Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business. A Q1 FY24 trading update provided at the group’s AGM on 19 April points to revenue growth of 17% and PBT growth of 60% to $9.3m, with all divisions said to be profitable. This compares to a RaaS H1 FY24 PBT growth estimate of 69%, placing the group on track to achieve our H1 estimates. A recovery in ECM activity is key to this rebound, with Bell Potter Securities generating ~$300m in ECM deals over the seasonally weak Q1 FY24 alone. We estimate deals >$150m have already been transacted in April 2024. Improved transactional revenues have also supported growth across third-party platforms, third-party clearing and retail, with ASX volumes +7% for the March 2024 quarter. We forecast the PBT growth rate to slow in H2 FY24, cycling a weak Q3 but strong Q4, but remain strong at ~+40%. Our Sum-of-The-Parts (SoTP) valuation remains $2.25/share with movement in peer consensus estimates and share prices neutral to valuation over the last 2 months. We make no changes to our earnings estimates and highlight BFG continues to trade at a discount to the average smaller platform players such as PPS and IRE (-52%) and RaaS selected financial peers (-16%).