Loading companies…

Service Stream Ltd ASX:SSM

Infrastructure Services Base Metals Gold Mining Recurring Revenue

1 opened or increased5 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 8 managers in total.

Position history by manager Showing 3 of 8 managersSelect a point to see the comment

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

5 more managers have commented on SSMPro shows the full position history for all 8 managers.

Upgrade to Pro

20252026

15 Sep 2025 to today

Commentary Showing 2 of 13

DateManagerActionSummary

30 Jun 2026Ophir Asset ManagementHeldOphir Asset Management continues to hold Service Stream Ltd, which was among the largest contributors to portfolio performance in the month as shares rose 11.8%. The manager highlights the company's utility, telecommunications and facility maintenance operations, noting the addition of a new defence maintenance vertical that Ophir believes can grow larger than the market currently expects. This emerging growth avenue is seen as a source of potential earnings upside beyond the company's established service lines, reinforcing the fund's confidence in the stock's forward trajectory as diversification into defence-related contracts progresses.

Monthly Report, price recorded $2.65

The source document link is a Pro feature

17 Jun 2026Ophir Asset ManagementHeldOphir Asset Management continues to hold Service Stream because it believes the market is materially underestimating the company's earnings trajectory across three key growth vectors. Ophir notes that utilities EBITDA margins reached 5.5% in 1H26, ahead of the 5.0% repositioning target, and sees a path to 6.5% over two years. The fund highlights Service Stream's new Tier 1 Defence contractor status, a six-year $1.6 billion Department of Defence contract covering NT and SA, as a structural step-change capable of generating over $250 million in annual revenue at margins above 5%. The telco segment has also been refreshed with new NBN field service contracts, an expanded Telstra partnership and Optus HFC decommissioning work, with 3–5% revenue growth expected at ~9% margins. Work in hand has grown 55% to $9.2 billion with $6 billion in extension options and average contract tenure of 17.5 years. Ophir believes consensus FY27 EBITDA of ~$180 million is too low and that the stock's effective trading multiple of ~14x FY27 earnings compares favourably to peers Ventia (~18x), Downer (~17x) and SRG (>24x), with a higher-quality annuity earnings stream and net cash balance sheet. A bolt-on acquisition at ~8x EV/EBIT could add a further ~9% to earnings.

Article, price recorded $2.55

The source document link is a Pro feature

11 more comments on SSMPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 8 managers first commented on SSM.

View Pro

Articles

About Service Stream Ltd

Industrials, Construction and Engineering

Service Stream (ASX:SSM), an essential infrastructure services provider, has been re-rated by fund managers as defence becomes a new growth pillar. In June 2026, Ausbil highlighted a newly secured services-based defence contract, making defence the company's fourth business pillar, and described Service Stream as an overlooked value play with a strong balance sheet poised to benefit from rising defence spending. Ophir, which bought in 2023 after the market had written it off, said Service Stream was one of its largest contributors, and QVG noted $450 million of contract awards and an electrical contractor acquisition. Service Stream operates in the Industrials sector within the Construction and Engineering industry, and Thesis Tracker has captured 13 comments from 8 fund managers, including Ausbil, Ophir and QVG. Headquartered in Melbourne, Service Stream designs, builds, operates and maintains utility, telecommunications, transport and defence infrastructure across Australia.

Market cap: $1.3b
Price to earnings: 28.0x
Return on equity: 11.0%
Dividend yield: 2.7%
Price to book: 2.99x
Net margin: 2.4%
52-week range: $1.78 to $2.72

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

Questions

Who is investing in Service Stream Ltd (ASX:SSM)?

Fund managers including Ryder Capital, Wilson Asset Management, Centennial Asset Management, Oracle Advisory Group, QVG Capital, Ausbil Investment Management, Prime Value Asset Management and Ophir Asset Management have invested in Service Stream Ltd (ASX:SSM).

What opportunities or catalysts do fund managers highlight for Service Stream Ltd?

Managers highlight a new defence contract adding a fourth pillar, $450 million of contract awards, a strong balance sheet and recovery from earlier contract issues, according to Ausbil, Ophir and QVG.

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

Ophir notes Service Stream previously suffered from problematic utilities contracts that led the market to write it off, highlighting contract execution risk.

What does Service Stream Ltd (ASX:SSM) do?

Service Stream Ltd., headquartered in Melbourne, Australia, provides design, construction, operation, and maintenance services for critical infrastructure. Founded in 1996, the company operates across four key segments: Telecommunications, providing installation and maintenance for fixed-line and wireless networks; Utilities, serving gas, water, and electricity sectors; Transport, supporting road and tunnel asset owners; and Other. Service Stream delivers comprehensive lifecycle management for infrastructure networks, offering technical expertise to public and private sector clients to ensure network performance and operational efficiency.

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.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…