Tatton Asset Management: AUM beats forecast again, driven by strong flows
Tatton’s FY26 Trading Update indicates that results will be ahead of market expectations, showing continued strategic momentum and strong underlying flows, while maintaining a confident outlook despite a more uncertain market backdrop. Net flows were strong all year, but even stronger in H2.FY26 revenue is expected to exceed £53m, above our forecast of £51.6m, with adjusted PBT likely above £27m (versus our forecast of £26.3m).
Performance was driven by robust and accelerating underlying net inflows, with current flow rates running above our FY27 forecast, alongside continued growth in the IFA base and solid momentum within Paradigm.
We maintain our fair value of 750p/share, which may prove conservative given current momentum, but will await FY results and management commentary in June before updating forecasts.
Tatton Asset Management is engaged in providing a range of services to the Financial Conduct Authority ("FCA") directly authorized financial adviser ("DA IFA") marketplace encompassing discretionary fund management, regulatory and compliance services and mortgage services. Co.'s discretionary portfolio management ("DFM") service operates on ten United Kingdom adviser WRAP platforms and can be integrated into the growing number of adviser WRAP platforms in the market. Co. provides support services to independent financial advisors ("IFA"s), enabling DA IFA firms to provide compliant and effective investment portfolio management for their platform based clients.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
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