essensys has successfully navigated a lockdown impacted FY’21, delivering broadly flat sales in line with market expectations (-2% y/y to £22.0m, +2% excluding FX) as continued strong site additions (+13% y/y to 474) offset decline in occupancy exposed revenues (yield per site: -14% y/y) driven by CV19 travel restrictions. Yet flat growth masks the strong underlying operational momentum seen through FY’21 as ESYS added a number of high value strategic accounts and extended into new regions. Post-CV19, and with £36.9m net cash the FY’21 outturn, ESYS looks exceptionally well placed to address an emerging c.£2.5bn market opportunity by 2030. A contracted pipeline of 33 and visible sites pipeline with existing customers of 91 provides comfort on FY’22e forecasts, with opportunity for outperformance as occupancy-driven sales recover and Flex Services Platform upsell gains traction. We make no changes to forecasts. At 5.4x EV/Cal’22e exit ARR, valuation sits at the low end of the range (5x-10x) for scalable SaaS players addressing similar TAMs – the opportunity looks highly attractive.essensys has successfully navigated a lockdown impacted FY’21, delivering broadly flat sales in line with market expectations (-2% y/y to £22.0m, +2% excluding FX) as continued strong site additions (+13% y/y to 474) offset decline in occupancy exposed revenues (yield per site: -14% y/y) driven by CV19 travel restrictions. Yet flat growth masks the strong underlying operational momentum seen through FY’21 as ESYS added a number of high value strategic accounts and extended into new regions. Post-CV19, and with £36.9m net cash the FY’21 outturn, ESYS looks exceptionally well placed to address an emerging c.£2.5bn market opportunity by 2030. A contracted pipeline of 33 and visible sites pipeline with existing customers of 91 provides comfort on FY’22e forecasts, with opportunity for outperformance as occupancy-driven sales recover and Flex Services Platform upsell gains traction. We make no changes to forecasts. At 5.4x EV/Cal’22e exit ARR, valuation sits at the low end of the range (5x-10x) for scalable SaaS players addressing similar TAMs – the opportunity looks highly attractive.