Sanderson has delivered interim numbers in line with the 4 May update. Group revenue increased 11% to £10.9m, driven by 20% growth in Digital Retail revenue and 7% growth in Enterprise Software revenue. Management does highlight a slightly more considered approach from some customers and protracted sales cycles with bigger projects. However, healthy recurring revenue (£5.4m to be recognised in H2) and a good order book (£2.8m) provide decent visibility of our full year targets. We therefore make some adjustments to our segmental profit assumptions, but leave headline group and profit estimates unchanged. The shares are trading on a FY 2017 EV/EBITDA multiple of 10.9x, which we think represents an unfair discount to peers (13.0x) given a robust business model, decent sales momentum and strong cash generation.