MACMAHON HOLDINGS LIMITED (MAH)
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MAH

MAH - MACMAHON HOLDINGS LIMITED

FNArena Sector : Mining Sector Contracting
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 0.99
Index: ALL-ORDS

Macmahon Holdings is an Australian mining and construction services company. Founded in 1963, the company became a listed entity in 1983.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.285

23 May
2025

0.005

OPEN

$0.29

1.79%

HIGH

$0.29

1,033,166

LOW

$0.28

TARGET
$0.40 40.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DNL . DOW . EHL . GNG . IMD . IPG . LBL . LYL . MAD . MIN . MLG . MND . MSV . MYE . NWH . ORI . PRN . RAN . RCR . RDG . RUL . SGH . SRG . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
MAH: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 2.5 4.9 xxx
DPS (cps) xxx 1.1 1.3 xxx
EPS Growth xxx - 7.7% 93.7% xxx
DPS Growth xxx 40.0% 23.8% xxx
PE Ratio xxx N/A 5.8 xxx
Dividend Yield xxx N/A 4.6% xxx
Div Pay Ratio(%) xxx 41.5% 26.5% xxx

Dividend yield today if purchased 3 years ago: 6.56%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.68

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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: 19/09 - ex-div 0.6c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx2.5
DPS All xxxxxxxxxxxxxxx1.1
Sales/Revenue xxxxxxxxxxxxxxx2,031.3 M
Book Value Per Share xxxxxxxxxxxxxxx30.0
Net Operating Cash Flow xxxxxxxxxxxxxxx270.8 M
Net Profit Margin xxxxxxxxxxxxxxx2.62 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx8.57 %
Return on Invested Capital xxxxxxxxxxxxxxx5.99 %
Return on Assets xxxxxxxxxxxxxxx3.65 %
Return on Equity xxxxxxxxxxxxxxx8.57 %
Return on Total Capital xxxxxxxxxxxxxxx13.09 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx101.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx104 M
Long Term Debt xxxxxxxxxxxxxxx237 M
Total Debt xxxxxxxxxxxxxxx341 M
Goodwill - Gross xxxxxxxxxxxxxxx9 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx195 M
Price To Book Value xxxxxxxxxxxxxxx0.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx150.0 M
Capex % of Sales xxxxxxxxxxxxxxx7.39 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,643 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx257 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

14/05/2025

1

Initiation of coverage with Buy

$0.40

40.35%

Bell Potter initiates reserach coverage on Macmahon Holdings with a Buy rating and a 40c target, citing attractive valuation, strong cash generation, and long-term earnings visibility.

A contract mining and civil infrastructure company with operations in Australia and Southeast Asia, Macmahon's core business spans surface and underground mining, surmarises the broker.

The focus is on gold (54% of revenue), metallurgical coal (20%), and lithium (8%), alongside a growing civil division following the 2024 acquisition of Decmil.

The company operates capital-intensive, long-term projects, with mining EBITDA margins around 17%, while its civil segment operates on leaner capital with lower but more scalable margins of around 7%, observes Bell Potter.

Commentary highlights growth drivers include a 50% targeted uplift in underground mining over two to three years, international expansion in Indonesia, and civil project wins post-Decmil integration.

Management also sees upside potential from asset divestments and future M&A once balance sheet strength is restored.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 1.30 cents and EPS of 4.90 cents.
Bell Potter forecasts a full year FY26 dividend of 1.60 cents and EPS of 5.30 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

Petra Capital

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Jarden

20/02/2025

2

Overweight

$0.34

19.30%

Jarden highlights Macmahon's 1H25 result underwhelmed relative to expectations, with margin delivery and higher net interest costs weighing on the reported earnings.

The company maintained FY25 guidance, but the broker reckons this will require a large step-up in the 2H.

The broker has tempered expectations, forecasting FY25 EBIT of $170m towards the mid-point of the $160-175m guidance, while estimating revenue of $2.5bn at top end of $2.4-2.5bn guidance.

Target price rises to 34c from 32c. Overweight maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 1.20 cents and EPS of 4.80 cents.
Jarden forecasts a full year FY26 dividend of 1.30 cents and EPS of 5.10 cents.

Canaccord Genuity

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
Access Extra Coverage Research History >

MAH STOCK CHART

FNArena News on MAH

1
Australian Broker Call *Extra* Edition – May 05, 2025

May 05 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Mar 31, 2025

Mar 31 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Feb 20, 2025

Feb 20 2025 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Feb 19, 2025

Feb 19 2025 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Dec 09, 2024

Dec 09 2024 - Daily Market Reports

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