Nasdaq Stock Market, the world’s second largest stock exchange, is the unnamed ‘major Exchange Cloud customer’ first announced by Beeks on 6 February 2024. The service is now live. The contract underpins FY25 estimates and has scope to grow further. For us, referenceability at Nasdaq will help to convert the ‘substantial pipeline of opportunities’ that CEO Gordon McArthur identifies, with Beeks in ‘advanced discussions with other major Exchanges across the globe’. Beeks was the top-performing LSE tech company (n=75) in cal2024 with a TSR +182% 2024YTD vs the sector +10.5%. In our view, Beeks is gaining from secular tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management etc), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. The FY1 valuation (EV/EBITDA 11.5x) does little to reflect the proven execution on global TAM and the opportunity for more. Investors undoubtedly buy Beeks for long-term secular growth.