Although the market’s reaction to the 1H26 results was less positive than we anticipated, client feedback on the Polaris acquisition and the recent public sector administration wins only reinforce our conviction in the outlook. We see XPS as perfectly positioned to capitalise on the structural opportunities in both the pension and insurance consulting markets. With the shares trading on c15x FY26 P/E, we believe that the virtues of the business remain underappreciated and we reiterate our Buy ra ....
