VENTIA SERVICES GROUP LIMITED (VNT)
Share Price Analysis and Chart

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25/08/2026

1

Buy

$7.00

29.15%

On further inspection, the target is raised to $7 from $6.80. EPS forecasts are largely unchanged.

UBS retains Buy on Ventia, supported by a defensive earnings outlook and structural growth from increased infrastructure investment, government outsourcing and defence spending, which underpin a forecast EPS CAGR of 6% over FY25-FY27.

Strong cash conversion and ongoing deleveraging are expected to provide further capacity for share buybacks.

The broker also sees valuation support, with the stock trading on around 17x one-year forward PE, a circa -20% discount to the ASX200 and -11% below comparable global capital-light industrial services companies.

First read: UBS views Ventia's 1H26 result as solid, with EBITDA up 8% y/y, and 6% ahead of consensus, as stronger margins more than offset revenue falling -5% y/y. UNPATA rose 7% y/y and 9% ahead of consensus.

Infrastructure Services and Transport were the standouts, while Telecommunications was weaker than expected due to contract mobilisation, the SKAO wind-down and lower core contract volumes.

Work-in-hand stood at $21.1bn, down from $22.1bn at December 2025.

Management's FY26 UNPATA growth guidance of 7%-10% was reaffirmed, while the EBITDA margin target was upgraded to above 9% from above 8.5%. The increase in the share buyback to $300m from $250m is viewed as a positive.

Buy. Target $6.80.

FORECAST
UBS forecasts a full year FY26 dividend of 25.00 cents and EPS of 34.00 cents.
UBS forecasts a full year FY27 dividend of 27.00 cents and EPS of 36.00 cents.

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27/08/2026

1

Buy

$6.33

16.79%

Canaccord Genuity maintains its Buy rating for Ventia Services with its target price increased to $6.33 from $6.28 following a first-half financial result that beat earnings expectations despite missing on revenue.

Operational performance featured revenue of $2,893.6m and underlying EBITDA of $273.3m on an expanded margin of 9.4%, supported by strong cash flow generation and a share buy-back upsizing to $300m.

Revenue forecasts are revised downward by -6.9% for FY26 and -7.2% for FY27, while EBITDA and net profit after tax and amortisation estimates see modest upward adjustments.

The analyst highlights that work in hand remains robust at $21.1bn with a 98.5% renewal rate, providing strong structural tailwinds and an attractive entry point.