Xaar is a great example of a UK industrials company with best-in-class, home-grown, patent-protected niche technology. It has had a tough time over the last decade or so - some self-inflicted, some due to factors outside the company's control - but the technology has stood up. After 5 years of tidying up, rebuilding customer relationships and refocusing R&D under the current CEO, it now sits with a handful of products that are developed, launched (or nearly launched) and could transform the revenue profile of the business over the next few years. We initiate coverage with a Buy recommendation and 150p price target.