Knights’ H126 results were as announced at its update in November and illustrate the power of its position as the leading consolidator in the premium, regional legal market. Revenues rose an impressive 30%, including a return to organic growth of 2.6%, and Adj. PBT rose 12.5%, despite absorbing increased national insurance costs and investing in AI, led by a new CTO. Operating cashflow conversion has been excellent and momentum has continued into H226, hence management is confident in achieving FY26E expectations. Yet Knights still only trades on 6.5x cal 2026 PER and under 6x cal 2027 PER. Given the successful H126 and positive outlook we raise our Fair Value/per share from 230p to 255p, equivalent to c.8x cal 2027 PER.