Impressive FY trading update: Centaur has today released a short FY trading update after a strong period of trading in Q4. Management note that trading was strong across the Flagship 4 and Core brands, but particularly so in EConsultancy, MW Mini MBA, The Lawyer, and Marketing Week. As a result, it now expects revenues of at least £38.5m for FY21 (previously ‘at least £37m’), with an EBITDA margin ‘in excess of 15%’ (previously 15%). Strategy on track: As a result, the company ended the year with net cash of £13.1m (INVe previously £12.3m pre-IFRS 16) and management state that they remain on track to meet their MAP23 targets – we believe these results further de-risk the achievement of these. As highlighted in our note post the recent Capital Markets Day, we see a number of exciting opportunities ahead for the business, as its scalable tech platforms and proprietary expert content make it both increasingly important to customers, and better positioned to capture structural growth in demand. The role of the UK as a hub for global legal activity is driving demand for legal market intelligence, underpinning 110%+ subscription renewal rates and new product demand at The Lawyer whilst at Xeim, the pivot to providing multi-product subscription offerings to major marketers is well underway. Still early days: We increase FY21E revenues/EBITDA by 3/8%, and by 2/3% longer-term. Despite being one of the best performers in the sector in 2021, the shares still trade at just c.6x calendar FY23E EBITDA, a discount to peers. The effects of the dramatic transformation the portfolio has undergone in recent years are becoming increasingly apparent, and as the company builds a track record of delivering on or beating expectations, we expect the shares to continue to re-rate. We still see significant upside to go for.