We remain confident in our FY26e expectations ahead of Finals next Wednesday (24/6). We hope to hear that the already-flagged £500m institutional mandates were funded to plan and contributed to reducing net outflows for Q1’27e. With improving net flows and some positive performance, we think that current £21.5bn Q1’27 (Jun-26) AuM estimate is also well positioned. We leave forecasts unchanged. Given the flow trajectory, we think that the current 8x FY27e PER remains attractive, with bias to the upside, accompanied by an 8% yield.
