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 improved profitability. It did return to modest growth in Q2, and this has strengthened so far in October. But investors will need to wait until the Q3 update to get full validation of the inflection in performance and profitability which unchanged FY guidance implies. With G4M trading on only 3.5x EV/EBITDA (0.2x EV/sales) next year, the shares are a Buy.