G4M’s broadly based growth strategy and enhanced competitive position are serving it well. Sales and market share performance since Q3 has remained strong, including the early part of FY27 against stronger comps and in a more uncertain global backdrop. FY26 PBT guidance has been upgraded by another 5%+ meaning EBITDA has doubled YoY despite UK DC capacity and efficiency constraints, which the new facility addresses. On just 4x EV/EBITDA (0.3x EV/sales) the stock looks massively oversold post Iran, particularly with ongoing forecast upside risk.