Fund Manager Summary
The fund managers believe there is a strong outlook for SRG Global Ltd, particularly given its focus on maintenance and industrial services for infrastructure across Australia. In their opinion, the company’s revenue base, which is 80% recurring, positions it well for consistent growth. They initiated a small position in early 2024 at attractive valuations and further increased their holding during a well-supported capital raise in August, aimed at financing the strategic acquisition of Diona, a key player in water and energy services. Despite the recent share price performance, the fund managers assert that the market continues to undervalue SRG's recurring revenue and its growth potential, particularly in light of the significant infrastructure spending underway in Australia.
Source: Trading View
Commentary From The Managers
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QVG Capital
31 Oct 2025
$2.75
Summary
- QVG Capital notes SRG Global’s strategic acquisition of TAMS for $85 million.
- The acquisition positions SRG Global deeper into the marine infrastructure sector.
- TAMS contributes approximately $200 million in revenue.
- This move aligns with SRG Global’s focus on predictable and capital light revenues.
- The acquisition price is attractive, estimated at 3x forecast FY26 EBIT.
- QVG Capital sees potential for a 25% earnings uplift, enhancing investor interest.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
QVG Capital
31 Oct 2025
$2.75
- QVG Capital notes SRG Global’s strategic acquisition of TAMS for $85 million.
- The acquisition positions SRG Global deeper into the marine infrastructure sector.
- TAMS contributes approximately $200 million in revenue.
- This move aligns with SRG Global’s focus on predictable and capital light revenues.
- The acquisition price is attractive, estimated at 3x forecast FY26 EBIT.
- QVG Capital sees potential for a 25% earnings uplift, enhancing investor interest.
Summary
Wilson Asset Management
31 Oct 2025
$2.75
- SRG Global is a diversified infrastructure services contractor with a focus on engineering, construction, and maintenance sectors.
- In October, the share price increased following the announcement of a confirmed bid to acquire Total AMS (TAMS) for $85 million.
- The market reacted positively to the acquisition due to its complementary marine capability and potential for higher recurring revenue.
- The formal completion of the acquisition at the end of the month further supported market sentiment.
- Wilson Asset Management believes that the enlarged platform will broadening SRG Global’s addressable market and enhance growth opportunities in resources, energy, and public infrastructure.
Summary
Perennial Partners
31 Oct 2025
$2.75
- Perennial Partners continues to hold SRG Global Ltd due to its strong performance, with shares up 41.8%.
- The recent acquisition of TAMS is seen as highly accretive, enhancing the company's growth potential.
- SRG has demonstrated impressive organic and acquisitive growth, reinforcing its position as a long-term holding in the Trust.
- This acquisition aligns with Perennial Partners' strategy of investing in companies with strong growth trajectories.
- Overall, SRG's continued success supports Perennial Partners' confidence in its investment thesis.
Summary
Ausbil Investment Management
31 Oct 2025
$2.75
- SRG Global (SRG) returned +41.8% for the month.
- SRG provides maintenance, services, and construction solutions for critical infrastructure assets.
- Consistent performance driven by an aligned and experienced management team.
- Management has a proven track record as excellent allocators of shareholder capital.
- Recent acquisition of TAMS enhances diversification into a complementary sector.
- TAMS acquisition adds high-quality, recurring revenue streams.
- Focus on high free cash flow generation from new business segments.
Summary
Monash Investors
31 Aug 2025
$1.95
- Monash Investors believe that SRG is relatively fully valued in their estimation.
- They have progressively reduced their position in SRG.
- Ultimately, Monash Investors have exited their investment in SRG.
Summary
Mint Asset Management
21 July 2025
$1.68
- Mint Asset Management noted that Industrials was the best performing sector in the quarter.
- SRG Global emerged as the standout performer with a gain of 46%.
- There was no specific news from SRG Global, indicating underlying strength in the business.
- Insights from an update with the CEO revealed strong demand across the business.
- Mint Asset Management continues to hold its position in SRG Global due to these positive indicators.
Summary
Pendal Group
30 June 2025
$1.73
- Pendal Group maintains an overweight position in SRG Global.
- SRG Global has secured $850m in contracts with repeat clients.
- Contracts span multiple sectors including water, energy, industrial and resources, health and education, defence, transport, and datacentre and commercial.
- This diversification supports strong growth potential for SRG Global.
Summary
Wilson Asset Management
30 June 2025
$1.73
- SRG Global is a diversified infrastructure services contractor involved in engineering, construction, and maintenance sectors.
- The company's share price increased by 15% in June, achieving a decade-high by month-end.
- SRG Global secured $850 million in new contracts with blue-chip repeat clients across various sectors, including water, energy, resources, defence, and data centres.
- This brings the total contract value for FY2025 to approximately $1.8 billion, more than double the previous year.
- The growth in contracts supports further expansion into FY2026.
- The awarded contracts demonstrate SRG Global's cross-selling capability and strong client relationships.
- Wilson Asset Management continues to hold because the company is positioned to compound earnings as investments in critical infrastructure by governments and corporates persist.
Summary
QVG Capital
30 June 2025
$1.73
- QVG Capital notes that SRG Global has contributed positively to portfolio returns this month.
- SRG Global announced $850m worth of contracts, which is significant given their revenue of approximately $1,300m.
- Speculation surrounding potential M&A activity has likely supported the share price.
- The recent acquisition of Diona, a water infrastructure maintenance business, has proven to be a great success.
Summary
Milford Asset Management
30 June 2025
$1.73
- SRG Global experienced a strong rally of 14.6% following $850m in contract wins.
- The company is successfully diversifying operations across various geographies and sectors.
- Milford Asset Management appreciates the management’s focus on securing multi-year contracts, which helps to mitigate the risk of near-term disappointments.
Summary
Ryder Capital
31 Mar 2025
$1.18
- SRG fell 14.8% over the quarter after a strong performance following the capital raise for acquiring Diona.
- Since the last capital raise in August 2024, the share price has increased 42%, with a peak gain of 81%.
- Ryder Capital has taken the opportunity to realise meaningful profits by trimming exposure in SRG on value and risk management grounds.
- Position reduced from 8.2% to 4.5% by quarter-end.
- SRG remains a core holding in the portfolio.
- Company operates a high-quality, growing business in attractive sectors.
- Supported by tailwinds and consistently paying increasing fully franked dividends.
Summary
Wilson Asset Management
31 Dec 2024
$1.39
- SRG Global is an engineering-led specialist focused on delivering innovative solutions for asset, mining, and construction services.
- Recently secured $700 million in contracts with repeat clients in the water, dairy, and resource sectors.
- Share price increased to $1.385 on 31 December 2024, marking a 106.7% increase over the 2024 calendar year.
- A low-liquidity period in December 2024 amplified share price movements.
- Anticipation of expected inclusion in the ASX 300 by March 2025 has driven increased interest.
- Market expectations of upside potential to FY25 earnings guidance further supported positive share price momentum.
Summary
Ellerston Capital
30 Nov 2024
$1.31
- November saw a new decade-high share price for SRG Global (SRG AU) at $1.35, reflecting an 18% gain.
- SRG has expanded into the water sector through the acquisition of Diona, which is yielding positive results.
- Recent contract wins total $700m, with significant contributions from the new Diona business.
- Contract wins are diverse, covering Water, Dairy, Resources, Transport, and Health sectors.
- Many contracts are long-dated or recurring, enhancing the quality of SRG's revenue stream.
- Total contract wins for FY25 have reached $925m in just 5 months, surpassing FY24's total of $776m.
- SRG's guidance includes $125m EBITDA, which may appear conservative if current momentum continues.
Summary
Monash Investors
30 Sept 2024
$1.11
- SRG Global provides maintenance and industrial services to a vast range of infrastructure assets across Australia.
- The company enjoys a revenue base that is 80% recurring in nature.
- SRG Global has consistently grown its business while improving margins in recent years.
- Monash Investors initiated a small position in 2024 at attractive valuations.
- An opportunity was taken to add to the holding via a modest capital raise in August.
- The capital raise partially funded a strategically interesting acquisition of Diona, a leading water and energy services provider.
- Shares have performed well since the capital raise, but they continue to undervalue the recurring nature of its revenue base.
- There is continued growth potential supported by significant infrastructure spending underway across Australia.
Summary
Ryder Capital
30 Sept 2024
$1.11
- Ryder Capital continues to hold a significant position in SRG Global due to strong FY24 earnings.
- SRG Global acquired Diona, a leading services company in water security and energy transition, which is seen as a strategic move.
- The Diona acquisition is viewed as attractively priced, offering earnings accretion to SRG along with long-term contracts and recurring revenue.
- To finance this acquisition, SRG raised $111m at $0.83 per share, with Ryder Capital investing an additional $1.6m.
- Over the quarter, SRG's share price rose by 33%, following the announcement of record profits exceeding FY24 guidance.
- The results were bolstered by strong free cash generation and a record work in hand.
- The outlook for SRG remains strong, supported by industry tailwinds and improved earnings quality.
- There is potential for SRG's inclusion in the ASX 300 during the March 2025 quarter rebalance.
Summary
Monash Investors
31 Aug 2024
$1.07
- Monash Investors notes that SRG Group experienced an 18% rise over the month due to a strategically interesting acquisition.
- The acquisition involves Diona, which complements SRG's focus on water security and energy transition.
- The deal will be all-cash, funded through a prudent level of debt and a well-supported equity capital raise.
- Monash Investors has been invested in SRG for an extended period, recently increasing their holding at an attractive price via an institutional placement.
- SRG has shown significant improvements in its business and economic model over the past few years.
- The company is prudent in its balance sheet management and currently enjoys strong operating momentum.
- Pricing remains attractive with potential for material further upside.
Summary
Ryder Capital
30 June 2024
$0.83
- Ryder Capital has sold SRG as part of a risk-based decision to progressively de-weight the position.
- This decision aims to manage ongoing portfolio exposure after exceptional share price performance of SRG over the financial year.
- During the year, Ryder Capital sold 14.1m shares at an average sale price of $1.23, compared to a book cost of $0.47.
- This sale resulted in a gain of 159% on cost, realizing $10.6m in profit for the year.
- This profit excludes the long-term, valuable stream of fully franked income earned through SRG's strong dividend payment policy.
- At year-end, Ryder Capital retains a holding with a meaningful portfolio exposure of approximately 3.3%.
Summary
Ryder Capital
31 Mar 2024
$0.83
- SRG Global reported a positive first half result with a 19% increase over the quarter.
- Strong cash generation supports the company's upgraded earnings guidance, indicating ongoing momentum in the business.
- The upgraded guidance is driven by forecasted strong cash flow for the second half of 2024 and into FY2025.
- SRG is steadily expanding its order book through multiple contract wins.
- Ryder Capital believes that SRG continues to trade below its intrinsic value, presenting opportunities for growth.
- With a strong management team and projected growth, Ryder Capital sees further upside potential.
Summary
Ryder Capital
30 Sept 2023
$0.65
- SRG Global remains the largest position in the Portfolio
- Fundamentally undervalued trading at sub 9x FY24 P/E
- Strong operational momentum supporting guidance of ~20% EBITDA growth
- Integration of the ALS Asset Care business is progressing positively
- Winning contracts under SRG's ownership
- Strong broad based order book following significant contract wins
- Large proportion of earnings secured under long-term contracts
- SRG is well positioned to deliver meaningful earnings growth
- Expecting a valuation re-rate translating into strong share price performance
Summary
Ryder Capital
31 Mar 2023
$0.75
- SRG Global is the largest position in the portfolio and exhibits a key transformation story.
- Performance was positive post-initiation in 2019, but the company faced challenges due to GCS acquisition and Covid-related disruptions in 2020.
- Ryder Capital views these challenges as temporary and considers the business materially undervalued.
- There is a clear pathway to restore earnings growth with a high-quality management team in place.
- Ryder Capital has added to its position at costs well below market value.
- The company currently has a substantial book of work in hand along with a healthy opportunity pipeline that enhances recurring revenues.
- SRG Global has announced $960m in contract wins since the start of FY23, indicating strong operational growth.
- Recent acquisition of ALS Asset Care further supports growth prospects.
- Ryder Capital anticipates continued upside driven by earnings growth and potential valuation multiple expansion.
- Index inclusion over the coming quarters is expected to positively impact the stock.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Investors might find SRG Global Ltd an intriguing play; with 80% recurring revenue and a strategic acquisition in Diona, it appears to be positioned for growth amidst Australia’s infrastructure boom, yet still seems undervalued at current levels."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in SRG Global Ltd (ASX:SRG)?
Fund managers including Monash Investors, Ryder Capital, Mint Asset Management, QVG Capital, Pendal Group, Milford Asset Management, Wilson Asset Management, Ellerston Capital and Perennial Partners have invested in SRG Global Ltd (ASX:SRG).
Why do fund managers invest in SRG Global Ltd?
Fund managers invest in SRG Global Ltd due to its strong revenue model, with 80% of earnings being recurring, and consistent growth in margins. The company's strategic acquisition of Diona enhances its service offerings in the water and energy sectors. Additionally, ongoing infrastructure spending in Australia provides a favorable environment for further growth, making the current share price attractive relative to its potential.
What happened to SRG Global Ltd (ASX:SRG)?
Fund managers are investing in SRG Global Ltd due to its strong growth trajectory, bolstered by a recent acquisition of Total AMS, which enhances its marine infrastructure capabilities. This acquisition is expected to increase recurring revenue and broaden the company's addressable market across various sectors, including resources and public infrastructure. Despite some fund managers reducing their positions as the stock approaches full valuation, the overall sentiment remains positive, highlighting SRG's potential for continued growth.