Back of the envelope,SSM appears to have 30% EDITDA upside in FY17. 2H of $19-20m annualised, plus three contracts won, all starting in the 2H16 (nbn maintenance, Optus contract and nbn construction)equates to a minimum of $40m. Nbn is due to release additional contracts in July / August, and the rollout speed of nbn is accelerating. With guidance of $35 m EBITDA, SSM should do around $45m next year.
Good prior points about being a contractor, but nbn appears to be in a sweet spot for a while. One to hold for the growth over the next few years.
Ann: Service Stream updates earnings outlook for FY16-SSM.AX, page-20
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