Tatton has continued its quite remarkable growth, despite recent challenging market conditions. This is evident in the FY25 outturn where adj. operating profit was at the top end of the consensus range (+7% vs SCMe) and with net inflows continuing unabated into FY26e already. We make a small ~5% upgrade to our estimates. We continue to see a significant medium term opportunity, supported by exceptional 50%+ margins. We reiterate our BUY with an increased 960p 12m Target Price (from 790p) using a ....
