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Why the Service Stream Limited share price is rising today

Credit: Steve Jurvetson

Shares in network services provider Service Stream Limited (ASX: SSM) were up 0.7% to $1.61 at the time of writing off the back of a May 31 investment presentation.

Service Stream provides design, construction, installation and maintenance services across the telecommunications and utility sectors with 26 offices and depots across Australia.

Service Stream’s share price has risen by around 1,000% over the last 5 years as the $576 million market cap company has targeted a range of public and private customers nationally in the competitive energy and water space.

Since announcing a share buyback in February, Service Stream has acquired and cancelled 4.6 million shares with share buybacks to continue as the company forecasts FY18 group EBITDA to be in the realm of $64 million.

Other Energy stocks falling into the red today include Origin Energy Ltd (ASX: ORG) – down 0.9% to $9.51 at the time of writing and AGL Energy Ltd – also down 0.7% to $21.93.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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