Revisions to estimates. Following our 11 September 2023 note we are making changes to the balance bring assets and liabilities in line with our current trends. The main changes are higher prepayments, lower liabilities and this leads to lower cash balances. No change to the income statement. These changes are being made because our models are now capturing greater interest.

Attractive valuation. The shares sell at a discount to peers, despite its dominant and well protected IP and high margins.