FRP’s year end update confirms that EBITDA is expected to be at least in line with consensus expectations, growing by 9% YoY to c.£45m (SCMe: £45.1m). This is an impressive result for a year of heightened decision inertia for UK corporates against a backdrop of macro uncertainty. The outlook statement highlights confidence over FY27, underpinned by FRP’s diverse service offering and against a supportive backdrop for both restructuring and debt advisory markets. The Corporate Finance pipeline also remains strong, with a focus on the private equity driven mid-market. Against strong operational progress and an encouraging outlook, the de-rating in the shares (c.19% over the last six months) appears overdone. We target an Apr. ’27 PER of 15x to drive our 200p target price and remain at Buy.