ContourGlobal has delivered FY21 adj. EBITDA growth, above the top end of guidance. Net debt was better than expected, with strong FCF. Dividend growth of 10% was in line. Long term contracts, combined with a high proportion of fixed rate debt mean that visibility on FCF is high, despite market volatility. We also expect value creation through M&A and disposals. We make no change to FY22E adj. EBITDA at this stage, but modestly reduce net debt. A CY22E EV/EBITDA of 6.4x with a 7.8% yield is cheap. DCF/Gordon Growth model TP of 305p unchanged. Buy.