26 EBITDA target of £30m, taking the multiple for this business to 16-17x. We +44-20-7567 3505

note this will be one of the most attractive valuations for advice firms in the market given

My Pension Expert is still small with only 24 advisers and £1bn of assets under advice (as

per Citywire). As a comparison, past transactions have been at much lower multiples of

assets under advice, e.g. Mattioli Woods at £431m for £15.3bn of assets and Aviva's

£385m acquisition of Succession Wealth, with £9.5bn of AUM. We also note that the

recent acquisition of Evelyn partners by NatWest was at c.15x EBITDA. However, the

AUM multiple was at 4% (in line with past transactions) – see here.

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