Norman Broadbent’s brand and heritage dwarf its market cap. Following a period of investment in people, culture, systems and technology, NBB has moved from proof of turnaround to the next phase of growth. This requires investment in headcount and our forecasts reflect the reality that new hire costs start immediately but fees take time to build. On an organic basis, we believe NBB could at least double FY25E operating profit by FY28E and treble by FY29E (potentially significantly more), self-fin ....
