Today’s update reconfirms the integration of Memery Crystal is well underway, with the wider group on track to meet forecasts, upgraded at the time of deal completion (FY21 SCMe: Revs £45.5m, Adj. EBITDA £12.6m). As was originally communicated, Memery Crystal (“MC”) will sit alongside Rosenblatt (“RBL”) within the Group’s new legal services entity RBG Legal Services Ltd (“RBGLS”); it will, however, maintain its separate brand identity to capitalise on market positioning. All support functions, including technology platforms, will be integrated with opportunity for further synergies beyond this, which in due course may manifest as upside risk to forecasts. Our intrinsic value of 160p remains. The shares trade on a 18.2x FY21E PER which falls to an attractive looking 13.2x FY22E PER as MC enjoys its first year of contribution.