TPFG’s final results highlight another record performance, with the adj. PBT outturn 5% ahead of expectations at £11.2m (SCMe: £10.7m, FY22: £10.7m). Lettings continued to underpin its resilience, whilst TPFG outperformed a more challenging Sales market. Post period end, the transformational merger with Belvoir was completed, making TPFG the UK’s second largest network. Q1 has started well, with the Group trading ahead of expectations. Whilst we leave forecasts unchanged at this early stage of the year, we believe risk is to the upside. We believe TPFG is well placed to continue its strong track record of earnings growth (11 year PBT CAGR of 23.5%), with the merger enhancing its scale and the Sales market entering recovery. We target an FY25 P/E rating of 15x to drive our 471p TP, which underpins our Buy rec.
