Key takeaway #1. Yesterday's event epitomises what to expect from a Halma group company. Regulation + structural driven growth, an innovative product offering to support high margins and returns, and the autonomy to drive performance at the individual company level. This all under the supportive umbrella of the Group. The Fortress management team are excellent in our view and demonstrated how they continuously find incremental revenue opportunities and improve returns, with ESG at the heart of the strategy. Key takeaway #2. Increasing safety demands, created by both regulation and customer ESG agendas, are generating strong demand for Fortress’s product suite. This is compounded by its digital/connectivity offering which is enhancing growth and provides a strong competitive moat. The combination of these factors provide a positive future growth and returns backdrop and highlights what we believe are typical characteristics of a Halma company. Forecasts and next catalyst. No new information regarding current trading was disclosed and we therefore leave our forecasts unchanged (INVe is 2% and 3% below FY22 and FY23 consensus PBT expectations). Note that we estimate double-digit constant-currency profits growth despite a multitude of external headwinds. The next scheduled update is FY22 results, due on 16 June. Our view. Halma has a proven business model, which should continue to generate long-term revenue and profit growth. The critical nature of its product portfolio, geared towards non-discretionary and ESG-related demand, should continue to underpin positive momentum. Halma also enhances its attractive organic growth with M&A (13 acquisitions in FY22 for a total consideration of £166m), highlighting its active portfolio management and efficient recycling of capital. Halma’s valuation is at a deserved premium to peers, in our view, given its relentless delivery.