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Mader Group ASX:MAD Stock Report

Last Price


Market Cap







30 Sep, 2022


Company Financials +
MAD fundamental analysis
Snowflake Score
Future Growth4/6
Past Performance5/6
Financial Health6/6

MAD Stock Overview

Mader Group Limited, a contracting company, provides specialized technical services in the mining, energy, and industrial sectors in Australia and internationally.

Mader Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Mader Group
Historical stock prices
Current Share PriceAU$2.94
52 Week HighAU$3.40
52 Week LowAU$1.42
1 Month Change1.38%
3 Month Change10.94%
1 Year Change87.86%
3 Year Change160.18%
5 Year Changen/a
Change since IPO157.90%

Recent News & Updates

Aug 30
Mader Group (ASX:MAD) Seems To Use Debt Quite Sensibly

Mader Group (ASX:MAD) Seems To Use Debt Quite Sensibly

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Shareholder Returns

MADAU Commercial ServicesAU Market

Return vs Industry: MAD exceeded the Australian Commercial Services industry which returned -2.3% over the past year.

Return vs Market: MAD exceeded the Australian Market which returned -9.7% over the past year.

Price Volatility

Is MAD's price volatile compared to industry and market?
MAD volatility
MAD Average Weekly Movement7.7%
Commercial Services Industry Average Movement8.6%
Market Average Movement9.5%
10% most volatile stocks in AU Market16.7%
10% least volatile stocks in AU Market4.2%

Stable Share Price: MAD is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: MAD's weekly volatility (8%) has been stable over the past year.

About the Company

20052,200Justin Nuich

Mader Group Limited, a contracting company, provides specialized technical services in the mining, energy, and industrial sectors in Australia and internationally. It offers rail services, digger and drill support team, fabrication and line boring, non-processing and processing infrastructure, power generation and marine, field support, professional support roles, maintenance projects, electrical services, component exchange, rapid response teams, rostered support, HME shutdown teams, specialized tool hire, clean team, trade upgrade program, training national workforces, and maintenance centre services. The company also provides in-field technical support, major overhauls and repairs, preventative equipment maintenance, training of maintenance teams, and ancillary services.

Mader Group Fundamentals Summary

How do Mader Group's earnings and revenue compare to its market cap?
MAD fundamental statistics
Market CapAU$604.00m
Earnings (TTM)AU$27.95m
Revenue (TTM)AU$402.08m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MAD income statement (TTM)
Cost of RevenueAU$323.50m
Gross ProfitAU$78.59m
Other ExpensesAU$50.64m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)0.14
Gross Margin19.54%
Net Profit Margin6.95%
Debt/Equity Ratio39.2%

How did MAD perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is MAD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAD?

Other financial metrics that can be useful for relative valuation.

MAD key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.6x
Enterprise Value/EBITDA14.7x
PEG Ratio1.4x

Price to Earnings Ratio vs Peers

How does MAD's PE Ratio compare to its peers?

MAD PE Ratio vs Peers
The above table shows the PE ratio for MAD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average16x
SGF SG Fleet Group
SUG Sugar Terminals
DOW Downer EDI
BXB Brambles
MAD Mader Group

Price-To-Earnings vs Peers: MAD is expensive based on its Price-To-Earnings Ratio (21x) compared to the peer average (16x).

Price to Earnings Ratio vs Industry

How does MAD's PE Ratio compare vs other companies in the Global Commercial Services Industry?

Price-To-Earnings vs Industry: MAD is expensive based on its Price-To-Earnings Ratio (21x) compared to the Global Commercial Services industry average (15.5x)

Price to Earnings Ratio vs Fair Ratio

What is MAD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21x
Fair PE Ratio19.9x

Price-To-Earnings vs Fair Ratio: MAD is expensive based on its Price-To-Earnings Ratio (21x) compared to the estimated Fair Price-To-Earnings Ratio (19.9x).

Share Price vs Fair Value

What is the Fair Price of MAD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MAD (A$2.94) is trading below our estimate of fair value (A$7.69)

Significantly Below Fair Value: MAD is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Mader Group forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAD's forecast earnings growth (15.5% per year) is above the savings rate (1.8%).

Earnings vs Market: MAD's earnings (15.5% per year) are forecast to grow faster than the Australian market (6.5% per year).

High Growth Earnings: MAD's earnings are forecast to grow, but not significantly.

Revenue vs Market: MAD's revenue (12.7% per year) is forecast to grow faster than the Australian market (3.6% per year).

High Growth Revenue: MAD's revenue (12.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MAD's Return on Equity is forecast to be high in 3 years time (29.8%)

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Past Performance

How has Mader Group performed over the past 5 years?

Past Performance Score


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MAD has a high level of non-cash earnings.

Growing Profit Margin: MAD's current net profit margins (7%) are higher than last year (6.4%).

Past Earnings Growth Analysis

Earnings Trend: MAD's earnings have grown significantly by 24.2% per year over the past 5 years.

Accelerating Growth: MAD's earnings growth over the past year (44.5%) exceeds its 5-year average (24.2% per year).

Earnings vs Industry: MAD earnings growth over the past year (44.5%) exceeded the Commercial Services industry 2.7%.

Return on Equity

High ROE: MAD's Return on Equity (32.9%) is considered high.

Discover strong past performing companies

Financial Health

How is Mader Group's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MAD's short term assets (A$95.8M) exceed its short term liabilities (A$66.0M).

Long Term Liabilities: MAD's short term assets (A$95.8M) exceed its long term liabilities (A$22.1M).

Debt to Equity History and Analysis

Debt Level: MAD's net debt to equity ratio (31.4%) is considered satisfactory.

Reducing Debt: MAD's debt to equity ratio has reduced from 86.8% to 39.2% over the past 5 years.

Debt Coverage: MAD's debt is well covered by operating cash flow (106.2%).

Interest Coverage: MAD's interest payments on its debt are well covered by EBIT (29.4x coverage).

Balance Sheet

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What is Mader Group current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Mader Group Dividend Yield vs Market
How does Mader Group dividend yield compare to the market?
SegmentDividend Yield
Company (Mader Group)1.4%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (Commercial Services)3.2%
Analyst forecast in 3 Years (Mader Group)2.5%

Notable Dividend: MAD's dividend (1.36%) isn’t notable compared to the bottom 25% of dividend payers in the Australian market (2.77%).

High Dividend: MAD's dividend (1.36%) is low compared to the top 25% of dividend payers in the Australian market (7.18%).

Stability and Growth of Payments

Stable Dividend: MAD is not paying a notable dividend for the Australian market, therefore no need to check if payments are stable.

Growing Dividend: MAD is not paying a notable dividend for the Australian market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: MAD is not paying a notable dividend for the Australian market.

Cash Payout to Shareholders

Cash Flow Coverage: MAD is paying a dividend but the company has no free cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Justin Nuich





Mr. Justin Nuich, MBA, GRAD DIP maintenance management, is the Chief Executive Officer at Mader Group Limited since January 28, 2021 and serves as its Executive Director since September 2021 and served as...

CEO Compensation Analysis

Justin Nuich's Compensation vs Mader Group Earnings
How has Justin Nuich's remuneration changed compared to Mader Group's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022AU$2mAU$527k


Mar 31 2022n/an/a


Dec 31 2021n/an/a


Sep 30 2021n/an/a


Jun 30 2021AU$683kAU$184k


Mar 31 2021n/an/a


Dec 31 2020n/an/a


Sep 30 2020n/an/a


Jun 30 2020AU$60kn/a


Mar 31 2020n/an/a


Dec 31 2019n/an/a


Sep 30 2019n/an/a


Jun 30 2019AU$30kn/a


Compensation vs Market: Justin's total compensation ($USD1.09M) is about average for companies of similar size in the Australian market ($USD856.39K).

Compensation vs Earnings: Justin's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: MAD's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.

Board Members

Experienced Board: MAD's board of directors are considered experienced (3.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

ASX:MAD Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
27 May 22BuyAU$9,828Justin NuichIndividual4,200AU$2.34
02 Mar 22SellAU$2,239,999Craig BurtonIndividual1,000,000AU$2.24

Ownership Breakdown

What is the ownership structure of MAD?
Owner TypeNumber of SharesOwnership Percentage
Private Companies4,053,0002.0%
General Public34,647,04917.3%
Individual Insiders153,885,33476.9%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 19 shareholders own 82.68% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Luke Mader
113,697,095A$334.3m0%no data
Craig Burton
39,000,000A$114.7m0%no data
Phoenician Capital LLC
Gotterdamerung Pty Limited
2,138,000A$6.3m15.69%no data
Joh. Berenberg, Gossler & Co. KG, Asset Management Arm
B & R James Investments Pty. Ltd.
630,000A$1.9m5%no data
Gregory Mader
600,000A$1.8m185.71%no data
W. Fairweather & Son Pty Ltd
380,000A$1.1m26.67%no data
Gang-Gang Proprietary Limited
330,000A$970.2k10%no data
Verona Empat
300,000A$882.0k0%no data
Tuetex Pty Limited
275,000A$808.5k0%no data
Justin Nuich
186,081A$547.1k0%no data
John Greville
166,667A$490.0k0%no data
Patrick Conway
113,824A$334.6k0%no data
James Walker
66,667A$196.0k0%no data
Dimensional Fund Advisors LP
61,457A$180.7k0.03%no data
Paul Hegarty
55,000A$161.7k0%no data
Acadian Asset Management LLC
18,000A$52.9k0%no data
SEI Investments Company
10,186A$29.9k0%no data

Company Information

Mader Group Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Mader Group Limited
  • Ticker: MAD
  • Exchange: ASX
  • Founded: 2005
  • Industry: Diversified Support Services
  • Sector: Commercial Services
  • Implied Market Cap: AU$604.000m
  • Shares outstanding: 200.00m
  • Website:

Number of Employees


  • Mader Group Limited
  • Hkew Alpha Building
  • Suite A1
  • Perth
  • Western Australia
  • 6105
  • Australia


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MADASX (Australian Securities Exchange)YesOrdinary SharesAUAUDOct 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2022/06/30

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.