This was an interesting chat. Frankly, it doesn't seem like that sexy a business, but I get the sense that Dennison gets the key strengths of the business and is playing to that.

Specifically, forget the tech -- yeah it's cool and getting better and cheaper, but they are (mostly) resellers. IMB is a SERVICE business -- they provide the "do it for me" solution.

Despite the initial expectations of a straightforward exit, the reality was a need for a hands-on approach to fix integration issues and drive growth.

There's a tailwind with increased adoption of these systems (lower prices, better tech and a huge under-penetration in Aus/NZ), and people value trust and reputation more than anything (according to Dennison). Scale matters a lot for this kind of business, and they are now the largest of its kind in Australia and have done a lot of work improving operational effectiveness, righting the offering and improving the fundamentals.

Also, this is NOT a roll-up (although clearly was previously and acquisitions have, to date, been a big part of the growth story.)

Dennison reckons he can double the revenues in the coming years, and get around 25% EBITDA margins

Corporates are now the focus, but also do personal homes and DIY security solutions.

Leveraging the trusted ADT brand to enhance market presence. This business had been unloved as part of a larger global entity, but it's proven to be a good addition in terms of brand recognition.

The focus appears to be on sustainable and profitable growth rather than aggressive expansion.

His focus is culture, customer focus, and strategic planning.

Was quite frank about past mistakes: he underestimated the capital cost of upgrading their fleet from 3G to 4G, which has significantly pulled resources and focus away from organic growth to retaining existing customers.

The company has been double-costed during the transition from JCI, as they have been building their internal staff while still paying JCI for services. This additional cost is expected to end by July.

Based on the forward guidance for FY24, they look to be on a EV/EBITDA multiple of ~6. Not too demanding *IF* the growth aspirations are realistic, even roughly.