MADER GROUP LIMITED (MAD)
Share Price Analysis and Chart

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

25/02/2026

1

Buy

$9.70

18.58%

Mader Group reported profit up 17% year on year, -7% below Bell Potter's expectations. Australia and North America profitability is anticipated to improve in 2H26, the broker notes, as revenue lifts quicker than the respective segment’s cost bases.

The interim dividend was deferred to bring forward achievement of net cash (excluding leases) to support the company’s financial position before it embarks on a “more aggressive approach to organic and inorganic growth opportunities".

Mader continues to expand rapidly into adjacent markets in Australia and convert well on business development opportunities across North America, Bell Potter suggests, with labour recruitment and deployment into the region the key constraint.

Target rises to $9.70 from $9.00, Buy retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 5.50 cents and EPS of 33.10 cents.
Bell Potter forecasts a full year FY27 dividend of 11.40 cents and EPS of 37.40 cents.

03/03/2026

3

Hold

$9.08

11.00%

Mader Group's 1H26 result showed continued strong growth in Australia and a solid showing in North America, Moelis notes.

Management has reiterated FY26 guidance of profit of $65m, which implies a 2H26 broadly in line with customary 1H:2H split of 47:53.

Fast growing verticals and execution in Canada remain the pathways for further growth, in Moelis' view.

Commentary states the company has made excellent strides in its strategic plan milestones and the broker maintains a view that Mader remains in a growth cycle.

Moelis keenly anticipates an update on the new five year plan in coming months. Hold retained, target $9.08.

FORECAST
Moelis forecasts a full year FY26 dividend of 4.80 cents and EPS of 30.90 cents.
Moelis forecasts a full year FY27 dividend of 4.80 cents and EPS of 37.50 cents.