Centaur’s emerging potential Yesterday’s Capital Markets Day gave a clear view of the opportunities ahead for Centaur. At the most fundamental level, the ability to provide business information, training and specialist consultancy services to help its professional customers navigate ever more complex markets makes Centaur increasingly valuable to them. Providing blended enterprise level subscription offerings, via cross-selling initiatives, that get embedded in customer workflows should make Centaur increasingly resilient, profitable and cash generative, as well as strengthening its competitive position. The net cash position provides a buffer in uncertain times, but optionality longer term to support growth and cash returns in our view. Growth – tech-supported, content-led and demand-driven Scalable tech platforms also support growth, the importance of proprietary expert content across both Xeim and The Lawyer was highlighted, and the numerous structural drivers of demand were clear in our view. The role of the UK as a hub for global legal activity is driving significant growth in demand for trusted legal market intelligence, underpinning 90%+ subscription renewal rates and new product demand at The Lawyer. At Xeim, the pivot to providing multi-product subscription offerings to major marketers is well underway and the likes of Influencer Intelligence / Mini MBA both have sustainable pathways for long-term growth. The strong group performance on the back of these factors in FY21 increasingly de-risks the achievement of MAP23 targets. Plenty more to go for Even post yesterday’s 7% gain, the shares still trade at c.6.4x FY23E EV/EBITDA. Having undergone a metamorphosis in recent years, the robust underlying drivers of revenue are becoming increasingly apparent. As Centaur continues to build a track record of delivering on growth expectations, we expect the valuation discount versus larger peers to continue to close - we still see significant upside to go for.