Restore’s H125 results highlight strong progress, with double digit growth in revenue, adjusted profit and earnings, in line with our expectations. The step up in M&A in the period reflects management’s ambition to deliver shareholder value. At the same time, the Group continues to make progress towards the 20% operating margin target despite cost and end market headwinds. We make no changes to our forecasts but see scope for outperformance (organic and acquisitive) as the year progresses. On our forecasts, Restore is trading on a current year P/E rating of 12.5x, having regularly traded at 20x or higher over the past decade. Compared to the long-term average rating of 16.5x, the shares are trading at a 24% discount. We reiterate our 400p Fair Value estimate and see potential for outperformance against forecasts and a re-rating in line with continued delivery against management’s ambitious growth plans.