MAH 1.75% 28.0¢ macmahon holdings limited

Under The Radar, page-150

  1. 47 Posts.
    lightbulb Created with Sketch. 9
    If I've got this back-of-the-Corona-coaster correct :

    Their investor presentation of 25/8 says :
    $95M EBITA
    $269M "underlying" (always suspicious of that term, reconciling it to reality...) FCF before tax,
    therefore,
    $240M FCF post tax, assuming no significant book/tax timing diffs

    then, while book depreciation/impairments must be massive, but on what must be ~2,155 million shares on issue, FCF post tax is slightly >11cps,
    P/FCF is ~ 1.75

    Given a deconcentrated register (one substantial holder, @6.56%), surely this thing has a "please take me over WOR, DOW or anyone else" sign on it's back.....

    Surely I'm missing something ? Will need to look at this better when full report published.
 
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28.0¢
Change
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29.0¢ 29.0¢ 27.8¢ $677.0K 2.373M

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4 133027 27.5¢
 

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Price($) Vol. No.
28.0¢ 22275 2
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