Ahead of interim results (12 August), Xaar appoints a new Chair, Ben Stocks. Mr Stocks brings 35 years of experience, most recently as CEO of Porvair PLC, and has relevant transformational expertise in scaling globally. Outgoing Chair Andrew Herbert (served nine years) comments that he leaves ‘at a time when Xaar's unique technology is well placed to capitalise upon exciting opportunities in a range of industrial markets’. This enthusiasm is catching: shares are +71% YTD vs our Tech sector -4%. While some of the trading KPIs urge caution for the immediate term, there are positive signs that this market is braced to ‘unclog’. Investors have not missed this rising star: shares trade on a pedestrian 1.4x EV/Sales vs. sector 3.1x – the re-rating is long overdue, in our view.