SDI’s interim results show a resilient performance in challenging markets. Management continues to pursue operational efficiencies to generate improving returns and its growth agenda, boosted by new product development and the acquisition of Severn Thermal. Trading is expected to be 2H weighted, supported by orders already gained and is on track to achieve full year expectations. We make no changes to forecasts. The shares look significantly undervalued, trading on a FY27E P/E of 10.2x and EV/EB ....