TPFG’s H1 update highlights a further period of growth, with revenue up 8% LFL or up 50% to £40.3m including recent acquisitions (H1’24: £27.9m). All divisions delivered a strong H1 performance, supported by a buoyant H1 Sales market (particularly in Q1) and modest growth in Lettings. Full year expectations are reiterated, though we increase our EPS forecasts by 7%/5% in FY25/FY26 to factor in a lower tax charge than we were previously anticipating. The strength of the franchise model and diversified revenue streams puts TPFG in a strong position and continues to shelter it from market cyclicality. Recognition of this and its enhanced scale has been rewarded with a strong share price performance (+32% year to date), with the shares re-rating to now trade on a Dec. ’25 P/E rating of 14.3x. With increased confidence in the outlook, we target a Dec. ’26 P/E rating of 15x to drive our 600p TP and we stay at Buy.
