TPFG has completed another significantly earnings enhancing acquisition, building on its strong M&A track record. It has acquired well-known brands Fine & Country and The Guild of Property Professionals for a total consideration of £20m (£15m initial, £5m deferred), funded through a new debt facility with Barclays. The consideration implies a 5.7x Dec. ’23 EV/EBITDA multiple, which we see as attractive. The acquisition is expected to be immediately earnings enhancing - we upgrade our adj. PBT forecasts by 7%/13% in FY24/FY25. It fits with the strategy to broaden the network (1,946 outlets from 910) and adds complementary and recurring (73%) revenue streams. TPFG is well placed to continue its strong track record of earnings growth (PBT CAGR of 23.5%), with recent deals enhancing its scale. We upgrade our target price from 471p to 532p, continuing to target an FY25 PER of 15x. We remain at Buy.