Although there is no FY or H2 GMV data, performance has continued to improve sequentially and an exit rate of -5% suggests a return to growth is around the corner. Growth at Debenhams, and significant actions on costs have contributed to 36% YoY EBITDA growth, a 6% beat vs previous guidance. We would expect consensus FY27 upgrades of c5-6% today towards our level. As commented in our recent note, the share price looks well underpinned by the emerging value at the Debenhams marketplace, but visibility remains low, sentiment change may take time and the stock trades on >7x EV/EBITDA, which is a substantial premium to ASC (Buy).