As flagged, FY25 ended on a softer note than anticipated earlier in the year but Speedy maintained both EBITDA and DPS in generally challenging trading conditions. FY26 will see the culmination of Velocity’s enabling actions and the focus should then more clearly turn to growth in revenue and margins. The current valuation is giving little credit for improving profitability beyond the current year in our view. Speedy’s share price has recovered well from March lows but remains down 10% YTD. Earnings multiples are not challenging for the current year and compress further on our estimates. Our DCF-derived Fair Value comes in at 48p per share which is not a stretch in the context of our FY28E EPS. A 10.2% prospective dividend yield (including 7% on the proposed FY25 final) and a 17% discount to NAV offer investors further attractions.