Forecasts up, fundamental valuation rises to 875p

Forecasts upgraded, growth sustained. FY26 beat across revenue, profit and margin, with strong net inflows and continued IFA expansion supporting confidence in FY27/28 upgrades.

Best‑in‑class model delivering. On‑platform DFM focus, low‑cost positioning and consistent performance underpin sector‑leading margins and sustained market share gains.

Cash generative, shareholder returns rising. Net cash £33.9m despite dividends, buybacks and investment, dividend up 42%, yield 4.5%, balance sheet remains debt‑free.

Valuation gap remains compelling. New fundamental value 875p, 47% potential upside, yet shares trade on sector‑median PER, leaving clear headroom for re‑rating.