We are leaving our estimates unchanged, still projecting revenues at Eu85mn (including a ~Eu5mn contribution from the consolidation of XTN in January), with the adj. EBITDA margin returning to 2022 levels (30%). BUY; target €8.70 confirmed: in 2024, CY4 aims to expand its corporate client base, tapping into opportunities in defence and cybersecurity, and to improve business seasonality (high amount of revenue and cash-in skewed towards the last part of the year). While M&A remains a key growth driver, we do not expect this to occur in the short term. At this stage, we believe delivery on financial targets and the announcement of new contracts remain crucial for a stock re-rating. On the back of unchanged estimates, we confirm our BUY rating and target price of €8.70.