Maca's mining margins aren't that bad. Around 17% EBITDA margin,...

Maca's mining margins aren't that bad. Around 17% EBITDA margin, if they can pull that closer to 20% (and they've been there in recent years) and win Iron Bridge then its a game changer.

Already at this stage, looking at $1.4bn in revenue, with margin's in the mid 13%'s, which is what they did in 2021 and the share price still looks remarkably low. Full year you'd be looking at EPS of circa 15c. Upside on this might be Iron Bridge, and surely they would be looking at improving margins in Civil from 2021 full year when Civil made a loss.

Unless there is something that we don't know, this still seems so undervalued.