Tribal has released a very pleasing y/e update, as revenue, EBITDA and cash are all ahead, while core ARR has grown +9% ccy. to £54.8m, as traction and momentum gathered pace throughout the year, driven by expansions with existing customers and also a new SITS customer, being SOAS University of London. Meanwhile EBITDA and FCF growth are also worth highlighting, as these improvements reflect operational efficiencies, which leave the business well positioned for future periods. As a consequence, we lift FY25e sales +4%, though leave EBITDA unchanged, given certain high margin legacy contracts will present a headwind to FY25 margins. However, after this, the optics should look considerably better. As such, while all the stars aren’t aligned just yet, the underlying business is certainly taking shape, and it shouldn’t be too long until forecasts reflect these improving fundamentals. Tribal is trading on <1x EV/Sales or 1.5x ARR, meaning that prospective investors are being seriously compensated thanks to the market’s short-termism. Surely there is serious money to be made on a 2-3 year view.