Brewin has reported positive final results with earnings slightly ahead of our forecasts (3% at PBT level) and positive strategic progress. Core income grew by 9.9% to £291m whilst adj. PBT totalled £70m (+15% yoy). The group operating margin improved yoy and the 25% run rate target was achieved in Q4. The FY dividend payout is at the top end of the policy range and nearly 1p ahead of our forecast. We will review our forecasts but do not expect to make material changes. We reiterate our BUY recommendation and 394p 12m Target Price using a 17x Sep-19 PER.
