Ann: Quarterly Operational Update - Q1 FY22, page-35

I only just saw your "great analysis" @vic_wattle. Thanks for sharing.

I also think there is considerable upside to your valuation. Given the CAGR over the last 5 years of 31%, and the long runway of potential growth in North America and ROW, I think the actual CAGR will be higher than your conservative 10% CAGR. However, it's good to be conservative and then be pleasantly surprised with actual results than the other way around. Either way, the future does look bright and the present shareprice looks cheap for the growth on offer.

The other things I like about Mader are:

• Their very high profitability with ROIC at >30%. This indicates they are in a very strong competitive position.
• The fact that they are able to reinvest half of their profits into the business at these very high rates of return. This underpins strong future growth.