Camplify (CHL) released its 4Q22 trading update, which in our view showed not only strong growth in key metrics but also highlighted that the underlying momentum in the business (post lockdowns easing) continued throughout the fourth quarter. 4Q22 GTV of ~A$17.7m was up ~83% on pcp and +36% on 3Q22, taking 2H22 GTV to ~A$31m (vs MorgansF A$32m). Revenue for the quarter was A$5.6m (+~104% on pcp, +37% on 3Q22), taking 2H22 revenue to A$9.7m (vs MorgansF A$9.1m), representing a 2H22 take rate of ~31.5%. We lower our FY22F-FY24F topline estimates by ~3-4% factoring in the quarterly update. Our target price remains largely unchanged at A$4.25 on the above changes offset to a degree by a roll-forward of our valuation. Add maintained.