LBG’s H1 update flagged impressive top line growth with the commercial logic behind management’s strategy of driving Direct revenues underlined by a sharp divergence in segmental performance. We have reduced our FY26E adj. EPS estimate by 14% to reflect the margin implications of this accelerated transition but note that it will reduce exposure to dynamics the company cannot directly control and create a more predictable and higher quality earnings profile. We continue to expect multiple growth drivers to fuel strong MT profit growth and cash generation and view a period of pronounced share price weakness as exaggerated. Specifically, our 128p 12m TP suggests >200% upside potential. BUY.