Tatton Asset Management: Forecasts up, fundamental valuation rises to 875p

Forecasts upgraded, growth sustained. FY26 beat across revenue, profit and margin, with strong net inflows and continued IFA expansion supporting confidence in FY27–28 upgrades. Best‑in‑class model delivering. On‑platform DFM focus, low‑cost positioning and consistent performance underpin sector‑leading margins and sustained market share gains. Cash generative, shareholder returns rising. Net cash £33.9m despite dividends, buybacks and investment, dividend up 42%, yield 4.5%, balance sheet remains debt‑free. Valuation gap remains compelling. New fundamental value 875p, 47% upside, yet shares trade on sector‑median PER, leaving clear headroom for re‑rating.