There is fundraising momentum across the business most notably in higher margin retail funds. Institutional fundraising (FEIP II) is on track. Recent final results reiterated the ambition to double EBITDA. We reduce our FY26e estimate post-Finals by a modest 3% on investment ahead of growth a positive leading indicator of medium-term performance. Looking at growth potential, established margins and strong visibility in fixed term/evergreen funds, the shares are undervalued. We reiterate our BUY and 700p 12m TP (16x FY26e PER).
