Record start to '24, driven by Capital Markets and PI. We increase adj. EBIT by 1-6% for '25e-'26e. '24e adj. EV/EBIT of 2x with dividend yield of 13%.
Track record of profitable growth, about to repatriate capital. Increased adoption of digital assets will drive AUM growth. 16% adj. EPS CAGR '23-'26e, 4x adj. P/E, 10-12% cash yield.