FRP has released good FY25 results, with revenue up 19% YoY to £152.2m (11% organic) and adj. EBITDA up 11% YoY to £41.3m. Despite a slightly softer Q4 performance the result of corporate finance project delays we believe the outlook remains positive given the fragile economic environment and increased costs imposed on businesses from the UK Government’s Autumn Budget. Demand for restructuring services is therefore likely to remain high. We introduce FY28 forecasts, resulting in a 3-year revenue/PBT CAGR of 5%/7%. We think a sub 10x P/E rating severely undervalues this quality business, which is also supported by a favourable backdrop. After retaining a target multiple of 17x P/E (historical average since IPO) and rolling forward a year, we have lifted our TP from 200p to 205p. BUY reaffirmed.