Warpaint has issued another positive update, driving upgrades of 11% this year and 6% next year. Revised assumptions could still prove conservative, meaning forecast risk potentially remains to the upside despite the well-documented headwinds. There is clear evidence that its on-trend value-for-money proposition is gaining traction. As distribution broadens, and as the online mix increases, there remains scope for considerable long term profitable expansion which is not fully priced in on 14x EV/EBITDA (2x EV/sales) and with a 3.6% yield.