Willie Mullins has described Nichols Canyon as a “cold” horse but he boasts arguably the hottest piece of form in the game and can keep the Champion Hurdle market nicely simmering if he stretches his Grade 1 tally to six in Leopardstown’s final day festival feature.

Mullins’s “cold” reference relates to Nichols Canyon’s ability to do his homework with a minimum of attention-seeking fuss which has resulted in a streak of performances which have continued to happily surprise the champion trainer.

Last season the horse won five of his seven novice starts, including four Grade 1s, with a couple of losses explained by Ruby Walsh getting unseated here at Christmas and a rare tactical mix-up at Cheltenham which saw Nichols Canyon finish third to Windsor Park in the Neptune.

It was a superb CV which still managed to leave the ex-John Gosden runner flying comparatively under the radar but that all changed in last month’s Morgiana with a shock defeat of Faugheen.

Any amount of hindsight and excuses can’t alter the fact that Nichols Canyon is the only horse ever to beat the reigning Champion Hurdler and there didn’t appear to be any hint of fluke about it either, as he made all and repelled his outstanding stable companion by half a length.

What it has done is alter any tendency there might have been to underestimate Nichols Canyon and, after Faugheen’s return to winning form at Kempton on St Stephen’s Day, there will be huge interest in how his stable companion fares in the €100,000 Ryanair Hurdle.

Even with such an accomplished CV under his belt, there’s a feeling both Mullins and Ruby Walsh are also eager to find out just what they’re dealing with here.

“We probably underestimated him a bit the last day,” Mullins conceded. “The ground won’t be an issue for him and he’s in good form.”

Windsor Park renews acquaintances, and Identity Thief brings his own Grade 1 portfolio having graduated to the top-flight in Newcastle’s Fighting Fifth, so this will be a meaningful test of Nichols Canyon’s Champion Hurdle credentials.

Identity Thief is another who has flown comparatively under the radar but he is only 2lbs behind Nichols Canyon on official ratings and boasts a progressive profile. He looks the one to provide the favourite with his biggest test on the conditions but the obvious query about Identity Thief is whether he’s up to beating Faugheen.

Nichols Canyon has proved he can beat the champion, and a victory for him here will prevent the Champion Hurdle betting from turning into a near one-horse market, as well as warming up public appreciation of a top-class talent.