Here’s the takeaways from the latest analyst coverage on both Smarter Web AND now on MORE! The headlines are a £1.15 fully diluted share price target in just over 12 months at Dec 27. End of period full year 27… £1.48. Or £2.04 by 2028 and £2.91 by 2029. Bullish bitcoin, and bullish SWC. We’ve seen these estimates exceeded before too. As always, do your own research. I couldn’t be more bullish. 1. The price target on SWC’s ordinary shares has now been raised 58%, from the previous target of 73p last month to now 115p. TD Cowen maintains its BUY rating. Against the 51.4p reference share price at the start of today, this implies approximately 124% upside over its 12-month target horizon. 2. MORE, at 2 days old, receives its very first Analyst coverage, and it first BUY rating, with a £100 price target. Against the report's £94.50 reference price, that represents approximately 5.8% capital upside, alongside a 12% annual dividend on the £100 reference amount. 3. MORE has reduced execution risk. TD Cowen previously expected no preferred issuance during FY26. Successfully launching MORE earlier than anticipated validates an important part of SWC's financing strategy. 4. A second ATM could transform future fundraising. MORE's ATM facility creates the potential for successive preferred-share issuances, rather than relying on occasional standalone fundraises. 5. Less dilution, greater BTC per ordinary share. TD Cowen considers Bitcoin ownership per fully diluted share the principal measure of shareholder value creation. Its revised financing mix supports that objective. 6. BTC Yield remains positive despite the TOBAM repayment. TD Cowen estimates approximately 12.3% year-to-date BTC Yield as of 15 October, despite SWC returning around 178 BTC earlier this summer as expected with the Smarter Convert deal not maturing with TOBAM. 7. MORE's initial dividend burden appears manageable. The £10m preferred issuance creates approximately £1.2m in annual dividends. Including Coinbase borrowing interest, total annual fixed charges are estimated at £2.2m, equivalent to just 1.3% of the referenced Bitcoin treasury value. 8. MORE has significant structural protections. Cumulative dividends, restrictions following missed payments, priority over ordinary shareholders and limits on dividend-rate reductions are viewed favourably. The rate can rise to 20%, but dividends are not guaranteed. 9. TD Cowen projects accelerating preferred issuance. Its model assumes preferred fundraising of £10m in FY26, £28.4m in FY27, £106.5m in FY28 and £281.3m in FY29. These are annual projected proceeds, not cumulative totals. 10. SWC is the UK's dominant Bitcoin treasury investment vehicle. TD Cowen already considers this as such with SWC the clear UK leader among public Bitcoin treasury companies, highlighting its sterling-denominated securities, existing operating businesses and potential acquisitions as competitive advantages. The addition of MORE doubles down on this. Play, pause, enjoy, repeat. MORE.