FY22 results are 8% ahead of Zeus underlying PBT forecast despite upgrading seven times during the year. While we anticipate tougher market conditions and are mindful of falling consumer confidence, Vertu has started the new financial year well, and we believe their key priorities of cost management, conversion and customer experience will put them in a good position of continued market outperformance. The shares remain significantly undervalued and we maintain our forecast assumptions for now.