TPFG’s AGM Statement reiterates full year expectations. A strong level of recurring income provides good visibility over future earnings and is helping to mitigate the impact of short term uncertainty in the housing market. Encouragingly, the Group is already seeing encouraging levels of enquiries from self-managed landlords seeking support with compliance and property management as a result of the Renters’ Rights Act (introduced in May 2026). The benefits of TPFG’s increased scale are beginning to materialise, leveraging a broader range of services across its franchise network. This underpins confidence in the forecast outlook. Whilst TPFG’s share price has started to re-rate, its shares are trading on an FY26 PER of 11.5x vs. a previous high of 16.5x in Sep. ’25, with peers also de-rating to 9.8x. We target an FY26 PER of 12.5x to drive our 519p TP and we stay at Buy.
