Interims are in line with expectations and order book visibility gives confidence in FY guidance. IGR is also signalling growing confidence in its future growth, margin expansion and cash generation, with an ambition to reinstate shareholder distributions. Having given up its summer gains, and now trading on <3x EV/EBITDA falling to <2x next year, IGR therefore looks mispriced. We see significant room for rating expansion, which a return to even modest sales growth in cal’26 should amplify. Buy.