Begbies’  AGM trading update confirms that the strength of its diversified business, seen in its FY25 results, has continued into Q126 with activity levels described as encouraging, supported by favourable macroeconomic conditions. With the company on track for FY26E revenue and profit expectations, we review Begbies’ attractive investment thesis and find that though the stock has risen 22% in recent months, it is still materially below our fair value.