EKF’s strong H1 results reflect the operational improvements implemented over the last 18 months. Recovery is now firmly established, with revenues +23% and EBITDA more than doubling in the period. After upgrading 6 times in the last 15 months, we prudently make no further changes at this stage. Growth prospects remain attractive, supported by additional product launches in new territories. We see further mileage as the group remains materially undervalued vs its closest peers and the investment case is further underpinned by the newly granted authority to buyback up to 15% of the ISC.