High quality. Judges is one of the highest quality businesses in the industrials sector. It has a disciplined, decentralised model and is a leader in niche scientific instrument products/services with an attractive margin (EBIT >25%) and returns (ROTIC >20%) profile that is ahead of sector leaders like Halma and Spirax-Sarco. It has a strong growth track record with a 13yr CAGR of 7.5% in revenue and 12.5% in profit with a 23% dividend CAGR since listing. Exposed to structural growth. Judges is exposed to strong long-term growth drivers in higher education and process optimisation compounded with increasing demand-driven factors such as onshoring and net zero requirements. It is well diversified by geography and by scientific application so has historically been able to navigate specific headwinds at the group level. M&A optionality. We estimate Judges has c.£50m firepower to deploy on acquisitions given its balance sheet strength and the cash generative nature of the business. FY22 net debt of £52m reflected the Geotek acquisition and despite two more acquisitions and the Geotek earnout in H1’23, leverage is only 1.45x. We expect this to reduce to <1x in FY24E. Strong current trading. H1 results highlighted strong organic growth and high order intake momentum, de-risking FY expectations in our view. An impressive 23% divi increase signals confidence in growth and cash generation prospects. Valuation. Judges trades on a 23.5x FY24E PE and 14.6x EV/EBITDA. It has a FCF yield of nearly 5% and dividend yield of just over 1%. It is trading at a c.10% discount to its 5-year average. Near-term valuation is optically high, but this does not factor future acquisitions or its ability to sustain c.10% CAGR over the medium to long-term. With a well-respected management team and solid track record of accretive M&A, we believe a premium multiple is justified.