Q1 NFI was up a very strong 29% (constant FX) with the period end order book up 42%, boding well for Q2. Investment plans remain on track. We make no change to our estimates, given macro and geopolitical uncertainties. However, this leaves our forecasts very cautiously set, given current momentum and we would expect to see upgrades through the year. SThree’s exposure to structural growth in STEM markets is a key differentiator. CY22E EV/EBIT of 7.2x is too cheap. Maintain Buy and 680p TP.