With the US exited and estimates restated on a GBP basis, the equity story is higher quality and materially simpler. FY26 results were well ahead of prudent initial guidance, and we are inclined to view FY27 forecasts through the same lens, particularly after LY’s non-recurring impairment, and see scope for strategic initiatives to accelerate under the new CEO. After rolling forward a year we raise our TP 12% to 98p. With a 25% TSR including a 2.3% yield, we remain at Buy.