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BSA Ltd ASX:BSA

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

202420252026

31 Dec 2023 to today

Commentary Showing 2 of 5

DateManagerActionSummary

31 Mar 2025Lanyon Investment FundHeldThe manager notes frustration with a decision by NBN Co regarding pricing or access terms that is creating headwinds for telecommunications challengers. The manager's view is that the decision represents an adverse regulatory development that the industry must navigate, though believes structural growth dynamics in broadband remain intact.

TelecommunicationsQuarterly Report, price recorded $0.06

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31 Mar 2025Naos Asset ManagementReducedNaos Asset Management reduced its position in BSA Ltd after the company was notified by NBN Co. that it was not among the preferred contractors for the future Field Module contract tender, materially reducing its revenue outlook. Naos Asset Management had led a recapitalisation of BSA in early 2022 and supported the company's significant operational turnaround, during which EBITDA grew from $4.1 million in FY2022 to a projected $26 million run-rate in FY2025. The fund notes the NBN Co. contract accounted for approximately 80% of BSA's revenue and that the newly awarded five-year, approximately $2 billion contract was given solely to Service Stream and Ventia. Naos had sold approximately 20% of its BSA holding in early December 2024. The fund acknowledges significant uncertainty around the business post-NBN Co., including restructuring costs of approximately $10 million, reduced smart metering contract volumes from Intellihub and Bluecurrent, and the need for BSA to rapidly scale its remaining business across Foxtel services, EV charging, and wireless infrastructure.

Quarterly Report, price recorded $0.06

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First mention by manager

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Price at first mentionThe share price recorded when each of 2 managers first commented on BSA.

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About BSA Ltd

Industrials, Construction and Engineering

BSA Limited (ASX:BSA) is a communications and utility infrastructure contractor turned around under the influence of NAOS Asset Management. In March 2025, NAOS noted BSA was unsuccessful in retendering its NBN Co field services contract, a setback after it led a recapitalisation in 2022 to fund the business through a difficult period. Lanyon Investment Fund criticised NBN Co's decision to award the work to Ventia. Earlier, NAOS highlighted record FY24 results, with EBITDA of $22.2 million against a market value below $100 million. BSA operates in the Industrials sector within the Construction and Engineering industry, and Thesis Tracker has captured 5 comments from 2 fund managers, NAOS Asset Management and Lanyon Investment Fund. BSA provides installation and maintenance services for telecommunications, broadcast and utility infrastructure across Australia, including subscriber connections and network maintenance.

Market cap: $18m
Price to earnings: 5.3x
Return on equity: 41.0%
Dividend yield: 0.0%
Price to book: 1.52x
Net margin: 13.3%
52-week range: $0.10 to $0.49

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in BSA Ltd (ASX:BSA)?

Fund managers including Naos Asset Management and Lanyon Investment Fund have invested in BSA Ltd (ASX:BSA).

What opportunities or catalysts do fund managers highlight for BSA Ltd?

NAOS highlighted the turnaround achieved after years of poor acquisitions and execution, culminating in record FY24 earnings and a low valuation relative to profit, with strong cash generation positioning BSA to pursue new contracts and capital returns.

What are the key risks to the BSA Ltd investment thesis, according to fund managers?

The loss of the long-running NBN Co field module contract to Ventia is the major risk, as it removes a significant revenue stream, according to NAOS and Lanyon. NAOS also notes BSA's history of ill-advised acquisitions and poor strategic execution under past management.

What does BSA Ltd (ASX:BSA) do?

BSA Ltd. provides installation and maintenance solutions for the broadcast and telecommunications industries. Through its Communications and Utility Infrastructure (CUI) segment, the company delivers essential services to the telecommunications, subscription television, and utility sectors. Founded on July 1, 1999, BSA Ltd. is headquartered in Chatswood, Australia. The firm specializes in infrastructure support, facilitating network reliability and operational efficiency for clients across its core markets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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