We find the risk / reward very tempting, with potential upside of more than 4x (if SIG hits its 5% operating margin target) and limited downside potential, with the shares close to all-time lows. We have a Hold rating as we wait for more certainty on a better market outlook and stronger cash flow. Q1 trading: trend of improvement continues SIG has reported that Q1 like-for-like revenues were up 2% year-on-year, with volumes up 3% and prices down 1%. We already knew that volumes were positive in but this is welcome confirmation. Like-for-like growth was +4% in the UK and 0% in Europe (negative in France, positive elsewhere). The group has been winning share but management says “there have been signs of further volume stabilisation in the majority of our markets”.