Following United Utilities FY23 results and a subsequent session with management, we have updated our estimates, cutting our FY24E underlying operating profit by 8.4% to £519m, but with negligible change in FY25E, the last year of AMP7. At EPS, our FY24E falls by 5% to 31.1p, but FY25E advances 22.8% to 61.8p, a consequence of factoring in an assumed nil current tax charge due to full expensing. AMP8 commences in April 25, and business plans will be submitted in early October of this year. Other listed water companies will hold capital market events in October, and we are hopeful that United Utilities will do likewise. However, it is clear that United Utilities will submit a plan with a material step-up in totex vs. AMP7, with the Accelerated infrastructure Project and storm overflows key drivers. The former is expressed in 2020/21 terms, and on the same basis, our model factors in c.£9.1bn totex in AMP8, c.63% above allowed totex (ex. retail) at AMP7 final determinations. Final determinations are a long way off, and there will be many moving parts. At this stage, we can only make multiple assumptions as to phasing, PAYG rates, the capex component, impact on opex, etc., and we suggest that the P&L for FY26E and beyond should be viewed as indicative. The financing picture will also be clearer during the regulatory process, but our current modelling suggests only a modest uplift in regulatory gearing in the early years of the AMP. Our target price nudges up slightly to 1,250p, suggesting a 12-month potential return of c.23%. We remain Buyers.