A positive trading update from TP Group confirms that the group traded in line with market forecasts for FY19E, with significant year-on-year growth in revenue and Adj EBITDA, and an order book at an all-time high. The acquisition of Sapienza has provided the group with significantly enhanced space capabilities, as well as an expanded geographic presence. Trading on an ex-cash FY20E Adj P/E of c10.5x, we see considerable value in the shares. Buy.