Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

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Equity Bottom-Up

<ul><li>RaaS has published an update on engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) following its recent AGM at which the company released an updated sales pipeline for the remainder of FY25, stating strong expected win rates of at least equal to last year's 36%.</li><li>We retain our existing forecasts with FY25 revenue growth of 11% to $103.2m and EBITDA growth of 19% to $10.5m.</li><li>However, the AGM commentary gives us additional comfort and confidence that VBC is well placed to deliver those forecasts.</li></ul>

RaaS has published an update on engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) following its recent AGM at which the company released an updated sales pipeline for the remainder of FY25, stating strong expected win rates of at least equal to last year's 36%.We retain our existing forecasts with FY25 revenue growth of 11% to $103.2m and EBITDA growth of 19% to $10.5m.However, the AGM commentary gives us additional comfort and confidence that VBC is well placed to deliver those forecasts.

Verbrec Ltd - AGM Update pointing to a strong year

<ul>
<li>RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based valuation of $0.40/share, representing potential capital upside of 196% on the current share price.</li>
<li>FY24 was a turnaround year for Verbrec under new management with a clear strategy of carving out costs, improving operating and risk management disciplines, selling under-performing businesses and finalising legacy projects.</li>
<li>The business is now recapitalised, profitable, cash generative and, in our opinion, poised for further growth with a favourable macro environment in both VBC’s traditional engineering projects and particularly its areas of sustainable focus, led by the energy transition that is underway in Australia.</li>
</ul>


RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based valuation of $0.40/share, representing potential capital upside of 196% on the current share price.
FY24 was a turnaround year for Verbrec under new management with a clear strategy of carving out costs, improving operating and risk management disciplines, selling under-performing businesses and finalising legacy projects.
The business is now recapitalised, profitable, cash generative and, in our opinion, poised for further growth with a favourable macro environment in both VBC’s traditional engineering projects and particularly its areas of sustainable focus, led by the energy transition that is underway in Australia.


Verbrec Limited - Building a Sustainable Model

Australia

Verbrec Limited designs, builds, installs, and services electrical and control systems for major projects primarily for the resources, energy, and utilities industries.

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Verbrec (VBC AU)

Verbrec Ltd - AGM Update pointing to a strong year

RaaS has published an update on engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) following its...

Research as a Service (RaaS)

Verbrec Limited - Building a Sustainable Model

RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based...

Research as a Service (RaaS)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)