Ahead of FY26E results 17 June, our ‘26E EBITDA view is close to consensus; with our ‘27E EBITDA c6% below consensus. Given the uncertainty created by the Middle East situation, and its economic effect, we show that under various assumptions for the annualisation of newly acquired revenue streams, our ‘27E revenue estimate is already reflective of an underlying decline of somewhere between 2-5%. While this may or may not prove sufficient, and we await a clearer picture on current trading in June, with the shares trading at a c40% discount to ‘27E Book NAV of 32p (ex-goodwill of 25p) and an estimated 5%+ dividend yield, we believe that many of the potential negative macro themes are likely already discounted by the valuation. We have a 36p TP/Buy view but expect more investor interest once external conditions calm.