Digital skills gap acceleration. FDM thrives on offering its clients near and long-term solutions to address their digital skills gap. Organisations have seen technology as a solution to keep their businesses functioning throughout this crisis fuelling a surge of digital adoption, thus widening their digital skills gap. FDM stands out. Its offering is highly differentiated, providing technology skill sets tailored to clients’ tech needs, via an appropriately priced, locally trained, location-agnostic, and culturally diverse talent pool, at scale with the option of internalising longer term. We illustrate that no other company we are aware of can offer this proposition at scale across multiple international territories. This drove the resilience during 2020 and we see it driving material growth ahead. Supply side evolving. Recruitment and training, the ‘supply’ side of FDM’s model is evolving at pace, partly catalysed by the crisis. Hybrid training (remote/on-site), specialist teams (Pods), varied course lengths (speeds time to client) and potential innovations such as apprenticeships or FDM training accreditations are areas of consideration, which could further propel growth. Tech and diversity creates demand pull. Clients’ widening digital skills gap drives a demand pull, with FDM able to pivot its model to areas most in need through its broad and flexible training structures. An equally powerful and accelerating theme is the need for organisations to increase workforce diversity. FDM recruits a balanced Mountie pool in terms of gender, educational and ethnic backgrounds. Mountie diversity creates an additional attraction for clients, which we see as a fundamental growth driver going forward. View. We present a scenario with >5,000 Mounties taking profit beyond historic levels. Hybrid remote training and deployment models increase capacity and lowers costs, allowing for reinvestment to support new innovations to drive sustainable long-term growth. Our 3-year scenario, average historic PE of 25x and projected cash generation (c15% of current mkt cap) drive our 1300p TP.