Financials Macmahon Holdings Limited

Equities

MAH

AU000000MAH3

Mining Support Services & Equipment

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
0.25 ^AUD	-1.96%		+6.38%	+35.14%

Apr. 16	Macmahon Holdings Executes Decmil Group Acquisition	MT
Apr. 16	Macmahon Holdings Limited agreed to acquire Decmil Group Limited fromThorney Investment Group Australia Pty. Ltd., Horley Pty Ltd and others for AUD 100 million	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	396.5	534.2	399	283.5	325.5	525.4	-	-
Enterprise Value (EV) ¹	449.2	595.1	529.4	499	527.4	705.1	700.7	711.6
P/E ratio	8.73 x	8.23 x	5.23 x	10.4 x	5.66 x	6.67 x	5.83 x	5.52 x
Yield	2.7%	2.35%	3.42%	4.81%	4.84%	3.84%	4.34%	4.62%
Capitalization / Revenue	0.36 x	0.39 x	0.3 x	0.17 x	0.17 x	0.28 x	0.26 x	0.25 x
EV / Revenue	0.41 x	0.43 x	0.39 x	0.29 x	0.28 x	0.37 x	0.34 x	0.34 x
EV / EBITDA	2.48 x	2.49 x	2.12 x	1.71 x	1.71 x	2.03 x	1.91 x	1.88 x
EV / FCF	12.5 x	5.3 x	18.1 x	7.64 x	7.16 x	8.26 x	7.43 x	9.1 x
FCF Yield	7.98%	18.9%	5.52%	13.1%	14%	12.1%	13.5%	11%
Price to Book	0.93 x	1.16 x	0.79 x	0.54 x	0.54 x	0.8 x	0.73 x	0.66 x
Nbr of stocks (in thousands)	2,143,286	2,094,995	2,100,147	2,100,147	2,100,147	2,101,735	-	-
Reference price ²	0.1850	0.2550	0.1900	0.1350	0.1550	0.2500	0.2500	0.2500
Announcement Date	8/30/19	8/25/20	8/24/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,103	1,380	1,351	1,698	1,906	1,899	2,039	2,081
EBITDA ¹	181.4	238.7	249.9	291.4	308.7	347.7	367.7	379
EBIT ¹	75.1	91.6	95.2	100.8	116.6	137.1	149.9	155.1
Operating Margin	6.81%	6.64%	7.04%	5.94%	6.12%	7.22%	7.35%	7.46%
Earnings before Tax (EBT) ¹	53.83	72.49	81.93	46.14	82.41	109.5	125.3	132.6
Net income ¹	46.1	64.9	77.23	27.4	57.67	78.42	91.81	96.74
Net margin	4.18%	4.7%	5.71%	1.61%	3.03%	4.13%	4.5%	4.65%
EPS ²	0.0212	0.0310	0.0363	0.0130	0.0274	0.0375	0.0429	0.0453
Free Cash Flow ¹	35.84	112.2	29.24	65.35	73.63	85.4	94.3	78.2
FCF margin	3.25%	8.13%	2.16%	3.85%	3.86%	4.5%	4.63%	3.76%
FCF Conversion (EBITDA)	19.76%	47.02%	11.7%	22.43%	23.85%	24.56%	25.64%	20.64%
FCF Conversion (Net income)	77.75%	172.93%	37.87%	238.5%	127.67%	108.9%	102.71%	80.83%
Dividend per Share ²	0.005000	0.006000	0.006500	0.006500	0.007500	0.009590	0.0108	0.0116
Announcement Date	8/30/19	8/25/20	8/24/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S2
Net sales ¹	686.7	693.7	652.5	699	809.7	888.3	987.2	918.9	965.9
EBITDA ¹	112.7	-	121	128.7	-	152.7	149.3	159.4	181.5
EBIT	42.8	47.6	46.48	48.7	37.8	-	53.7	-	-
Operating Margin	6.23%	6.86%	7.12%	6.97%	4.67%	-	5.44%	-	-
Earnings before Tax (EBT)	33.7	38.79	36.84	45.08	9.39	-	34.82	-	-
Net income	28.7	36.2	44.77	32.46	3.3	-	23.27	-	-
Net margin	4.18%	5.22%	6.86%	4.64%	0.41%	-	2.36%	-	-
EPS ²	0.0137	0.0170	0.0208	0.0155	-	-	0.0110	-	0.0200
Dividend per Share ²	-	0.003500	0.003000	0.003500	-	0.003500	-	0.004500	0.004500
Announcement Date	2/23/20	8/25/20	2/22/21	8/24/21	2/21/22	8/22/22	2/20/23	8/21/23	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	52.7	60.9	130	216	202	180	175	186
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2904 x	0.2552 x	0.5216 x	0.7396 x	0.6541 x	0.5166 x	0.4767 x	0.4912 x
Free Cash Flow ¹	35.8	112	29.2	65.3	73.6	85.4	94.3	78.2
ROE (net income / shareholders' equity)	13.2%	14.6%	14.5%	11.5%	11.6%	12.4%	12.8%	12.3%
ROA (Net income/ Total Assets)	7.3%	7.9%	7.3%	5.1%	4.8%	8.15%	8.76%	8.84%
Assets ¹	631.5	821.5	1,058	537.3	1,201	962.2	1,048	1,094
Book Value Per Share ²	0.2000	0.2200	0.2400	0.2500	0.2900	0.3100	0.3400	0.3800
Cash Flow per Share ²	-	0.0900	0.1100	0.1100	0.1200	0.1300	0.1400	0.1500
Capex ¹	56.7	81.5	210	163	193	211	216	221
Capex / Sales	5.14%	5.9%	15.56%	9.57%	10.14%	11.13%	10.6%	10.61%
Announcement Date	8/30/19	8/25/20	8/24/21	8/22/22	8/21/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Macmahon Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.25 AUD

Average target price

0.2725 AUD

Spread / Average Target

+9.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Mining Support Activities