2206 GMT - Service Stream's renewal of a key contract with NBN Co. helps to persuade Ord Minnett to upgrade the stock to buy, from hold. Service Stream says the contract is worth A$1.9 billion over an initial five years. "Confirmation of the agreement de-risks the near-term earnings outlook/forecasts," analyst Ian Munro says. Service Stream appears to have now re-signed all major and material customer agreements that were scheduled to roll over within the medium term, Ord Minnett says. "With more evidence of top line growth and margin expansion in the Utilities segment, and steady growth in the Transport segment, the earnings trajectory for Service Stream is positive for the second half and into FY 2026," Ord Minnett adds. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 02, 2025 17:06 ET (22:06 GMT)
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