Our view The CMD this afternoon looks as though it will focus on presenting an update on the Group’s recent acquisition, its strategy, and how it is positioned in the wider lime and limestone industry. There will clearly be no additional information on trading, given the recent update. The updated targets for 2030 all look sensible and unsurprising. It will be helpful to learn more about the drivers of the targeted organic revenue growth of +3-5%, with a positive greater-than-24% EBITDA margin target announced. The target leverage of 1.5 to 2.0 times looks in line with recent comments and, with leverage now falling, the prospect on capital returns and possible more bolt-ons looks likely. With the Group making good progress in tidying itself up and integrating the assets post a relatively complex deal to acquire the CRH lime assets last year, the market will be keen to hear more on the growth, margins and returns it expects to deliver over the medium term and how the balance sheet and capital allocation evolves. The valuation continues to look relatively undemanding in absolute terms, but has narrowed the gap with the sector average valuation multiples. Capital Markets Day The Group will this afternoon hold a Capital Markets Day for institutional investors and analysts. It will provide updates on strategy and business developments including: the wider lime and limestone industry, and SigmaRoc's leading position within it; the company's track-record of delivering operational excellence, including the integration of acquisitions and realisation of its synergy programme; opportunities for future growth, including its disciplined M&A strategy; its commitment to decarbonisation and pathway to net zero; the investment in innovation and transformative technologies to drive efficiencies; its capital allocation framework and value creation opportunity for stakeholders. It will also announce updated targets for 2030: Revenue growth: 3-5% organic revenue p.a; EBITDA margin: >24%; Cash conversion rate: >50%; Leverage: 1.5 - 2.0x; ROIC: >15%; Capital returns: Dividends/Buybacks. The Group issued a Q1 trading update on 1st May which confirmed that revenue, underlying EBITDA and EBITDA margin were marginally ahead of management expectations. No further current trading information will be disclosed at the CMD. Valuation The shares are up by +36% YTD and reside on a FY25E PE and EBITDA multiple of c.11.5 times and 6.7 times respectively.