Paragon Banking Group is a specialist UK bank with particularly strong capabilities across professional buy-to-let mortgages. The Group, therefore, provides strong exposure to what we have outlined as a structurally growing market. We expect Paragon to deliver c16-17% of u/l RoTE over the forecast period and see this, combined with attractive 6-7% dividend yields and ongoing buyback activity, as an attractive offering. We believe the Group’s current rating at c1.0x P/TB indicates further upside ....