MAAS doing extremely well under hardened conditions i.e. less Government Infrastructure Projects. Definitely a Company that should be in most portfolios. Whether you are a bullish investor or defensive MAAS seems to be a staple. Just very impressed with their integrated business structure. Quarries and Roads are the meat in the business. Diverse locations and also diversity within their same portfolios for example high end residential building with Brett Harvey to good affordable residences. Same with Commercial, their acquisition of David Payne Constructions who are the premier Regional NSW commercial builders. Its important that the bean counters do not overstep their mark when it comes to those quality acquisitions, let them do their thing, some you win and some you lose but the prestige carries significant value. Also very impressed with JLE, a top organisation.
Was a little upset with the buyback, why buyback when you have debt. Institutions will always find a way to dark pool, wash or short even on low liquidity or a small free float. Did seem a little like Management were too focused on the share price. I can only assume that this was to provide comfort to those individuals who's Companies were acquired under scrip. These individuals would lose moral when they see a declining share price. But to that I say, you only lose when you sell and I can only see this Company going to bigger and better things. How quick though will depend on how they handle the oncoming downturn. Many regions in a per capita recession at the moment and with refinancing of cheap loans on the cards this may spill over. Contagion from the US will also need to be considered.
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