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MAAS Group Holdings Ltd.
(Sydney:MGH)
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Rating:52Neutral
Price Target:
AU$4.00
▼(-30.92% Downside)
Action:Reiterated
Date:10/17/26
The score is held down primarily by weakening fundamentals—sharp 2026 revenue decline, major operating margin compression, and especially poor cash conversion with negative free cash flow—alongside a bearish technical setup (below major moving averages with negative MACD). These are partially offset by a comparatively attractive valuation (low P/E and modest dividend yield).
Positive Factors
Vertical integration
Vertical integration allows MGH to participate in more stages of infrastructure delivery and retain activity that might otherwise go to external suppliers. This can improve coordination, support project execution, and provide a broader base for capturing revenue and margin over time.
Negative Factors
Revenue contraction
The sharp 2026 revenue decline signals a major slowdown or change in business mix after several years of expansion. Lower activity can reduce operating leverage, weaken project absorption, and make future earnings more dependent on rebuilding the pipeline and securing new work.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration
Vertical integration allows MGH to participate in more stages of infrastructure delivery and retain activity that might otherwise go to external suppliers. This can improve coordination, support project execution, and provide a broader base for capturing revenue and margin over time.
Read all positive factors
MAAS Group Holdings Ltd. (MGH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.27B
Dividend Yield1.78%
Average Volume (3M)6.08M
Price to Earnings (P/E)10.8
Beta (1Y)0.86
Revenue Growth34.24%
EPS Growth1.87%
CountryAU
Employees2,143
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.37
Shares Outstanding324,953,770
10 Day Avg. Volume9,897,024
30 Day Avg. Volume6,078,011
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.97
Price to Sales (P/S)3.04
P/FCF Ratio-39.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$6.35Price Target Upside9.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.35
Revenue Forecast (FY)AU$1.26B
MAAS Group Holdings Ltd. Business Overview & Revenue Model
Company Description
MAAS Group Holdings Limited is an Australian-based company, also operating internationally, that delivers a comprehensive suite of construction materials, heavy machinery, and specialized services primarily catering to the civil engineering, infra...
How the Company Makes Money
MGH makes money primarily by earning revenue from delivering infrastructure and construction projects under contract. This typically includes: (1) Contracting revenue from civil construction and infrastructure works, where MGH is paid based on agr...
MAAS Group Holdings Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 629.72M | 1.03B | 895.06M | 789.32M | 509.89M |
| Gross Profit | 105.67M | 538.08M | 484.87M | 192.08M | 255.55M |
| EBITDA | 69.82M | 207.75M | 200.04M | 159.46M | 124.56M |
| Net Income | 136.11M | 71.96M | 72.96M | 65.90M | 61.56M |
Balance Sheet | |||||
| Total Assets | 2.86B | 1.99B | 1.59B | 1.44B | 946.93M |
| Cash, Cash Equivalents and Short-Term Investments | 47.39M | 102.77M | 85.48M | 69.37M | 52.45M |
| Total Debt | 1.17B | 801.16M | 626.08M | 545.21M | 329.49M |
| Total Liabilities | 1.87B | 1.10B | 905.73M | 814.55M | 490.98M |
| Stockholders Equity | 972.11M | 876.19M | 678.63M | 626.88M | 455.95M |
Cash Flow | |||||
| Free Cash Flow | -48.89M | 32.20M | 56.49M | -79.70M | -51.65M |
| Operating Cash Flow | 23.74M | 67.83M | 113.38M | 2.56M | 7.45M |
| Investing Cash Flow | -94.46M | -288.70M | -114.03M | -267.60M | -210.43M |
| Financing Cash Flow | 49.07M | 238.15M | 16.77M | 281.95M | 237.43M |
MAAS Group Holdings Ltd. Technical Analysis
Negative
5.79
Price Trends
5.45
Negative
5.42
Negative
5.09
Negative
Market Momentum
-0.63
Positive
36.06
Neutral
62.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MGH, the sentiment is Negative. The current price of 5.79 is above the 20-day moving average (MA) of 4.77, above the 50-day MA of 5.45, and above the 200-day MA of 5.09, indicating a bearish trend. The MACD of -0.63 indicates Positive momentum. The RSI at 36.06 is Neutral, neither overbought nor oversold. The STOCH value of 62.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MGH.
MAAS Group Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$799.30M | 20.12 | 24.65% | 2.91% | 12.00% | -5.39% | |
75 Outperform | AU$1.35B | 30.30 | 53.12% | 3.52% | 2.95% | 12.85% | |
71 Outperform | AU$2.85B | 22.52 | 22.77% | 3.82% | 29.43% | 50.05% | |
67 Neutral | AU$2.82B | 18.56 | 23.03% | 3.76% | 31.39% | 451.49% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | AU$4.62B | 21.53 | 11.01% | 4.12% | -7.37% | 59.81% | |
52 Neutral | AU$1.27B | 10.76 | 14.45% | 1.78% | 34.24% | 1.87% |
* Industrials Sector Average
AU:MGH
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MAAS Group Holdings Ltd. Corporate Events
MAAS Group Expands On-Market Share Buy-Back on ASX
Oct 13, 2026
MAAS Group Holdings Ltd., listed on the ASX under code MGH, has ordinary fully paid shares that are the focus of an ongoing on-market buy-back program. The company, active in infrastructure and construction-related sectors, is using share repurcha...
MAAS Group Continues Aggressive On-Market Share Buy-Back
Oct 12, 2026
MAAS Group Holdings Ltd. has issued an updated notification to the ASX confirming the ongoing execution of its on-market share buy-back program for ordinary fully paid shares under the code MGH. The latest daily update reports that a total of 19,3...
MAAS Group Updates Daily On‑Market Share Buy‑Back Activity
Oct 11, 2026
MAAS Group Holdings Ltd. has reported an update to its on-market share buy-back program for its ordinary fully paid shares, MGH, on the ASX. The latest notification shows the company had repurchased a cumulative 17,953,490 shares before the prior ...
Maas Group Confirms Firmus IPO Withdrawal But Affirms $1.1bn Contract Pipeline
Oct 9, 2026
Maas Group Holdings has acknowledged Firmus Grid Limited’s decision to withdraw its planned ASX listing, after Firmus concluded that current market volatility would prevent an IPO from properly reflecting its business strength and long-term ...
Maas Group Halts ASX Trading Ahead of Firmus IPO Announcement
Oct 9, 2026
Maas Group Holdings Ltd. has requested an immediate trading halt for its ordinary shares on the ASX, with the halt to remain in place until either a forthcoming announcement is released or normal trading resumes early next week. The move follows A...
MAAS Group Reports Progress on Ongoing On-Market Share Buy-Back
Oct 8, 2026
MAAS Group Holdings Ltd. has updated investors on its ongoing on-market share buy-back of ordinary fully paid shares, listed under the ASX code MGH. The company reported that a total of 14,379,652 shares had been repurchased before the previous da...
Maas Group blames Firmus IPO speculation for sharp share price slide
Oct 8, 2026
Maas Group Holdings has responded to an ASX price query after its share price fell sharply from $6.39 to a low of $4.50, stating it is not aware of any undisclosed information that could explain the recent trading. The company highlighted that sig...
Maas Group completes $1.61bn sale of construction materials arm to Heidelberg
Oct 1, 2026
Maas Group Holdings has completed the divestment of its construction materials division to Heidelberg Materials Australia Holdings, marking a major portfolio shift away from materials production toward its remaining civil construction, real estate...
MAAS Group shareholders back strategic reshaping at 2026 AGM
Sep 24, 2026
MAAS Group Holdings Limited reported the results of its 2026 Annual General Meeting held in Brisbane, confirming that all resolutions put to shareholders were passed by poll. The adopted resolutions covered the remuneration report, the re-election...
MAAS Group Highlights Board and Executive Leadership Structure
Sep 23, 2026
MAAS Group Holdings Ltd. has outlined its key leadership structure, naming Wes Maas as Chief Executive Officer and Managing Director and highlighting a board led by independent non-executive chairman Stephen Bizzell. The board also includes non-ex...
Maas Group Sharpens Focus on Next-Generation Infrastructure with Major Asset Sale
Sep 23, 2026
Maas Group reported a defining FY26, delivering strong financial results with significant growth in underlying EBITDA and net profit despite challenging market conditions and weather disruptions. The company reinforced its commitment to safety, su...
Maas Group Wins FIRB Nod for $1.7bn Construction Materials Sale
Sep 17, 2026
Maas Group Holdings has secured Foreign Investment Review Board approval for the sale of its construction materials division to Heidelberg Materials Australia, following earlier clearance from the ACCC. The deal, unchanged in terms, will deliver u...
MAAS Group Updates Daily On-Market Share Buy-Back Activity
Sep 16, 2026
MAAS Group Holdings Ltd. has issued an updated notification regarding its ongoing on-market share buy-back program for ordinary fully paid shares. The company reported that a total of 14,131,792 shares had been bought back prior to the previous da...
MAAS Group Updates ASX on Progress of On-Market Share Buy-Back
Sep 14, 2026
MAAS Group Holdings Ltd. has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares under code MGH. The company continues to report daily movements, reinforcing its commitm...
MAAS Group Updates Daily On-Market Share Buy-Back Activity
Sep 13, 2026
MAAS Group Holdings Ltd. has issued an updated notification to the ASX confirming the continuation of its on-market share buy-back program for its ordinary fully paid securities under code MGH. The latest daily update, dated 14 September 2026, rep...
MAAS Group Continues On‑Market Share Buy‑Back Program
Sep 10, 2026
MAAS Group Holdings Ltd. has continued its on‑market share buy‑back program, reporting that a total of 13,106,418 ordinary fully paid shares had been repurchased prior to the latest trading day. The company bought back a further 152,09...
UBS Group AG Exits Substantial Shareholding in MAAS Group Holdings
Sep 9, 2026
UBS Group AG and its related bodies corporate have notified MAAS Group Holdings Ltd. that they have ceased to be a substantial shareholder as of 7 September 2026. The change reflects a reduction in UBS’s relevant interest in the company̵...
MAAS Group Continues On-Market Share Buy-Back Program
Sep 6, 2026
MAAS Group Holdings has provided an updated notification to the ASX confirming ongoing on-market buy-backs of its ordinary fully paid shares under an existing program first announced in early February 2026. The latest daily update reports that a t...
MAAS Group Updates Investors on Progress of On-Market Share Buy-Back
Sep 2, 2026
MAAS Group Holdings Ltd., an Australian diversified industrial company listed on the ASX under the code MGH, has its primary securities in the form of ordinary fully paid shares. As an active market participant, the company uses on-market buy-back...
MAAS Group Continues On‑Market Share Buy‑Back Program
Sep 1, 2026
MAAS Group Holdings Ltd. has continued its on-market share buy-back program for its ordinary fully paid shares, as disclosed in an updated Appendix 3C notification to the ASX. The company reported that a total of 12,092,157 shares had been repurch...
MAAS Group Updates Daily On-Market Share Buy-Back Activity
Aug 31, 2026
MAAS Group Holdings Ltd., an ASX-listed company under ticker MGH, is actively managing its capital structure through transactions involving its ordinary fully paid shares. The group’s current focus is on an on-market buy-back program, a stan...
MAAS Group Updates ASX on Progress of On-Market Share Buy-Back
Aug 30, 2026
MAAS Group Holdings has issued an updated notification to the ASX confirming the ongoing execution of its on-market share buy-back program for ordinary fully paid shares. The latest daily update, dated 31 August 2026, reports that a cumulative 11,...
MAAS Group Continues Active On-Market Share Buy-Back Program
Aug 27, 2026
MAAS Group Holdings has continued its on-market share buy-back program, reporting that a total of 11,381,796 ordinary fully paid shares had been repurchased before the most recent trading day. The company disclosed that it bought back an additiona...
MAAS Group updates market on ongoing share buy-back activity
Aug 27, 2026
MAAS Group Holdings Ltd. has issued an updated Appendix 3C notification detailing daily activity under its on-market share buy-back program for ordinary fully paid shares. The announcement, dated 27 August 2026, confirms that a total of 11,028,440...
Maas Group Sets Hybrid AGM to Back Divestment and Expanded Buy‑Back
Aug 26, 2026
Maas Group Holdings has called its 2026 Annual General Meeting for 24 September, to be held as a hybrid event in Brisbane and online, with shareholders urged to lodge votes ahead of the deadline. The AGM agenda includes remuneration items, directo...
MAAS Group Outlines Procedures for Online Shareholder Meeting and Voting
Aug 26, 2026
MAAS Group Holdings has issued an online meeting guide for shareholders and appointed proxies, detailing how to access and participate in its virtual shareholder meeting through a supported web browser and a dedicated portal. The instructions emph...
Maas Group Sets Hybrid 2026 AGM to Boost Shareholder Access
Aug 26, 2026
Maas Group Holdings has called its 2026 Annual General Meeting, confirming it will be held on 24 September in Brisbane at Morgans Financial’s offices and simultaneously via an online meeting platform. The hybrid format, with detailed partici...
MAAS Group Updates Investors on Daily Progress of Share Buy-Back
Aug 25, 2026
MAAS Group Holdings Limited has issued an updated notification regarding its ongoing on-market share buy-back of ordinary fully paid securities. The update, dated 26 August 2026, reports that a total of 10,687,653 shares had been repurchased befor...
MAAS Group Updates Market on Daily Progress of Share Buy-Back
Aug 24, 2026
MAAS Group Holdings Ltd. has issued an updated notification to the ASX confirming the ongoing execution of its on-market share buy-back program for ordinary fully paid shares. The latest daily report shows a cumulative total of 10,359,505 shares r...
MAAS Group Updates Investors on Daily On-Market Share Buy-Back Activity
Aug 23, 2026
MAAS Group Holdings Ltd. has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest notification, dated 24 August 2026, reports that a total of 9,705,275 shares had been repurchased before...
Maas Group Files Updated Corporate Governance Statement with ASX
Aug 19, 2026
Maas Group Holdings Limited has lodged its updated corporate governance statement for the year ended 30 June 2026, confirming that the document is available via its Investor Centre and current as of 20 August 2026. The filing, accompanied by a com...
Maas Group Delivers Record FY26 Profit and Ramps Up Share Buybacks
Aug 19, 2026
Maas Group Holdings reported a record FY26 result, with underlying revenue rising 27% to $1.26 billion and underlying EBITDA jumping 37% to $300.3 million, in line with guidance. Statutory NPAT surged 89% to $136.1 million and underlying EPS climb...
Maas Group profit nearly doubles on strong core operations
Aug 19, 2026
Maas Group Holdings reported a strong uplift in full-year performance for the year ended 30 June 2026, with group revenue rising 26.3% to $1.31 billion and statutory EBITDA climbing 43.9% to $311.3 million. Statutory profit attributable to owners ...
Maas Group Sets 20 August Date for FY26 Results Webcast
Aug 13, 2026
Maas Group Holdings Limited will release its audited financial results for the year ended 30 June 2026 on Thursday 20 August 2026, with a results briefing webcast scheduled for 9:00 a.m. AEST the same day. The presentation, led by Managing Directo...
MAAS Group updates market on progress of on‑market share buy-back
Aug 9, 2026
MAAS Group Holdings Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares, identified by the ASX code MGH. The company reported that a total of 9,202,067 shares had been repurchased prior...
MAAS Group Continues On-Market Share Buy-Back Program
Aug 6, 2026
MAAS Group Holdings Ltd., listed on the ASX under ticker MGH, is a diversified Australian group with ordinary fully paid shares that trade actively on the market. The company leverages its public listing to undertake capital management initiatives...
MAAS Group Expands On-Market Buy-Back Program With Daily ASX Update
Aug 5, 2026
MAAS Group Holdings Ltd., a construction materials and industrial services company listed on the ASX under ticker MGH, is active in Australia’s infrastructure and civil works market. The group serves investors looking for exposure to constru...
Maas Group lifts earnings outlook on $855m AI power contract and bigger Firmus stake
Aug 4, 2026
Maas Group Holdings has secured a new $855 million contract to deliver modular electrical infrastructure for Firmus over the next 18 months, lifting work in hand for its JLE electrical subsidiary to more than $1.2 billion. The order covers Firmus ...
Maas Group Wins ACCC Approval for $1.7bn Sale to Heidelberg Materials
Jul 31, 2026
Maas Group Holdings Limited is a diversified industrial company with operations spanning construction materials, civil construction, real estate and electrical infrastructure. Its JLE Group division supplies critical power distribution equipment t...
ACCC Clears Heidelberg’s Maas Materials Deal With Divestiture Conditions
Jul 30, 2026
The ACCC has cleared Heidelberg Materials Australia’s acquisition of Maas Group Holdings’ construction materials business, but imposed conditions that Heidelberg divest three ready-mix concrete plants in Queensland and New South Wales ...
Maas Group sets 2026 AGM date and board nomination deadline
Jul 28, 2026
Maas Group Holdings has scheduled its Annual General Meeting for 24 September 2026, with a detailed notice to be sent to shareholders on 26 August 2026. The meeting will address standard governance matters, including director re-elections, and pro...
MAAS Group Updates ASX on Active On‑Market Share Buy‑Back
Jul 27, 2026
MAAS Group Holdings Ltd. has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program involving its ordinary fully paid shares. The update confirms the company is actively repurchasing stock, s...
MAAS Group Continues On-Market Share Buy-Back Program
Jul 26, 2026
MAAS Group Holdings Limited has reported an update to its ongoing on-market share buy-back program for its ordinary fully paid securities listed on the ASX under the code MGH. The disclosure confirms the entity continues to actively repurchase its...
MAAS Group Continues Daily On-Market Share Buy-Back
Jul 23, 2026
MAAS Group Holdings Ltd., listed on the ASX under the ticker MGH, is a diversified industrial and construction services provider focused on civil construction, materials and related infrastructure support. Its operations span multiple projects whe...
MAAS Group Updates Market on Progress of On-Market Share Buy-Back
Jul 22, 2026
MAAS Group Holdings has provided a daily update on its ongoing on-market share buy-back program for its ordinary fully paid shares listed on the ASX under the code MGH. The latest notification, dated 23 July 2026, confirms that a total of 6,746,68...
MAAS Group Updates Daily On-Market Share Buy-Back Activity
Jul 21, 2026
MAAS Group Holdings Ltd. has provided a daily update on its on-market share buy-back program for its ordinary fully paid shares listed under the ASX code MGH. The release confirms that a total of 6,537,150 shares had been repurchased before the pr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.