Ann: Macmahon FY23 Results Investor Presentation, page-2

Hard to fault this result ...
- good and improving margins (Q4 ebitda margin of 8.1% v's 6.8% for FY23 highlighs great momentum into FY24),

- 99% cash conversion, reduced debt, higher dividend

- good outlook statement ... and

- ROACE of 14% implying the stock should be trading closer to book value of 27c rather than its current share price of 15.5c.

Interestingly, when return on capital and profit improves, so does the share price..... but medium term they still need to resolve the major shareholder on the register which is a headwind to getting true value reflected in the share price.

Stock was above 25c in 2021 and MAH's financials weren't as good then and market was lower.

IMO this stock deserves a 50% rerate and will still be below BV.

Sector also seems to be getting some momentum with good results from other mining contractors.

DYOR