Management continues to execute a clear data-led strategy to grow revenue to £1bn and produce attractive returns. Recent actions to transform the brand mix and increase profits, including a material shift towards the high luxury segment, produced clear results in FY19 including several upgrades. Today’s Q1 performance confirms a solid and positive start to FY20 too. Freehold backing is >80p/share and, although at an early stage currently, Cambria is planning to develop its 2nd multi-brand site which has the potential to attract incremental new brands. It also has available funding to target M&A should the right opportunities present themselves. The rating looks undemanding given the clear track record and future growth plans, and our estimate of fair value remains unchanged at 98p.