Today’s Q3 update suggests some normalisation in ad-spend demand from many of SYS1’s largest customers. While we think it’s too early to suggest a full return to normal, we see evidence that SYS1’s customers continue to see value in its products, and that the decline in Q1 and Q2 was not due to AI, as feared by some investors. As such, we see the -65% LTM share price decline as overdone. The stock trades on 11x FYMar26 EV/NOPAT (FY27: 7x), which looks particularly cheap given how SYS1’s 87% GPM should enable profits to scale quickly as revenue recovers.