The most recent share price decline is unmerited on unchanged fundamentals. Business momentum is good, with a healthy order book, and with growth enhanced by new product launches and new market entry. The 600 Group remains competitively well positioned, with a world-class reputation in machine tools and laser marking. Around 65% of sales are in the US. The shares stand at a discount to the peer group and to a DCF valuation, and we now believe they offer an appealing yield.