FY22 results marginally higher than previously raised guidance. Reported FY22 adjusted PBT was £947.2m (+125% YoY) versus last guidance of ‘approximately £940m’. These are exceptional results, more than double pre-pandemic levels (FY20 PBT £438.8m), reflecting a proven growth strategy and a rebound post COVID in most regions except Asia. Group sales were up 38.8%, with 16% driven by acquisitions (DTLR in the USA, MIG in Poland, Deporvillage in Spain & Cosmos in Greece/Cyprus). Performance driven by exceptional US growth (EBIT +113.8% YoY), despite supply challenges in 2H, helped by market share gains from Finish Line/JD, the recent acquisitions of Shoe Palace and DTLR as well as favourable trading conditions helped by the US Government’s second round of stimulus cheques (sales from mid-March to mid-July 2021 +40%). Core UK market recovered well showing the enhanced flexibility built into its business model and strong online growth (c.30% penetration vs 22% in FY20). Nudge up FY23/FY24E PBT by 0.5%/0.2% to reflect small beat. Despite macro headwinds, management reiterated its FY23 guidance for ‘PBT in-line with FY22’. This assumes JD offsets £50m of last year’s one-off £100m profit benefit from US fiscal stimulus, helped by recent acquisitions, market share gains and a 2H improvement in the global supply chain issues. Trading for the first 4 months has been encouraging, with total sales in the Group’s LFL businesses up 5% (UK high single-digit, Europe strong double-digit & US improving on -20% as it comes to the end of last year’s fiscal stimulus comps. Shares trade on a very undemanding valuation (CY22E PE 8.6x; CY23E 8.3x) with a disconnect, in our view, between valuation, JD’s fundamental performance and attractive strategic opportunities. As investor confidence in the long-term growth story returns, we see material upside to the share price.