Seems like a value trap for now as ... Any M&A needs AMNT's agreement given they own 44%. No big dividends because minimal franking and $247m in net debt. No Buy-back as that would just increase AMNT's stake closer to 50%
Would make more sense for MAH to be bought by another contractor... maybe NRW (NWH.AX) which trades on 1.8x book value? From memory, AMNT's cost base for MAH is around 21c (I think?) against MAH's NTA of around 27cps. So everyone's a winner with a bid of say 24cps!
MAH Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
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