Tracsis owns and sells technology products and services to the transport industry principally Rail which engage with Tracsis to drive performance, manage risk and enhance customer experience, in a complex and regulated environment. Despite industry turbulence, this value proposition is just as relevant today, such that along with high barriers to entry TRCS remains very well placed to drive innovation in Rail and Transport, more broadly. Following a record H2, momentum is evidently returning, such that we see growth returning in FY26 and compounding financials beyond this, driven by high margin recurring and transactional revenue. We initiate with a Buy rec, 660p TP (~54% upside) and forecasts ahead of consensus.