Chapel Down is a market leader, which is asset backed and offers multiple years of high growth. This is evidenced by FY22 finals with adj. PBT +22% to £1.7m. A generational shift to the growing popularity of English sparkling wine and premiumisation trends make for an attractive investment case. We forecast PBT to more than double by FY26 from the current asset base. Thereafter, our illustrative analysis shows deployment of new capital towards attaining 5% of the addressable market by FY32 (vs 2.5% FY26e) should create significant incremental value. This makes for a compelling equity story. The shares trade 5% below our adj. NAV of 38p and we initiate with a Buy and 52p target price.