The trading update for the five-month period to 31 January 2026, issued today, confirms that management expects the full-year outcome, at the adjusted PBT level, to be in line with market expectations. We maintain our FY26 earnings estimates but revise our FY27 forecasts to reflect the ongoing pressure that the ZEV mandate is placing on the market. Vertu’s cost-efficiency programme is set to deliver £10m of cost savings in FY27E, and balance sheet strength is being deployed with a further £12m share buyback programme. As and when the market recovers, perhaps driven by revisions to the ZEV mandate, the upside could be significant. But for now, the shares trade on an undemanding P/E and at a discount to tangible NAV.