After a phase of sales contraction, getting back to growth and ending the de-stocking phase were big pivotal issues for investors, and a key focus for TUNE. Today’s update successfully addresses both, and also delivers consensus expectations. Underlying/CER growth in Content Creation was particularly good. Alongside some of the margin headwinds ending, even modest future growth delivers geared EPS/FCF CAGRs that aren’t priced in at a near all-time low. Buy.