Q4 FuD is strong with performance tailwinds complementing sustained net inflows. Revenue is coming in at the expected level and so we make no changes to our FY25e estimate. We do take this opportunity to update our model and increase our estimates, albeit this is largely catching up with events earlier in the summer (new cost guidance). Today’s update prompts a negligible +2% increase to SCMe. We roll forward our 12m TP to 480p (from 400p) using a 25x FY26e PER to reflect the positive medium term growth outlook and margin position. We are encouraged to note that management is reviewing efficiencies which could result in upside risk to forecasts.
