26% ROE, 11.9x earnings, a 7.5% dividend yield, and a client base growing 21% every six months. the market prices it as a cheap broker. Base Case +133% by 2028.

attributable earnings rose 144%. it still trades at 5.1x, below the multiple it just paid for its own acquisition. the full nineteen-tab bottom-up model attached, base case +90% by 2028, 32% IRR.

results and valuation update — two covered names.