Yes, it is undulating, as you can see the first 15km is fast but ever so slightly climbs to the first left at Dons Rd, this can be a testing little 3km, often into a headwind and a gradual climb.
The road then descends into Newham to the next left and the following 5km or so are generally downhill but with some short rollers to Rochford. At Rochford there is a gradual climb (approx. 3%) for a km or so before a fast descent and more downhill and very fast sections for the remaining 5km.
Overall, it is a great time trial circuit with good roads and some testing little hills. The wind is more of a factor than the terrain.
Hope this helps.
Go Schleck and Kirchen!!!