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. The latest ASX ECM data suggests raisings in the September quarter were 8% above the previous corresponding period (pcp) and 45% above the June 2025 quarter. In terms of market share, the latest Dealogic data suggests Bell Potter has held share relative to the pcp, while raising US$0.75b (A$1.2b) against US$0.63b (A$1.0b) year to date October 2025 (+20%). While not technically apples-for-apples, RaaS forecasts A$1.35b in raisings over CY25, placing BFG on track with these estimates. Equity trading volumes according to the ASX increased 37% on the pcp in the September quarter, the strongest growth rate for some time. This is supportive for broking and technology and platforms which benefit from equity transaction activity. Also supportive is the level of the ASX200, which is up 10% on December 2024 levels. Updating peer multiples sees our valuation increase from $2.30/share to $2.45/share. We note BFG has underperformed RaaS selected peers by 6% over the last three months. 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.