S4 has published a robust AGM update summarising a period of significant progress despite well-documented / on-going macro and geo-political headwinds. We are trimming our net revenue estimates to build in greater caution around the latter but leave our profit expectations unchanged reflecting confidence in management’s ability to unlock further cost and efficiency benefits and our conviction that the company is strongly positioned to deliver LT growth. Our unchanged 12-month TP of 55p suggests >30% TSR potential. BUY.