Winking is set to report 40%+ revenue growth in FY25E, slightly ahead of our forecasts. This implies 30% sequential growth in H2E. With Mineloader acquired in early April, the strong performance will have been achieved through a combination of organic headcount expansion, seasonal weighting and the full contribution of Mineloader in H2E. The price has drifted and in our view is failing to factor in the cyclical upswing which we believe is now commencing.
