Equity Development - Tatton Asset Management: Forecasts up, fundamental valuation rises to 875p
Research on Tatton Asset Management Plc (TAM:LON) from Equity Development
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% potential upside, yet shares trade on sector‑median PER, leaving clear headroom for re‑rating.
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