Tesserent now ranks with Megaport, page-10

I agree. I would say the outperforming the run-rate and further consolidation of the new NZ arm would be a big appreciator too.
I do worry a little about the international expansion at this stage and think they need to formulate into "the" cybersecurity provider in Australasia. That way they can focus on these two big markets and try to polish up their margins and the balance sheet without entering into saturated spaces overseas. I also worry about excessive dilution through larger scale acquisitions they might have to take if they start taking the international route outside of NZ.

At this stage I'm purely not holding because of TA but I should disclose I am a fundamentals based trader so it remains on my list.