MADER GROUP LIMITED (MAD)
Share Price Analysis and Chart

21/01/2025

3

Hold

$6.80

12.96%

Bell Potter lowers its FY26 North America segment revenue growth forecast for Mader Group to 8% from 14%, reflecting a more cautious short-to-medium-term outlook.

The analysts expect only a modest half-on-half recovery in North America mining activity.

The target price decreases to $6.80 from $7.20 following an increase in the assumed risk-free rate to 4.3% from 4.0%. The Hold rating is maintained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 8.60 cents and EPS of 28.70 cents.
Bell Potter forecasts a full year FY26 dividend of 10.20 cents and EPS of 34.00 cents.

22/08/2024

1

Buy

$6.52

8.31%

Mader Group achieved guidance in its FY24 results with Moelis observing the Australian segment grew strongly and North America, while still growing, moderated.

Net profit of $50.4m was broadly in line with expectations. The broker updates estimates to imply 16% compound growth in EPS for FY24-26.

Catalysts should come from continued expansion in North America and an increased contribution from ancillary services. Buy rating maintained. Target is reduced to $6.52 from $7.41.

FORECAST
Moelis forecasts a full year FY25 dividend of 7.80 cents and EPS of 27.10 cents.
Moelis forecasts a full year FY26 dividend of 7.80 cents and EPS of 31.50 cents.