Alfa achieved its strongest growth for many years in FY25: +17% ccy. sales growth reflecting accelerating new customer acquisition and a successful SaaS transition. Despite this, sentiment is relatively weak (as per a 19x P/E, ~17% discount to the 3yr av.) reflecting sector weakness and softer FY26 growth prospects. We see this as a buying opportunity, as expect confidence to recover, as Alfa converts its strong late-stage pipeline - strengthening its long-term visibility in the process. Meanwhile, a multi-billion TAM, thematic tailwinds and enduring competitive advantages further underpin long-term confidence. Alfa is a buy-and-hold compounder.