AJB has delivered a strong Q3 update. It generated better than expected net inflows and customer growth against a more challenging backdrop whilst also benefiting from strong performance momentum in markets at large. In this instance, it appears that the post-tariff pause market recovery has catalysed customer activity in the D2C channel. With a better than expected AuA outturn, we anticipate a ~5% upgrade to forecasts. Trading on a low-20s PER multiple, we reiterate our BUY with continued confidence in medium term growth.
