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. BFG has reported a headline NPAT decline of 44% to $9.3m for H1 FY25. RaaS had forecast a decline of 32% excluding investment losses on the back of lower ECM activity, which was the case and saw the retail and institutional (broking) business move from a profit to a loss over the period (a $9.1m turnaround). Significant ECM activity in July has seen BFG report NPAT for the month of $7.4m, and reduced the YTD NPAT decline to just 8%. The more recurring Technology & Platforms, and Products & Services divisions both delivered double-digit revenue and NPAT growth, continuing recent trends. Given the strength of July, continued momentum in August and strength of the non-broking businesses our numbers are relatively unchanged. Our valuation declines slightly to $2.30/share (from $2.35/share) due to a mix of peer multiples and divisional earnings adjustments. BFG continues to put in place a structure that incentivises fee income over transactional income, which should lead to a re-rating over time in our view.