G4M has delivered 27% sales growth in Q1. The last time growth was this high was 5 years ago in covid. Unlike then, when markets and online were boosted, this is driven by a step up in share gains as a result of its strategic growth initiatives and demise of weak competitors. This is just a brief AGM update so the full extent of operating leverage remains to be seen. While leaving risk to the upside on forecast assumptions, we have upgraded FY EPS by 17% and our target price by 20% to 332p. Given the elevated competitive standing of this sector ‘winner’, higher growth rate and profitability, and visible path to net cash next year we re-iterate Buy.