Year-end trading update: Wilmington has released another robust trading update today – reporting organic growth of 13%, with both Information & Data and Training & Education divisions delivering double-digit organic growth and improved profitability. Group revenue for FY22 is expected to be modestly ahead of expectations at £121.0m. A return to face-to-face events, combined with the investment in new products and capabilities continue to drive growth for the Group - US events were particularly strong in H2, but excluding events organic revenue was 5%. Adj. PBT was significantly up versus FY21 at £20.7m, again modestly ahead of our forecast. Reiterating the opportunity: These ever changing markets create continued opportunities for Wilmington to service its customers (and its services are viewed as non-discretionary spend). Through its newly-built technology platforms, Wilmington will soon be able to make available an expanded range of offerings to clients, both existing and new, across an increasing range of industry verticals that are exposed to governance, risk and compliance requirements. This approach increasingly shifts Wilmington towards the fast-growing c.$16bn RegTech market, in our view. The Group reported today it continues to see solid growth in its underlying recurring revenues, which, combined with tight control over overheads, helps underpin strong cash generation – with net cash (pre IFRS16) reaching £20.5m. Fundamentally mispriced: With a clear strategy in place and attractive growth markets, we believe the valuation at c.13x CY23E PE / c.8x EBITDA leaves scope for a significant re-rating. This view is particularly supported by our forecast of 6% organic CAGR, the comparative valuations of peers such as Global Data and Wolters Kluwer (both N/R), and recent peer transaction valuation benchmarks – as well as the scope for accretive acquisitions.