We see limited scope for surprise at the interims next week (7th March). Brooks released an “in line” trading update alongside Q2 FuM (17/1). Sentiment has been more benign cal’YTD which is more positive for new business heading to tax year end. We hope to see more colour on the approach to capturing a deep and rich MPS opportunity. We think that the current 11x rating is a highly attractive entry point given strong earnings growth potential from MPS adoption and margin expansion. We reiterate BUY with a 2370p 12m TP ascribing 16x FY24e PER.
