Just as in our earlier note on ORA, SHL was priced for a downgrade that didn’t come.

In SHL’s case, given that HLS and ACL had both given downgraded guidance, this was perhaps more surprising, and the stock popped hard on the day.

Laboratory work still looks like it is over-earning, but management guidance, assuming we can take it at face value (which we do) suggested that all parts of the business continue to grow robustly.

SHL is an excellent, world class company, we are very keen to own it. Mindful that management might be over-enthusiastic here on there sense of normalised conditions, we would still want an exposure.

Perhaps the overall picture looks less daunting on this zoomed out version of operating income.

Cashflows remain excellent.

And the balance sheet is in excellent nick.

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