The Q1 FuM update is largely as expected: flow dynamics remain unchanged qoq with momentum from positive market performance. MPS flows have improved yoy maintaining net inflow momentum. BPS remains in a modest net outflow as caution persists ahead of the Autumn Statement. We leave our forecasts unchanged at this early stage in FY26e. There are multiple value creation opportunities centred around growth and efficiency set alongside strong earnings quality. In this context, we do not think that the current ~12x PER is at all expensive. We reiterate our BUY and 2500p 12m Target Price (16x FY26e PER).
