MAAS GROUP HOLDINGS LIMITED (MGH)
Share Price Analysis and Chart

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MGH - MAAS GROUP HOLDINGS LIMITED

FNArena Sector : Building Products & Services

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 3.92

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$3.98 21 Mar 2025	-0.060 OPEN $4.04	-1.49% HIGH $4.11	7,228,145 LOW $3.91

TARGET

$4.85

21.9% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
ACF . BKW . BRI . FBR . FBU . JHX . JLG . RWC . SFC . SRG . WGN .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	22.3	23.9	xxx
DPS (cps)	xxx	6.5	6.9	xxx
EPS Growth	xxx	7.8%	7.0%	xxx
DPS Growth	xxx	8.3%	6.2%	xxx
PE Ratio	xxx	N/A	16.4	xxx
Dividend Yield	xxx	N/A	1.8%	xxx
Div Pay Ratio(%)	xxx	29.2%	28.9%	xxx

Dividend yield today if purchased 3 years ago: 1.38%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 17/09 - ex-div 3.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	22.3
DPS All	xxx	xxx	xxx	xxx	xxx	6.5
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	895.1 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	206.9
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	113.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	8.15 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	11.18 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	6.21 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	4.81 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	11.18 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	8.55 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	37.9 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	75 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	551 M
Total Debt	xxx	xxx	xxx	xxx	xxx	626 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	115 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	85 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	2.04

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	56.9 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	6.36 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	665 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	124 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	258 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	21/02/2025	-1	No Rating		-	Due to research restrictions Macquarie cannot provide rating or target price on Maas Group (last target price was $5.06). The broker notes 1H25 underlying EBITDA was largely in line with consensus but full-year guidance was below market expectations. The guidance is in the range of $215-245m that is inclusive of $10-12m 2H contribution from recent acquisitions, the broker highlights. The company reaffirmed expectations for capital recycling initiatives to achieve $100m in FY25; the broker notes it already realised $90.7m in 1H. The broker cut FY25-26 earnings estimate by -19% and -18% respectively. FORECAST Macquarie forecasts a full year FY25 dividend of 6.80 cents and EPS of 22.70 cents. Macquarie forecasts a full year FY26 dividend of 9.40 cents and EPS of 31.30 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

21/02/2025

-1

No Rating

Due to research restrictions Macquarie cannot provide rating or target price on Maas Group (last target price was $5.06).

The broker notes 1H25 underlying EBITDA was largely in line with consensus but full-year guidance was below market expectations.

The guidance is in the range of $215-245m that is inclusive of $10-12m 2H contribution from recent acquisitions, the broker highlights.

The company reaffirmed expectations for capital recycling initiatives to achieve $100m in FY25; the broker notes it already realised $90.7m in 1H.

The broker cut FY25-26 earnings estimate by -19% and -18% respectively.

FORECAST
Macquarie forecasts a full year FY25 dividend of 6.80 cents and EPS of 22.70 cents.
Macquarie forecasts a full year FY26 dividend of 9.40 cents and EPS of 31.30 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Wilsons	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Moelis	24/02/2025	1	Buy	$5.19	30.40%	Maas Group's 1H25 result was mixed, notes Moelis, with construction materials EBITDA up 24% y/y on contribution from acquisitions and modest organic growth, while residential real estate EBITDA was down -20% y/y. As per the commentary, Civil construction and hire (CCH) segment was impacted by project delays and lower utilisation. The broker lowered FY25-26 EPS estimates on lower revenue and margins from CCH business. Near-term outlook would be supported by return of organic growth in cash generative industrial operating segment, while the residential segment would benefit from the start of an easing cycle, the broker notes. Target price cut to $5.19 from $5.81. Buy retained. FORECAST Moelis forecasts a full year FY25 dividend of 7.70 cents and EPS of 24.80 cents. Moelis forecasts a full year FY26 dividend of 7.70 cents and EPS of 31.10 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Wilsons

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Moelis

24/02/2025

Buy

$5.19

30.40%

Maas Group's 1H25 result was mixed, notes Moelis, with construction materials EBITDA up 24% y/y on contribution from acquisitions and modest organic growth, while residential real estate EBITDA was down -20% y/y.

As per the commentary, Civil construction and hire (CCH) segment was impacted by project delays and lower utilisation. The broker lowered FY25-26 EPS estimates on lower revenue and margins from CCH business.

Near-term outlook would be supported by return of organic growth in cash generative industrial operating segment, while the residential segment would benefit from the start of an easing cycle, the broker notes.

Target price cut to $5.19 from $5.81. Buy retained.

FORECAST
Moelis forecasts a full year FY25 dividend of 7.70 cents and EPS of 24.80 cents.
Moelis forecasts a full year FY26 dividend of 7.70 cents and EPS of 31.10 cents.

Access Extra Coverage Research History >

MGH STOCK CHART

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Dividend Yield Today On Last Actual Payout :	1.66
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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MAAS GROUP HOLDINGS LIMITED (MGH)
Share Price Analysis and Chart