We maintain our BUY rating and raise our target price from €5.90 to €9.00 per share. We increase our FY25F and FY26F EPS estimates by 13% and 9% respectively following better-than-expected 1H25 results and a slightly higher FY25 adjusted EBITDA margin outlook. We use a new 10.5x target PER to back our new €9.00 target price and move to our FY26F EPS. Previously we valued BAM using the stock's long-term historical mid-cycle multiple of 8.5x and now take the high end of the multiple trading range ...
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