Beeks inks a multi-year contract extension at the Johannesburg Stock Exchange. The contract was first signed in September 2023, with the first extension in March 2024; the momentum reflects stronger-than-expected customer demand from JSE clients – this is a profit centre for JSE. The service is available at the JSE's Teraco data centre, addressing additional regulatory requirements for dual location disaster recovery (customer upselling). The value was not disclosed; guidance is that the contract ‘supports the Board's confidence in its financial expectations’. CEO Gordon McArthur comments that the ‘success of the solution at the JSE is supporting our discussions with other global exchanges’. News of regulatory approval at another exchange (14 August) highlighted ‘advanced discussions taking place with other major Exchanges across the globe’ – so this extension helps the pipeline. Shares have performed well: +154% YTD vs sector +8.4%. But we believe this only reflects the current operational momentum, while the FY1 valuation (EV/EBITDA 11.4x vs UK at 18x) does little to reflect the proven execution on global TAM. We see Beeks as a long-term secular growth opportunity.