Today’s AGM update confirms that VP. (VP ) continues to perform well, reiterating full year expectations despite challenges in certain markets (notably construction). Meanwhile, the new management team is progressing the refreshed strategic priorities set out in June. Vp has an excellent track record of earnings and dividend growth over the long term, underpinned by the specialist focus of its activities and the diversity of its services and end markets. In our view, this track record warrants a premium rating. We therefore consider the current valuation (a P/E of 9x and a 25% discount to peers) an anomaly and an attractive entry point for this high-quality business. We make no changes to our forecasts and maintain our 1110p Fair Value estimate.