A strong year-end trading update from this “Best Idea 2018” stock highlights continued rapid revenue growth well ahead of consensus. While we expect substantial increases to revenue estimates, the pace of investment in the business will mean more prudent increases to earnings expectations. While the valuation looks demanding in the short-term, the opportunity continues to be very substantial (2 million metering points never switched from the “big 6” with Yü currently supplying approximately 9,000) and the company’s execution to date has been excellent. We think it’s highly likely the company will continue to be a source of positive surprises.