Robust H1 results: Wilmington has reported robust overall interim results today, with revenue of £59.1m in-line with our estimate, driven by 7% organic growth, and PBT of £10.1m. Net cash reached £28m at H1, and supported 11% growth in the dividend. The strong performance came across almost all business lines, helped by repeat revenues at >70% of the group. Management note trading continues to be in-line with expectations for the FY. Portfolio transformation continues: In recent months Wilmington had already announced the acquisition of Astutis and the disposal of MI Exact, but today announces the next stage of the transformation process to focus the group on the GRC markets, with a sale planned of the Healthcare business. We estimate this generates revenue of c.£30m and EBITA of £5m across its UK & French businesses – whether sold in parts or together, proceeds of >£50m could be feasible – whilst dilutive initially, this would leave net cash at nearly £100m at YE24 to be redeployed on accretive strategically attractive acquisitions. The wrong price: On forecasts, we trim revenues and EPS 3% longer-term, solely reflecting the MI Exact disposal, which leaves YE net cash at c.£44m (post IFRS16). Wilmington is currently trading at <8x CY24E EBITDA, with a FCF yield nearing 10% We continue to think this is fundamentally the wrong price – the resilient revenue & profit growth it delivers should be attractive to both public and private / trade investors alike, particularly at a time when professional information companies are being valued elsewhere at much higher multiples.