Strategic and operational initiatives have been transformational over the last 2 years. Including some challenges during the pandemic, G4M’s performance has far exceeded original expectations. EBITDA margin of almost 12% is potentially an indicator of things to come in the future. Trading so far in Q1 has exceeded expectations. With confidence in margin/efficiency retention growing, and a number of new growth initiatives in the pipeline, we have upgraded Mar’22 forecasts by almost 50% and introduced Mar’23/24 numbers. Our fair value estimate is 1275p with forecast risk to the upside, including from M&A.