ZTF has delivered another robust update with group sales up 26% in the first four months of the year to £64.1m (c.7% organic growth and the remainder from the OKC acquisition which is bedding in well). Management is executing strongly on its strategic priorities, successfully offsetting the well-flagged Footwear normalisation 30% organic growth in North America is eye-catching whilst group margins have stayed firm and cost pressures are being well managed. With no changes to our FY26 forecasts and management's tone confident, we remain bullish about the group’s value creation potential. The shares trade on a Dec-26e PER of 10.2x falling to 9.6x, undemanding for a business of ZTF's quality. Our unchanged 590p TP implies 44% upside. BUY