Hi @Vandelay

Thanks for the reply. These are all valid points and would explain a few things. I didn't mean to offend anyone by using CGS and AHC as comparison.

To be honest I only came across their IPO prospectus early this year and their trading update and liked what I saw.

IPD Group has had a long history as a private company before listing in a similar vein to Codan. So their is already a big backstory and a long reputation of service delivery before listing. That is enough reassurance from me and can already be seen as a moat in some ways as they can build on past experiences with other customers and use that as a template for creating future business. And going by the latest report, they seem to be executing this.

Now maybe a new entrant can disrupt that process but this may be hard unless that new company had the same track record and could attract the same talent and skills to achieve their goals. There's probably a great deal of training and certification needed to for all the electrical systems they supply and implement as well.

In addition, the company seems to be diversified enough and not just concentrating on EV decarbonisation area.

I haven't looked hard enough for other competitors in this space and hoping someone else can. Unlike software companies, these industrial services companies are harder to analyse from competitive standpoint.

I think I would start to change my view if maybe they did an acquisition that didn't quite align with the company values. there is news of a new entrant or a customer wasn't happy. But I haven't found anything like this so far here.

Of course the big question is how long will this EV/decarbonisation tailwind last for IPD group? I'll give it a year before others try and catch on.

I wouldnt be worried about others not noticing the company. If you identify a great business that others ignore, it only offers you more opportunity. As long as you're right and the company keeps performing year after year, then the market will eventually take notice. Patience is an attribute of the successful investor.

I will probably wait for a pullback before add more. The hockey stick run is a bit worry for me.

Confirming your point on acquisitions, they had been a bit busy before the IPO. Does look a bit like a "roll-up" similar to UWL. Can understand the skepticism and I was aware of this also.

However the fact that senior management bought on market earlier in the year was enough reassurance for me to put some money in despite my skepticism.

Anyway the share price has powered on. I didn't buy any on the pullback because 2.40 just was not "low enough" and I was waiting for 2.35. However I was told there was a big block order at 2.35 before the share price broke out to new highs. And that was at the time the livewire article appeared.

I'm too scared to buy at this price and the holding has become large. This run has been phenomenal. Just a hold for me till the next update.