LBG Media’s FY25A results exceeded our expectations, highlighted good operational and strategic progress and saw management confirm plans to accelerate Direct revenue growth, particularly in the very large US market. We expect associated investment to be offset by top line growth and to pave the way for an attractive long-term earnings progression and strong cash generation. More broadly, we believe LBG’s ability to connect brands with young adults via targeted and purpose-driven content is a key competitive advantage and creates multiple opportunities. Our 138p TPS suggests over 70% share price upside. BUY.