Westpac Banking Corp
WBC
Woodside Energy Group Ltd
WDS
CommBank
CBA
ANZ Group Holdings Ltd
ANZ
National Australia Bank Ltd
NAB
Link derives its revenue primarily from providing administration services to the financial services sector in Australia, and the share registry and investment fund sectors in the U.K. The company is the largest provider of superannuation administration services and the second-largest provider of share registry services in Australia. Link’s clients are usually contracted for between two and five years. The customers are relatively sticky, resulting in a high recurring revenue. The capital-light business model means cash flow is relatively strong.