Synectics is a market-leading surveillance and security systems provider and integrator that is building a scalable, product-led business with higher-quality revenue and improved margins. We forecast +11% underlying revenue growth in FY26, with profitability offset by investments in cultural change, a new partner-led sales strategy, and a more scalable software product. FY28 forecasts illustrate the growth opportunity, with execution against these forecasts providing a catalyst and a re-rating opportunity. We initiate with a BUY and a 310p TP (6x FY27 EV/EBITDA).