AJBell has posted a strong set of final results, both in line with our estimates and showing strong growth yoy across all key metrics as a product of AuA growth. The outlook for the business is strong, given the size of market opportunity, but this is doubled down by continued client acquisition momentum and indication that there are margin expansion opportunities beyond FY26e. We do not expect to make material change our estimates given in line results today. We remain at BUY with a 610p 12 TP (24x PER) reflecting growth and earnings quality.
