At the FY, the market focused on some of the weak spots which should have been expected; e.g. the fall in UK customer numbers and limited trade growth at Checkatrade. A £92m exceptional was a surprise. However, the US goes from strength-to-strength and has managed to absorb c. £10m of FX headwinds and still deliver upgrades. 3m gross addressable households were added in H2 alone in the US. H1 is normally quiet, but we see a variety of catalysts including partner signings in the US, more proof of the model in Home Experts, signs that digital marketing will help in the UK, and new policy-book acquisitions. A CY21 P/E of 20.4x now provides an attractive entry point.
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