Intelligent Monitoring: Update on Security Monitoring Leader

Peter Kennan of Black Crane Capital presented his investment thesis on Intelligent Monitoring Group (Australia: IMB) at Asian Investing Summit 2025.

Peter presented his original thesis at Asian Investing Summit 2024.

Thesis summary:

Intelligent Monitoring Group (IMG) is a leading Australian security services company that is undergoing a compelling transformation from a legacy alarm monitoring business to a growing, tech-enabled security platform. Historically known for signal-based monitoring, IMG has successfully positioned itself at the forefront of video guarding — a rapidly expanding segment that replaces human guards with AI-driven, remotely monitored video surveillance. The company’s shift in strategy is yielding tangible benefits, with strong tailwinds from commercial growth, margin expansion, and industry adoption of higher-tech solutions.

Video guarding, which is well underway in the U.S. and Europe, is now gaining momentum in Australia, where the addressable market includes over 10 million residential premises and 2.6 million registered businesses. IMG is uniquely positioned to lead this evolution due to its incumbent scale, trusted brand, and differentiated capabilities — including Grade A control rooms, the country’s largest installer network, and reseller partnerships. With minimal capex requirements and substantially higher operating margins than traditional guard-based models, the economics of video guarding are favorable. Management sees a multibillion-dollar opportunity, multiples larger than the current business size.

In addition to organic expansion, IMG continues to pursue value-accretive M&A, consolidating its leadership in the commercial and residential security segments. The company’s role as incumbent and disruptor gives it competitive advantages in acquiring smaller operators and scaling innovative technologies across its platform. Importantly, the downside appears well protected by a stable cash-generative legacy business, which supports reinvestment and provides optionality.

Despite these strengths, IMG recently traded at a low valuation relative to its long-term potential. With a strong balance sheet, growing commercial exposure, and early leadership in an underpenetrated but fast-evolving market, the company offers an asymmetric opportunity for patient investors. While the precise pace of adoption for video guarding remains a near-term unknown, the structural direction of the industry is clear — and IMG is best positioned to capitalize on it.

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About the instructor:

Peter Kennan is the founder of Black Crane Capital a catalyst/activist, deep value investment manager. Black Crane has a strong track record of creating value by actively engaging with under valued listed companies including the successful restructuring turnarounds of Elders, Emeco and MMA Offshore. Prior to founding Black Crane in 2009, Peter was a leading corporate financier with UBS Asia Pacific where he was Head of Asian Industrials Group, a team covering energy, infrastructure, resources, consumer/retail and general industrial companies. Prior to that, Peter was Head of Telecoms and Media for UBS Australia. Before UBS, Peter spent seven years with BP in a variety of engineering and commercial roles.