High profile win NCC has signed a three-year deal with TikTok as part of TikTok’s European enhanced data security programme for its 175 million users throughout the EEA, Switzerland and the UK. This follows on from NCC’s work with TikTok on Project Clover, its data security programme, with this deal expanding and enhancing NCC’s role as an independent security provider to the programme. The concept its effectively becoming the ‘gold standard’ for data security, delivering beyond the regulatory requirements set by governing bodies. NCC will continue to assure, monitor and enhance the privacy and security of TikTok’s European user data. Strong validation supports the investment case This is a significant validation for NCC, cementing the initial relationship with this high-profile client and acting as a strong validation of the strength of NCC’s cyber security capabilities to deliver on such an industry-leading programme. This will not only contribute to the financial delivery of the business, contained within the context of our current forecasts, but should also help spur further deal flow as the group’s profile continues to rise, based in its market repositioning to a full cyber security life-cycle vendor; this latest validation attests to NCC’s capabilities on this journey. We see material value in the SoTP with our 190p assuming c£300m for Escode and c13x FY26E EBITDA for Cyber on low end margins, offering material value beyond our TP as the plan executes. The current price implies <8x for Cyber (assuming £300m for Escode), suggesting the stock is mispriced, in our view. Buy.