RBG is a unique provider and consolidator of high-margin professional services businesses. Strong growth in FY21 and solid trading performance reported in July provides clear evidence that RBG’s strategy and commercial approach are delivering. The acquisition of Memery Crystal has added significant scale and breadth to RBG Legal Services (RBGLS), and we expect further selective M&A. Given RBG’s better business mix and high returns from contentious work, we see good support for margins. In our view, the current discount to peers is unjust given forecast growth, both organic and through bolt-ons. In addition, we believe the significant upside potential from contingent work and litigation finance, both in-house and third party (LionFish), is not reflected in the share price.