But for some initial teething pains implementing its new AI-led marketing system, the growth plan that was formalised in June would already be delivering a step-change in growth and profitability. It did return to modest growth in Q2, and this has strengthened so far in Q3. While markets may choose to wait until the Q3 update to get full validation of the inflection in performance, which unchanged FY guidance implies, we recommend investors take advantage of the lowly valuation (3x EBITDA) which does not price in the 70% forward EPS CAGR. Buy.