Ventia Earnings: Delivers Above Guidance and More Growth on the Way

Ventia keeps on delivering and we increase our fair value estimate by 6% to AUD 4.25. The Australasian infrastructure services provider increased its underlying 2023 net profit after tax by 17% to an above-guidance AUD 190 million or AUD 0.22 per share, slightly ahead of our AUD 0.21 estimate. The company declared a final AUD 0.09 dividend, bringing the full year to AUD 0.18 on an 82% payout. This was slightly ahead of our AUD 0.17 target and equates to a useful 5.1% yield at the current share price, franked to 80%.