MACMAHON HOLDINGS LIMITED (MAH)
Share Price Analysis and Chart

22/09/2026

3

Hold

$1.10

-4.76%

MacMahon Holdings will acquire Aspect Engineering Solutions, to be funded from cash reserves. The deal includes an upfront payment of $30m, annual retention payments of $6m over five years and performance-based earn-outs of $15m-$30m.

Ord Minnett assesses the acquisition is financially attractive and the company has indicated proforma EPS accretion of around 6% in FY27. The acquisition enhances the service offering by adding front-end engineering capability and also expands exposure in the mineral processing market.

EPS estimates are revised up by 3% for FY27 and the target increases to $1.10 from $1.00. Hold rating.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 3.00 cents and EPS of 6.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 3.00 cents and EPS of 7.00 cents.

23/09/2026

1

Buy

$1.18

2.16%

Canaccord Genuity maintains a Buy rating for Macmahon Holdings with its target price increased to $1.18 from $1.04 following the acquisition of Aspect Engineering Solutions.

The $30m upfront cash transaction adds front-end and detailed engineering, minerals processing, and operations and maintenance capabilities to the company's surface mining and civil infrastructure platforms.

The analyst views the strategic expansion upstream into minerals processing as a priority, enabling earlier client engagement and longer contract tenure by purchasing capability rather than just incremental volume.

Aspect Engineering Solutions brings an estimated $15.2m in FY26 EBIT at a 20% margin, representing 7% of the group's guided underlying EBIT before the acquisition.

Canaccord Genuity revises EPS forecasts upwards by 3% for FY27 and 7% for FY28, noting the robust balance sheet leaves net debt at an estimated $110m, or 0.2x net debt to EBITDA, providing substantial capacity for ongoing growth initiatives.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 3.00 cents and EPS of 6.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 3.00 cents and EPS of 7.00 cents.