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Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
It has a high market share in the defence and telecom segments, along with long client relationships. Its current work in hand contracts provide it strong revenue visibility over the next few years.
Ventia’s revenue has been flattish over the past few years owing to a decline in revenue for its telecom segment. However, the company has been reporting better margins and has therefore been able to report NPATA growth as well.
As compared to some of its domestic listed peers, Ventia will have higher gearing but also better margins. As compared to its local and international peer set, the offering doesn’t appear to be expensive.
Ventia IPO
Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
It has a high market share in the defence and telecom segments, along with long client relationships. Its current work in hand contracts provide it strong revenue visibility over the next few years.
Ventia’s revenue has been flattish over the past few years owing to a decline in revenue for its telecom segment. However, the company has been reporting better margins and has therefore been able to report NPATA growth as well.
As compared to some of its domestic listed peers, Ventia will have higher gearing but also better margins. As compared to its local and international peer set, the offering doesn’t appear to be expensive.
Underlying
VENTIA SERVICES GROUP
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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