Ann: Macmahon Secures $352M Contract Extension at Boston Shaker, page-10

Well, yes, but it has been trading in the wilderness for 5 years.

It is only now approaching its 'net tangible asset ' value, which would be over 30 cents. Basically its cash and written down truck value!

As a viable and quite predictable business, exceeding forecasts and posting increasing revenue and earnings for more than 5 years, I feel it is more a reflection of the shackles coming off in trading price.

With clear evidence of a track record of contract discipline, and lower capital requirements, I am seeing MAH now as a valuable cornerstone to my portfolio, still trading below fair value, thus continuing with a more modest annual share price appreciation, plus increasing franked dividends.

40 cents in 3 years, with around 5% ff divs, would reward.