Astutis acquisition: Wilmington last week announced the acquisition of Astutis, a provider of training for global regulated health, safety & environmental qualifications, for total potential consideration of £21.5m (representing £16.8m initially, with up to £4.7m further dependent on its financial performance in the years to June 2025 / 2026). The acquisition expands Wilmington’s footprint and capabilities into new areas, that are also underpinned by strong macro & structural drivers, and we believe it will represent a natural fit for the Training & Education division, given it also has a digital first delivery model. Astutis has in its history trained >100k individuals from >5k organisations – we believe >500 organisations are customers at any one time. M&A benefits: From a financial standpoint, Astutis generated revenue of £7.4m in the year to June 2023, up 25% yoy, with PBT of £2m (implying c.8x profits based on the initial consideration) – management note its strong track record of organic growth (we assume in mid-teens) and expect it to be earnings enhancing in the first full year of ownership. We still forecast Wilmington to have £44m of net cash (pre IFRS16) at YE24E and so see further opportunities for accretive M&A over time. Fundamentally mis-priced: On forecasts, we increase revenues by 4% in FY24E and 7% in FY25E, with EPS increasing 4%/8% respectively – this drives our target price increase to 450p. Wilmington currently trades at c8x FY24E EBITDA, which we continue to believe significantly under-values the company, given its long-term resilient growth prospects and in light of other industry transaction benchmarks.