Halma plc

So what...

Halma has said is of our 12% organic growth, five of that 12 is premium growth.

It's coming from the photonics business.

So basically they haven't raised the sales forecast, but it's a better product mix.

So the thing is with Halma at 30 times, I mean, it actually got up to 40 times forward earnings in the middle of this year, and then it kind of drifted back again.

It's not a giveaway at 30 times.

It's a quality business, but I think it's slightly still, for me, a little bit richer 30 times.

The other interesting company it's worth watching is Jabil.

But as I say, quality operation, great margins, really strong in demand in its markets and a solid balance sheet.

Talking of which, we've also got Halma, which, of course, is a classic quality growth compounder and Smiths Group.

So, yeah, it's a decent company to look forward to, I think, all in all for next week.

It'll be interesting.

But we've talked a lot about serial acquirers on this show.

Companies like Halma, like Diploma, like Roper Technology, like Judges Scientific, as well as some kind of adjacent types of businesses like your Berkshire Hathaways and your 3Is and your Aving Transes.

And of those, I think Rosebank is most like the last one.

It's a buy, improve, sell business model.