Service Stream (SSM) shares hit on first half report
Service Stream (SSM) -9.09%: The essential network services provider reported after market on Wednesday, and on Thursday they were hit hard, down around 9.09%. The result was a decent one, inline with prior guidance however it seemed the market had gotten slightly ahead of itself. Macquarie put out a bullish note a few days ago initiating coverage with an outperform and $3.19 price target, v the $2.62 the stock was trading at the time. They pencilled in adjusted net profit for the year of $67.6m and today SSM printed $32.3m for the 1H, and guided for a similar outcome for the 2H, which implies $64.6m for the year, a 4.4% miss. They did increase the dividend to 4cps which was up 14% on prior period.
Service Stream (SSM) Chart
