IES Holdings, Inc. (IESC)

The company is assembled from regional contracting firms operating independently under common ownership. Demand in recent years is set by data centres: switchgear, busways and cable runs for such a site mean months of work at very large sums, with deadlines the customer sets tightly.

The industry's constraint is not orders but people: qualified electricians are scarce, and that limits growth more than any market factor. The second part is electrical work in housebuilding, which depends on mortgage rates. Risks: contract execution, customer concentration and crew availability. The company pays no dividend.