The upgrade risk we previously outlined has crystallised again with IGR beating sales, PBT and net cash forecasts for the 2nd time this year. The market had not been pricing in any growth, let alone upgrades or an accretive acquisition. As a result, it trades on just 1.8x EV/EBITDA with caution built in for global uncertainty. We continue to argue the valuation is crackers and, with avg. net cash >50% of the market cap and cash returns imminent, we re-iterate Buy.