BPM has delivered yet another half year demonstrating sustained value creation across a number of portfolio companies. There is no eyecatching exit but steady growth in GWP and underlying EBITDA which has been reflected +7% growth in NAVps to 909p (multiples largely unch). Reinvestment of plentiful cash has continued, with £30m put to work alongside £14m returned to shareholders YTD. There is more still with ~£40m liquidity and a pipeline of opportunities lying in wait. BPM’s portfolio has embedded value as each investee continues on a growth journey and we expect NAV to reflect this in due course. We reiterate our 1000p 12m TP and BUY with the shares trading at a 25% discount to diluted NAV.