I was very impressed with Alf. Really seemed to know his stuff, and had a clear vision of the company's strengths and where it was headed. A few notes:

• The 20% net margin is an internal target
• They are targeting growth to be 70% organic and 30% acquired
• Acquisitions will largely be focused on IP and in the comms segment
• Acquisitions will likely be cash and debt funded
• They have really good form on the acquisitions front
• Cash flows are down as they pre-ordered a lot to mitigate supply chain issues. Alf expects cash flows to return to more normal levels going forward
• They believe they have strong pricing power, and will be able to pass along any cost increases
• They are seeing some staff turnover at the mid-tier level due to a competitive market. But culture and conditions mean they have retained key people
• DTC acquisition has helped them move more into developed markets
• Retention in the comms division is extremely high. "once you've won a customer, you've got them for life"
• There's a very decent upgrade cycle for detectors, with enthusiasts and professionals very keen to have the best (and Minelab are by far the best)
• Geopolitical conflict is good for their comms business
• Share dilution has averaged less than 2% since the IPO in 2003 and the company has been consistently profitable, and paid a dividend every single year.

I'm sure i missed a bunch of stuff, but that's what i managed to jot down during the discussion.

A forward PE of 12x or so seems very undemanding for a business that has been a consistent and proven performer, and with decent growth prospects. Especially when you combine that with a 3.8% fully franked yield.