We expect the addition of WIL’s stock to the FT All Share Index to add impetus to an already compelling investment case. The latter is rooted in our conviction that it is strongly positioned to capitalise on the increasing proliferation, complexity and enforcement of regulation and information requirements across multiple sectors and geographies via a portfolio of digital-first, data-enabled B2B brands. We believe the group’s current valuation falls substantially short of capturing this potential (our 514p TP suggests a TSR of (>100%). BUY.