SERVICE STREAM LIMITED (SSM)
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SSM

SSM - SERVICE STREAM LIMITED

FNArena Sector : Industrial Sector Contractors & Engineers
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 0.58
Index: ASX300 | ALL-ORDS

Service Stream is an Australian provider of services to the telecommunication and utilities industries. Services include design and construction of networks, renewable energy infrastructure and environmental services for utilities. It listed in 2004.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.34

17 Sep
2025

0.000

OPEN

$2.34

0.000

HIGH

$2.36

1,526,314

LOW

$2.29

TARGET
$2.64 12.8% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
3DA . ALQ . AVD . BOL . BSA . CG1 . CLG . CVL . CWY . CXL . DOW . DUR . EGL . FLC . IPG . LBL . MAD . PPK . RWL . SDV . SHA . SND . SYL . VEE . VNT . VYS .
FNARENA'S MARKET CONSENSUS FORECASTS
SSM: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 9.7 11.9 xxx
DPS (cps) xxx 5.5 6.2 xxx
EPS Growth xxx 84.0% 22.8% xxx
DPS Growth xxx 22.2% 12.1% xxx
PE Ratio xxx N/A 19.8 xxx
Dividend Yield xxx N/A 2.6% xxx
Div Pay Ratio(%) xxx 56.9% 52.0% xxx

Dividend yield today if purchased 3 years ago: 7.43%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.34

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 18/09 - ex-div 2.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx9.7
DPS All xxxxxxxxxxxxxxx5.5
Sales/Revenue xxxxxxxxxxxxxxx2,326.5 M
Book Value Per Share xxxxxxxxxxxxxxx83.7
Net Operating Cash Flow xxxxxxxxxxxxxxx135.0 M
Net Profit Margin xxxxxxxxxxxxxxx2.54 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx11.92 %
Return on Invested Capital xxxxxxxxxxxxxxx10.37 %
Return on Assets xxxxxxxxxxxxxxx5.65 %
Return on Equity xxxxxxxxxxxxxxx11.92 %
Return on Total Capital xxxxxxxxxxxxxxx12.25 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx95.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx24 M
Long Term Debt xxxxxxxxxxxxxxx53 M
Total Debt xxxxxxxxxxxxxxx77 M
Goodwill - Gross xxxxxxxxxxxxxxx299 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx74 M
Price To Book Value xxxxxxxxxxxxxxx2.37

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx13.1 M
Capex % of Sales xxxxxxxxxxxxxxx0.56 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,145 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx109 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx11 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Citi

12/09/2025

1

Buy

$2.65

13.25%

Citi highlights Service Stream has secured long-awaited defence contracts, marking a new revenue stream and diversification. The contract size surprised the broker, $1.6bn over the initial six-year term, adding meaningful upside.

No EBITDA margin is expected in FY26 (zero margin), but the broker believes mid-single digit margins are possible after ramp-up, given the company's existing capabilities.

The broker already has a positive view on the stock on the back of a robust balance sheet and potential for telco volumes to surprise on the upside.

Buy. Target rises to $2.65 from $2.45 following upgrades to EPS forecasts.

FORECAST
Citi forecasts a full year FY26 dividend of 6.00 cents and EPS of 12.20 cents.
Citi forecasts a full year FY27 dividend of 7.50 cents and EPS of 14.20 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

14/09/2025

1

Buy

$2.60

11.11%

Infrastructure services company Service Stream has secured a long-term Base Services Contract with the Australian Department of Defence to perform property and asset services. The contract covers 113 sites across South Australia and the Northern Territory.

Duties include estate upkeep, land management, aerodrome operations and training area support, requiring mobilisation of around 350 employees and contractors, highlights Canaccord Genuity.

The initial six-year term is valued at around $1.6bn, with options to extend by up to four years. Operations commence in February 2026 and reach a full run rate by July 2026, notes the broker.

Creating a new operational pillar for Service Stream in facilities and land management services for government, the analyst anticipates accelerating medium-term earnings growth, aligning with management’s mid-single digit margin expectations.

Canaccord raises its target price to $2.60 from $2.32 and retains a Buy rating.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 6.50 cents and EPS of 11.70 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 8.00 cents and EPS of 14.00 cents.
Access Extra Coverage Research History >

SSM STOCK CHART

FNArena News on SSM

1
Australian Broker Call *Extra* Edition – Sep 16, 2025

Sep 16 2025 - Daily Market Reports
2
Service Stream’s Positive Defence Surprise

Sep 16 2025 - Small Caps
3
Weekly Ratings, Targets, Forecast Changes – 12-09-25

Sep 15 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Aug 25, 2025

Aug 25 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 22-08-25

Aug 25 2025 - Weekly Reports

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