Service Stream Limited (SSM)



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General Information
Company Name: Service Stream Limited
Stock Code: SSM
Website: www.servicestream.com.au
GICS Sub-Industry: Electrical Components & Equipment
Market Cap ($M): 77
Equiv. Shares (M): 386

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.200 $ 0.205 $ 0.210 $ 0.200 $ 0.200 293,500 0%

Company Overview

Business Description:
Service Stream Limited (SSM) is a provider of essential network services, including access, design, build, installation and maintenance. These services are provided to copper, fibre and wireless telecommunications networks as well as to a range of private and public energy and water entities nationally. The Company has offices in Australian Capital Territory, New South Wales, Queensland, South Australia, Victoria and Western Australia.

Strategy Analysis:
Service Stream's growth strategy consistently focuses on developing its uniquely integrated services to meet the evolving needs of large national infrastructure-based firms, both in telecommunications and utilities sector. Organic growth from the strategic integration of its stand alone businesses is expected to continue. Environmental focused infrastructure projects are forecasted to become increasingly important to the company. SSM led the introduction of smart meters last year and is now well - positioned to capitalise revenues from utility companies. Service Stream reported NPAT down 19.01% to $8.07m for the half-year ended 31 December 2012. Revenue from ordinary activities were $298.02m, down 3.2% from last year. Diluted EPS was 2.83 cents compared to 3.50 cents last year. Net operating cash flow was $22.5m compared to $19.46m last year. The interim dividend declared was 1 cents, compared with 1 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -17.3 -5.8 -189.2 0.0 1.0 2.9 100.0
2012  A 19.4 6.5 18.2 5.5 1.9 5.4 100.0
2011  A 16.5 5.5 19.6 8.7 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Service Stream (SSM) $77 M -- -- -- -- -- -- 0.0475 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SSM -- -- 0.38 -- 0.11
Market 0.98 16.5 1.26 2.11 1.66
Sector 0.97 11.4 1.01 10.00 0.40

Directors
Name Position Start Date
Mr Bob Grant Chief Financial Officer,Alternate Director 08 April 2013
Mr Terry Sinclair Managing Director 06 November 2013
Mr Leigh Geoffrey Mackender Managing Director 26 May 2014
Mr Peter Dempsey Non-Executive Chairman 01 November 2010
Mrs Deborah R Page Non-Executive Director 21 September 2010
Mr Stephe Peter Wilks Non-Executive Director 29 September 2005
Mr Brett Thomas Gallagher Non-Executive Director,Interim Managing Director 29 April 2010

Management
Name Position
Jessica Lyons Company Secretary
Vicki Letcher Company Secretary
Leigh Mackender Executive General Manager - Energy and Water
Chad Orr Executive General Manager - Fixed Communications
Daniel Hill Executive General Manager - Mobile Communications

Substantial Shareholders
Holding Name
28,038,834 (9.89%) Maple Brown Abbott Limited
15,797,924 (5.57%) Gandel Springwest Pty Ltd
53,711,859 (18.95%) Thorney Investment Pty Ltd

Calendar of Events
Date Event
16 February 2015 Report (Interim)
19 September 2014 Report (Annual)
29 August 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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