ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators. The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises. The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%. The domestic Industry Training business (15% of FY25 group revenue) was impacted by changes in government policy in NSW and Victoria, and appears strategically non-core with the business now under Board review. The schools-facing businesses remain the growth driver of RCL and are both well-positioned to continue to perform well in FY26 and over our forecast period. Our forecasts in FY26 and FY27 do not change materially at the P&L line items, but a change in business mix reflecting the strength of VET-in-Schools positions ReadCloud for stronger maintainable long-term growth. We also release FY28 forecasts for the first time. We forecast revenue CAGR of 12.0% p.a. from FY25 to FY28 with accelerating operating leverage resulting in CAGR EBITDA growth of 65.1% p.a. RCL is debt-free, cash-flow positive and funded to deliver our organic growth forecasts. Our DCF valuation increases from $0.35/share to $0.38/share representing potential upside of 262% over the current share price.