Following a recovery in ad-spend during H2 and a +23% upgrade to FY27e EBITDA, SYS1 has launched several upgrades to Test Your Ad (TYA). We expect these will improve customer retention and acquisition, compounding the strength the company has shown in doing this despite a tough macro backdrop. Given recent positive H2 trading commentary, we make no change to our FY26 forecasts (TU expected in late April). Even after a +31% YTD SP gain, the stock trades on only c.9x FY27 EV/NOPAT, presenting an attractive entry price for a business with high operational gearing and a material growth opportunity.