Ann: Strong Start to FY23 Leading to Upgraded FY23 Guidance, page-8

MAD is in a different industry but I think this is still a useful comparison.

So MAD just had a big year. Solid growth in revenue & profit. Their share price basically tripled.

MAD FY22 revenue: 32% increase
ACF FY22 revenue: 40% increase

MAD FY22 NPAT: 44.5% increase
ACF FY22 EBITDA: 49% increase

Looking at these growth figures, ACF matched, if not, outperformed MAD last financial year. Yet the ACF share price is only up around 20%.

On top of this, ACF has a more favourable net profit margin:
MAD FY22 net profit margin: 6.9%
ACF FY22 net profit margin: 10.6%

I am a patient shareholder and happy with any gains, but just interested as to why the share price reacts differently between companies.

Here are some potential reasons:

• MAD has been earning consistent profit for much longer than ACF
• Construction industry sentiment vs mining industry
• MAD earn almost 3 times more revenue