Wilmington’s FY24A results show a pleasing performance, good progress in executing its portfolio optimisation strategy and a positive start to the current year. We expect the group’s focus on the very large and fast-growing Governance Risk and Compliance market to deliver attractive EPS and DPS growth and robust cash generation, with M&A activity a potential source of forecast upgrades. As our 463p target price suggests 42% TSR upside potential we reiterate our BUY recommendation.