Tatton finished FY26e with strong momentum: net inflows improved in H2 (£1.5bn) further reinforcing the role of MPS in navigating challenging markets for clients. FY26e earnings are expected to be at the upper end of the current range of market expectations, where SCMe current sits and as a result we leave our estimates unchanged. Having seen the rating erode recently, we think that the current 16x Mar-27e PER underestimates the quality and growth outlook. We reiterate our BUY and 1000p 12m Target Price (17x FY27e PER).
