H117 saw Arbuthnot delivering on its promises with strong franchise, revenue and underlying profit growth. H217/2018 promises more of the same with the full benefit of franchise growth seen over the past twelve months (loans +34% to £879m, deposits +31% to £1,229m and assets undermanagement +26% to £1,001m). ABG has surplus liquidity and capital (c£90m) giving it flexibility to exploit opportunities in uncertain economic times. Management risk appetite remains conservative. From a small base, it can grow strongly and with good credit quality. The shares trade at 0.9x NAV despite the long track record of adding value – with this history, we would expect them to trade at a premium to NAV.