The acquisitions. Halma has acquired Ramtech (for £15.5m), Dancutter (£15.4m), and Sensitron (£17.9m). We expect each business to achieve strong revenue growth (high single-digit % levels at least) and generate margins comfortably within the Group target range (18-22%). We note that demand for its products is driven by regulatory requirements and each company should benefit from investment and wider revenue opportunities on the Halma platform. The disposal. Halma has disposed of Texecom for £65.0m, providing a good return on its investment made back in 2005. Looking at the financials, Texecom had a 5% revenue CAGR and, we believe on average, margins were below the Group target range. We also note that Texecom revenues are not driven by regulatory demand and are encouraged to see Halma’s disposal discipline. Our view. These transactions yet again prove the attractiveness of Halma’s M&A strategy and mitigates the argument of those who doubt Halma’s ability to continue to find acquisitions. The financials, long-term prospects and deal multiples (c11x EBIT) all enhance the Group. A higher assigned premium, given the higher returns profile of its M&A activity, increases our TP to 3200p. Positive investment case. Halma has a proven business model which should continue to generate long-term revenue and profit growth. The critical nature of its products, geared towards non-discretionary demand and ESG-related growth drivers, should ensure that the Group continues to deliver. Halma has proven to be resilient through Covid and is well positioned to capitalise further on market recovery and M&A opportunities (£138m of acquisition spend since December 2020). Its valuation is at a premium, but we expect the positive investment case and consistent growth to ultimately drive the shares forward. Next catalyst. We expect a trading update towards the end of September.