Trading update ahead, again: Bloomsbury has today reported another impressive trading update – revenue is now expected to be comfortably ahead of market expectations, with profits materially ahead. This reflects exceptionally strong trading in the Consumer division, particularly demand for Sarah J Maas; the Non-Consumer division continues to trade in-line with expectations. A diversifying portfolio: More broadly, Bloomsbury’s strategy to accelerate its virtuous flywheel continues to deliver – alongside Sarah J Maas, a number of other key authors have contributed to robust demand, notably titles by Tom Kerridge, Martha Mumford & Katherine Rundell (amongst others). Fundamentally under-valued: In terms of forecasts, we increase revenues by 6% in FY24E and profits by 13%, but estimates in FY25E are more modestly changed, with revenues flat versus our previous estimate and profits up 4%. Bloomsbury currently trades at <7x CY24E EBITDA - we continue to believe this significantly undervalues the resilient revenue and profit growth the business model can deliver, augmented by accretive M&A over time.