Overview Key strengths Key risks Capital-light business and conservative financial policy support robust credit metrics. Fragmented addressable markets with modest barriers to entry and limited differentiation from competitors. Key player in outsourced operations and maintenance (O&M) markets in Australia and New Zealand. Exposed to potential structural industry changes or poor performance by contractors. This could reduce outsourced maintenance services. Long-dated contracts with built-in price escalations provide high revenue stability and visibility. We expect the group's diverse service offerings across the defense, telecommunications, infrastructure, and transport sectors; geographical diversity; and growing work-in-hand to support operating and earnings stability through economic cycles. Ventia's incumbent position, contract renewal rates of about 90%, and growth initiatives will enhance its prospects of securing new contracts.
