Revenue & Profit RecoverySustained multi-year revenue growth and a 2025 net margin near 17% indicate the business has re-established fee-generating scale and operating leverage. That recovery supports durable recurring revenues from advisory and discretionary fees, improving ability to fund investments and distributions over the medium term.
Conservative Balance SheetExtremely low leverage and a strong equity base provide financial flexibility to withstand market downturns, fund strategic initiatives, and maintain client service levels without urgent external financing. This conservatism materially reduces solvency and refinancing risk over the medium term.
Solid Recent Cash GenerationHigh conversion of earnings into free cash flow demonstrates that reported profits are translating into real cash available for dividends, buybacks or reinvestment. Reliable cash generation supports capital returns and reduces dependence on external capital during normal business cycles.