Robust profit trends: Wilmington has today reported a robust FY trading update with revenue expected at £101.5m, reflecting 11% growth in ongoing businesses; this is, however, a 1% decline organically relative to the growth seen in H1, reflecting the worsening trends in the US healthcare insurance market. We estimate pro-forma organic growth ex US healthcare of 5%. Ongoing operating profit is also up 11%, with reported PBT expected at £27.7m, modestly ahead of consensus, helped by growing interest income. Further detail is expected at the full results on September 22. Waiting for the true picture to finally emerge: Management note the ongoing focus on creating a slimmed-down higher-quality portfolio with scope for higher profitability – as recent acquisitions feed into organic growth, the underlying potential of the business should become more obvious (we still assume c.6% organic growth in FY26E, despite the macro headwinds for the FRA business which will likely decline again). In addition, a net cash position of c.£42m at YE should provide significant opportunity for accretive acquisitions. Mispriced equity: On forecasts, we cut revenues by 6-7% given portfolio reshaping, FX moves and organic growth trends, with PBT falling c.6% longer-term. Our TP (DCF and SOTP based) has reduced accordingly. The stock is currently trading at c.8x CY26E EBITDA, which we continue to see as a highly attractive entry point on a long-term view, both on a standalone basis and relative to other industry transaction multiples. Wilmington remains a key sector pick in 2025.