McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and total sales growth of 0.8%. Moreover, McBride continues to win new contracts leading to management’s confidence in achieving FY26E expectations of Adj. EBIT of c.£64m, being the third year of c.£65m Adj. EBIT. Having announced a £20m share buyback last November we raise our Adj. EPS forecasts by 7%-8%. Yet despite rallying c.30% since November the stock is still trading on only 5.7x cal 2026 PER and we see scope for a significant rerating towards our 235p Fair Value (equivalent to a c.6% cal 26 FCF yield). For more detail on why the group’s low valuation is an anomaly among the consumer sector please see our recent initiation “McBride: Proudly, profitably, private label”.