SRG Global strengthens portfolio with TAMS integration

SRG Global delivered robust operational momentum in FY 25, leveraging strategic execution and recent acquisitions to enhance its integrated asset life cycle solutions across infrastructure sectors. The company's positive trajectory is further strengthened by the acquisition of TAMS, which brings marine infrastructure capabilities and positions it to accelerate growth and capture new opportunities.

SRG Global Limited is a diversified infrastructure services provider that was founded in 1961 and is headquartered in Perth, Western Australia. The company delivers specialist engineering, construction, asset maintenance and industrial services across a broad spectrum of sectors, including resources, energy, transport, and water. Its business model is based on providing integrated solutions for complex assets, supporting clients throughout the entire asset life cycle from design and construction through to ongoing maintenance and operation.

The company operates through two segments: Maintenance & Industrial Services (65.5% of FY 25 revenue) and Engineering & Construction (34.5%). Geographically, it operates in Australia (95.1% of FY 25 revenue) and New Zealand (4.9%).

SRG Global acquires TAMS

On October 14, 2025, SRG Global Limited announced the acquisition of Total AMS Pty Ltd. and its subsidiaries (TAMS), a leading end-to-end marine infrastructure service partner for 85 million Australian dollars. SRG Global aims to fund this acquisition via AUD 57.3m of existing cash and available debt facilities, AUD 27.7m of SRG Global shares issued to vendors, and a 2-year earn-out opportunity including 100% of TAMS annual EBITDA above AUD 30m and below AUD 40m and 50% of TAMS annual EBITDA above AUD 40.0m.

This acquisition adds AUD 600m in WIH and an AUD 3bn opportunity pipeline, boosting its marine infrastructure capabilities across design, construction, and maintenance. It also enhances recurring revenue profiles through multi-year marine infrastructure.
Following the acquisition for FY 26, the company projects a revenue increase to over AUD 1.6bn and EBITDA of AUD 175.0m, with margin improvement from 9.7% to 10.6%. In addition, the deal is set to boost EPS by 25.0%.

Solid growth trajectory

SRG Global Ltd. reported a strong top-line performance over FY 22-25, posting revenue CAGR of 27.0% to reach AUD 1.3bn, propelled by expansion of its core segment and long-term contract wins. EBITDA rose at a CAGR of 31.2% to AUD 108.0m, with margins expanding from 7.4% to 8.1%.

Consistent earnings growth led to FCF increasing from AUD 36.7m to AUD 123.0m, supported by growth in CFO, rising from AUD 61.1m to AUD 94.9m. This led to cash and cash equivalents rising from AUD 59.3m to AUD 112.0m. In addition, ROA increased from 4.0% to 6.2%, while ROE rose from 8.7% to 13.6% over FY 22-25.

In comparison, Monadelphous Group Limited, a local peer, reported revenue CAGR of 6.1%, reaching AUD 2.2bn over FY 22-25. EBITDA grew at a CAGR of 16.6% to AUD 128m; margins expanded from 4.5% to 5.9%. Net income grew at a CAGR of 17.0% to AUD 83.7m.

Robust stock returns & yields

Over the past year, the company's stock delivered returns of approximately 143.8%. In comparison, Monadelphous Group delivered returns of 83.3% over the same period. In addition, SRG Global reported DPS of AUD 0.1, with a rate of return of 3.2%. Analysts expect a dividend yield of 2.7% over the coming years.

SRG Global is currently trading at a P/E of 23.4x, based on FY 26 estimated EPS of AUD 0.1, which is higher than its 3-year historical average of 17.0x but lower than Monadelphous Group's valuation of 25.8x. The company is currently trading at an EV/EBITDA multiple of 10.3x, based on FY 26 estimated EBITDA of AUD 164.0m, which is higher than its 3-year historical average of 6.0x but lower than Monadelphous Group (12.2x).

SRG Global is monitored by five analysts, all of whom have 'Buy' ratings for an average target price of AUD 2.9, implying 7.4% upside potential over the current market price.

These views are supported by anticipated revenue CAGR of 11.9%, reaching AUD 1.9bn and EBITDA CAGR of 15.9% over FY 25-28, reaching AUD 197.9m with margin expansion of 106bp to 10.7%. In addition, analysts estimate a net profit CAGR of 23.3%, reaching AUD 93.5m. Likewise, for Monadelphous Group, analysts estimate an EBITDA CAGR of 5.8% and a net profit CAGR of 6% over FY 25-28

Overall, SRG Global has demonstrated strong operational momentum and consistent growth, successfully broadening its capabilities and market reach through strategic acquisitions such as TAMS, which further strengthens its integrated asset lifecycle solutions. It also positions the company for continued outperformance, with an enhanced recurring revenue profile and access to new growth opportunities across infrastructure sectors. However, SRG Global may face integration challenges from recent acquisitions; regulatory and macroeconomic uncertainties could pose near-term risks for the company.