In its scheduled update, G4M reports growth in Q1 then weakness in Jul/Aug, albeit sales still accelerated in Europe. We believe the heatwave across its markets is a key factor and sales have improved in early Sept. Management can’t be certain planned growth materialises, though, given the uncertainties and spending squeeze, and is guiding Mar’23 EBITDA down £3m (-31%). Pending more info, we reduce Mar’24 EBITDA too (-17%). Markets were discounting bad news though and, post revision, it’s on only 6x EV/EBITDA – the basis for our new 220p 12m target.