SERVICE STREAM LIMITED (SSM)
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SSM

SSM - SERVICE STREAM LIMITED

Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: N/A
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

$2.14

21 Aug
2025

-0.040

OPEN

$2.20

-1.83%

HIGH

$2.20

3,310,856

LOW

$2.11

TARGET
$2.407 12.5% upside
Franking for last dividend paid out: 100%
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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 17.9 xxx
Dividend Yield xxx N/A 2.9% xxx
Div Pay Ratio(%) xxx 56.9% 52.0% xxx

Dividend yield today if purchased 3 years ago: 5.39%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

2.58

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx5.3
DPS All xxxxxxxxxxxxxxx4.5
Sales/Revenue xxxxxxxxxxxxxxx2,288.8 M
Book Value Per Share xxxxxxxxxxxxxxx78.4
Net Operating Cash Flow xxxxxxxxxxxxxxx97.2 M
Net Profit Margin xxxxxxxxxxxxxxx1.41 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx6.83 %
Return on Invested Capital xxxxxxxxxxxxxxx5.41 %
Return on Assets xxxxxxxxxxxxxxx3.02 %
Return on Equity xxxxxxxxxxxxxxx6.83 %
Return on Total Capital xxxxxxxxxxxxxxx8.45 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx70.2 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx21 M
Long Term Debt xxxxxxxxxxxxxxx96 M
Total Debt xxxxxxxxxxxxxxx117 M
Goodwill - Gross xxxxxxxxxxxxxxx299 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx63 M
Price To Book Value xxxxxxxxxxxxxxx1.63

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx10.5 M
Capex % of Sales xxxxxxxxxxxxxxx0.46 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,131 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx106 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx10 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

0.8

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

21/08/2025

1

Buy

$2.45

14.49%

Citi notes Service Stream's FY25 revenue missed its forecast and the consensus due to lower-than-expected Telco contribution. On the positive side, underlying EBITDA was a beat due mainly due to margin of 6% which was 20bps higher than expected.

Margin performance in 2H was the highlight, strengthening the broker's conviction Utilties can deliver 5% margin in FY26 vs 4.5% in FY25, with upside risk. Transport margin is expected to 7-8% vs 7% in FY25.

Overall, group margin is forecast to rise to 6.3%, leading a to 3% increase in the broker's FY26 EBITDA estimate.

Buy. Target rises to $2.45 from $2.35.

The broker added an upside catalyst watch on the stock for the next 6 weeks or so.

FORECAST
Citi forecasts a full year FY26 dividend of 6.00 cents and EPS of 12.10 cents.
Citi forecasts a full year FY27 dividend of 7.00 cents and EPS of 13.10 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

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

07/08/2025

1

Buy

$2.25

5.14%

Ahead of Service Stream's FY25 result on August 20, Canaccord Genuity notes the company won three material NBN contracts since February totaling $2.7bn.

These contracts underpin the broker's forecast for the telecommunications division, with further earnings support expected from the utilities division through revenue and margin expansion in the medium-term.

The broker forecasts FY25 EBITDA of $144.5m vs the consensus of $145.6m. Buy. Target lifted to $2.25 from $1.95 on valuation roll-forward.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 6.52 cents and EPS of 11.90 cents.

SSM STOCK CHART