Keywords Studios looks structurally well placed to continue performing well in an industry where change and innovation are the norm. The company again showed the resilience of its model in FY18, delivering 10.1% l-f-l revenue growth and 53% adjusted EPS growth in the face of considerable industry turbulence. Looking ahead, we see sustained growth from the launch of streaming services by industry majors and the continued shift towards outsourcing. Keywords’ strategy, which has delivered a five-year EPS CAGR of 53%, appears sustainable. As such, we believe that the shares remain set for continued appreciation.