I think people were still discounting this early on as it looked like a "cyclical" play exposed to building and construction rather than defensive
But I would think lots of the electricity infrastructure needs to be replaced and maintained time and again. So there is a recurring feel to the business. And they mention this in the last report and IPO.
In their last reco 5 months back, Bell had a target of 2.34. So it's interesting they are putting a sell.
IPG price action, page-30
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