Record is an established currency manager focused on passive and dynamic hedging strategies. Since its IPO in 2007, it has grown the assets under management equivalents (AUME) of its hedging strategies by c 7.0% pa. Our forecast compound EBITDA growth of 16% over the next two years assumes no new mandates other than those already announced and the inherent operational leverage within the business. Our fair value of 37p also assumes no new mandates, but increases to 56p if we assume $2bn pa of new dynamic hedging mandates.