Recent Insider Transactions • Oct 12
Insider recently sold AU$503k worth of stock On the 5th of October, Kenneth Kamon sold around 468k shares on-market at roughly AU$1.07 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 23
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: AU$0.13 (up from AU$0.077 in FY 2021). Revenue: AU$1.69b (up 44% from FY 2021). Net income: AU$44.5m (up 90% from FY 2021). Profit margin: 2.6% (up from 2.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 12% compared to a 80,180% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 17
MACA Limited to Report Fiscal Year 2022 Results on Aug 22, 2022 MACA Limited announced that they will report fiscal year 2022 results on Aug 22, 2022 Announcement • Jul 28
Thiess Group Investments Pty Ltd made the offer to acquire MACA Limited (ASX:MLD) for approximately AUD 350 million. Thiess Group Investments Pty Ltd made the offer to acquire MACA Limited (ASX:MLD) for approximately AUD 350 million on July 26, 2022. As per the transaction, made the offer to acquire shares at AUD 1.025 per share. The transaction will be financed through the proceeds of AUD 356.3 million received from subscription. The transaction is subject to certain conditions including minimum level of acceptance of 90%, receipt of regulatory approvals, or no-objection being received, from the Australian Foreign Investment Review Board and the Australian Competition and Consumer Commission, and between today's date and the end of the offer period, MACA not issuing or granting, and not agreeing to issue or grant, securities, derivatives or other rights or incentives which may convert into, or result in the issue of, MACA shares and not altering its capital structure or the rights attached to any of the MACA shares. The Board of Directors of MACA has unanimously recommended its shareholders to accept the offer. Macquarie Capital (Australia) Limited and Lisle Group Pty Ltd are acting as financial advisers and Squire Patton Boggs is acting as legal adviser to Thiess in relation to the Offer. Salient Corporate and Thomson Geer acted as financial and legal advisors to MACA Limited respectively. Link Market Services Limited acted as registrar to offeror. Announcement • Jul 11
MACA Limited Announces Chief Executive Officer Changes MACA Limited announced Mr. Mike Sutton has advised the Board of his intention to resign as Managing Director and Chief Executive Officer of MACA, to take effect on 22 July 2022, having served with the Company over the last two and a half years. Mr. Sutton's decision is motivated by his desire to bring forward his retirement plans and spend more time with his family but he will remain with MACA for a period of time to ensure a smooth transition. Effective from 22 July 2022, MACA announced that Mr. David Greig will take on the role of Chief Executive Officer. Mr. Greig is a highly experienced mining and resource sector executive and has been an employee of MACA since June 2016. He has previously held the roles of General Manager Business Development, Chief Operating Officer and most recently Chief Development Officer at MACA. Mr. Greig holds a Bachelor of Commerce and has over 20 years of experience within roles in International Mining, Construction, Maintenance and Infrastructure industries, including six years at Emeco Holdings Limited. Price Target Changed • Apr 27
Price target decreased to AU$1.14 Down from AU$1.30, the current price target is an average from 2 analysts. New target price is 42% above last closing price of AU$0.80. Stock is down 15% over the past year. The company is forecast to post earnings per share of AU$0.13 for next year compared to AU$0.077 last year. Announcement • Apr 22
MACA Limited Reaffirms Earnings Guidance for the Year 2022 MACA Limited reaffirmed earnings guidance for the year 2022. For the year, the company expects revenue of approximately $1.6 billion. Based on the information currently available, the Board anticipates NPAT to be in the range of $35-37 million (fiscal year 2021 reported NPAT: $20.7 million). Major Estimate Revision • Feb 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from AU$1.44b to AU$1.61b. EPS estimate fell from AU$0.15 to AU$0.13. Net income forecast to grow 48% next year vs 35% growth forecast for Metals and Mining industry in Australia. Consensus price target down from AU$1.30 to AU$1.14. Share price rose 2.7% to AU$0.77 over the past week. Upcoming Dividend • Feb 25
Upcoming dividend of AU$0.025 per share Eligible shareholders must have bought the stock before 04 March 2022. Payment date: 17 March 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Australian dividend payers (5.6%). Lower than average of industry peers (9.1%). Reported Earnings • Feb 24
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.065 (up from AU$0.054 in 1H 2021). Revenue: AU$841.1m (up 80% from 1H 2021). Net income: AU$22.2m (up 53% from 1H 2021). Profit margin: 2.6% (down from 3.1% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 1.6%, compared to a 742% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Price Target Changed • Feb 23
Price target decreased to AU$1.26 Down from AU$1.36, the current price target is an average from 2 analysts. New target price is 67% above last closing price of AU$0.76. Stock is down 37% over the past year. The company is forecast to post earnings per share of AU$0.15 for next year compared to AU$0.077 last year. Announcement • Feb 18
MACA Limited to Report First Half, 2022 Results on Feb 21, 2022 MACA Limited announced that they will report first half, 2022 results on Feb 21, 2022 Board Change • Dec 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Robert Ryan is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Executive Departure • Oct 01
Independent Non-Executive Director Sandra Dodds has left the company On the 30th of September, Sandra Dodds' tenure as Independent Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Sandra's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.17 years. Reported Earnings • Sep 26
Full year 2021 earnings released: EPS AU$0.077 (vs AU$0.012 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$1.17b (up 48% from FY 2020). Net income: AU$23.4m (up AU$20.3m from FY 2020). Profit margin: 2.0% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 26
Upcoming dividend of AU$0.025 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 17 September 2021. Trailing yield: 6.1%. Within top quartile of Australian dividend payers (5.0%). Lower than average of industry peers (8.2%). Reported Earnings • Aug 24
Full year 2021 earnings released: EPS AU$0.077 (vs AU$0.012 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$1.17b (up 48% from FY 2020). Net income: AU$23.4m (up AU$20.3m from FY 2020). Profit margin: 2.0% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 17
Price target decreased to AU$1.36 Down from AU$1.56, the current price target is an average from 2 analysts. New target price is 65% above last closing price of AU$0.82. Stock is down 15% over the past year. Is New 90 Day High Low • Mar 04
New 90-day low: AU$1.04 The company is down 6.0% from its price of AU$1.11 on 04 December 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$8.38 per share. Announcement • Feb 26
MACA Limited Announces the Award of the Tampia Open Pit Mining Services Contract for Ramelius Resources MACA Limited announced the award of the Tampia Open Pit Mining Services contract for Ramelius Resources for load and haul and drill and blast services. The Tampia gold project is located near Narembeen in Western Australia, 250km east of Perth,and 148km by sealed roads from the Edna May gold mine where MACA currently provides contract mining services for Ramelius. The contract is expected to generate $95 million in revenue for MACA over a 28 month term commencing in the fourth quarter of fiscal year 2021, and will employ approximately 115 people. MACA's work in hand position at Feb21 now stands at $3.4 billion. Upcoming Dividend • Feb 26
Upcoming Dividend of AU$0.025 Per Share Will be paid on the 18th of March to those who are registered shareholders by the 5th of March. The trailing yield of 4.6% is below the top quartile of Australian dividend payers (5.2%), but is in line with industry peers (4.9%). Reported Earnings • Feb 23
First half 2021 earnings released: EPS AU$0.054 (vs AU$0.068 in 1H 2020) The company reported a mediocre first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: AU$467.2m (up 32% from 1H 2020). Net income: AU$14.5m (down 20% from 1H 2020). Profit margin: 3.1% (down from 5.2% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 02
MACA Limited (ASX:MLD) completed the acquisition of the Mining West Business from Downer EDI Limited (ASX:DOW) for approximately AUD 210 million. MACA Limited (ASX:MLD) entered into a binding agreement to acquire the Mining West Business from Downer EDI Limited (ASX:DOW) for approximately AUD 180 million on December 15, 2020. The acquisition value will be satisfied via an AUD 109 million cash payment at completion and 12 monthly payments of AUD 5.5 million each which will be paid in 12 equal monthly installments following completion. The transaction value is subject to adjustment reflecting changes in the carrying value of inventory at completion. The acquisition is to be funded by an AUD 130 million acquisition debt facility and $75 million equity capital raising, comprising an institutional placement and pro-rata accelerated non-renounceable entitlement offer. The AUD 130 million acquisition debt facility from Commonwealth Bank of Australia, has a 5-year term and is an amortizing non-revolving cash advance facility. As on December 16, 2020, MACA successfully completed Institutional Placement and Institutional Entitlement Offer at AUD 1.02 per New Share (Institutional Equity Raising) to raise AUD 59.6 million. Mining West delivered AUD 399.9 million of revenue, adjusted EBIT of AUD 24.7 million and adjusted EBITDA of AUD 69.9 million in financial year 2020. Most Mining West employees are to be offered roles to transfer to MACA, including all operational employees.
Conditions precedent are limited to novation of the four customer contracts and completion of debt/equity financing. Completion is expected to occur prior to or on February 1, 2021. The acquisition is EPS accretive based on combined financial year 2020 pro forma results and is expected to the EPS accretive in financial year 2021. Euroz Hartleys Limited acted as financial advisor and Lavan acted as legal advisor to MACA. Euroz Hartleys Limited has been appointed as lead manager for the offer and underwriter of the placement and the institutional entitlement offer. Macquarie acted as financial advisor to Downer.
MACA Limited (ASX:MLD) completed the acquisition of the Mining West Business from Downer EDI Limited (ASX:DOW) for approximately AUD 210 million on February 1, 2021. Downer has received an initial payment of AUD 109 million and will receive an additional AUD 66 million in deferred consideration through 12 equal monthly instalments of AUD 5.5 million commencing in February. The balance of the proceeds is approximately AUD 30 million and will be received from the unwinding of working capital balances. Major Estimate Revision • Feb 02
Analysts update estimates The 2021 consensus revenue estimate increased from AU$893.8m to AU$1.06b. Earning per share (EPS) estimate was unchanged from the last update at AU$0.14. The Metals and Mining industry in Australia is expected to see an average net income growth of 52% next year. The consensus price target increased from AU$1.43 to AU$1.59. Share price is down by 3.2% to AU$1.35 over the past week. Announcement • Jan 20
MACA Limited Announces Appointment of Nicholas Ward as Joint Company Secretary MACA Limited advised that Mr. Nicholas Ward has been appointed as joint Company Secretary, effective immediately. Mr. Ward will be a joint Company Secretary with Mr. Peter Gilford, the current joint Company Secretary and Chief Financial Officer. Mr. Ward is an accounting, finance and governance professional. Prior to his existing role at the Company, Mr. Ward spent 10 years at Ernst & Young with a focus on corporate finance and transactions. Is New 90 Day High Low • Jan 06
New 90-day high: AU$1.29 The company is up 55% from its price of AU$0.83 on 08 October 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.38 per share. Price Target Changed • Dec 21
Price target raised to AU$1.43 Up from AU$1.31, the current price target is an average from 3 analysts. The new target price is 15% above the current share price of AU$1.25. As of last close, the stock is up 23% over the past year. Announcement • Dec 16
MACA Limited (ASX:MLD) entered into a binding agreement to acquire Mining West business of Downer EDI Limited (ASX:DOW) for approximately AUD 180 million. MACA Limited (ASX:MLD) entered into a binding agreement to acquire Mining West business from Downer EDI Limited (ASX:DOW) for approximately AUD 180 million on December 15, 2020. The acquisition value will be satisfied via a AUD 109 million cash payment at completion and 12 monthly payments of AUD 5.5 million each which will be paid in 12 equal monthly installments following completion. The transaction value is subject to adjustment reflecting changes in the carrying value of inventory at completion. The acquisition is to be funded by a AUD 130 million acquisition debt facility and $75 million equity capital raising, comprising an institutional placement and pro-rata accelerated non-renounceable entitlement offer. The AUD 130 million acquisition debt facility from Commonwealth Bank of Australia, has a 5-year term and is an amortizing non-revolving cash advance facility. As on December 16, 2020, MACA successfully completed Institutional Placement and Institutional Entitlement Offer at
AUD 1.02 per New Share (Institutional Equity Raising) to raise AUD 59.6 million. Mining West delivered AUD 399.9 million of revenue, adjusted EBIT of AUD 24.7 million and adjusted EBITDA of AUD 69.9 million in financial year 2020. The majority of Mining West employees are to be offered roles to transfer to MACA, including all operational employees. Conditions precedent are limited to novation of the four customer contracts and completion of debt/equity financing. Completion is expected to occur prior to or on February 1, 2021. The acquisition is EPS accretive based on combined financial year 2020 pro forma results and is expected to the EPS accretive in financial year 2021. Euroz Hartleys Limited acted as financial adviser and Lavan acted as legal adviser to the acquisition and offer for MACA. Euroz Hartleys Limited has been appointed as lead manager for the offer and underwriter of the placement and the institutional entitlement offer. Announcement • Dec 15
MACA Limited Receives Contract for the Provision of Road Maintenance Resources, Services and Minor Works for the Kimberley Region in Western Australia MACA Limited announced it has been awarded a contract for the provision of Road Maintenance Resources, Services and Minor Works for the Kimberley Region in Western Australia for a period of 5 years. The contract is expected to generate $74 million in revenue for MACA over the 5 year term and is expected to employ approximately 20 people. Is New 90 Day High Low • Dec 03
New 90-day high: AU$1.05 The company is up 12% from its price of AU$0.94 on 04 September 2020. The Australian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$2.55 per share. Major Estimate Revision • Oct 23
Analysts increase EPS estimates to AU$0.13 The 2021 consensus revenue estimate increased from AU$856.2m to AU$881.1m. The earnings per share estimate also received an upgrade from AU$0.12 to AU$0.13 for the same period. Net income is expected to grow by 1,044% next year compared to 54% growth forecast for the Metals and Mining industry in Australia. The consensus price target increased from AU$1.25 to AU$1.34. Share price is up 5.0% to AU$0.83 over the past week. Is New 90 Day High Low • Oct 15
New 90-day low: AU$0.81 The company is down 4.0% from its price of AU$0.83 on 17 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$2.40 per share. Announcement • Oct 06
MACA Limited Announces Board Changes MACA Limited announced that effective 6 October 2020, Ms. Sandra Dodds will join the MACA Board as an Independent Non-Executive Director. Ms. Dodds is currently a Non-Executive Director of Snowy Hydro Ltd. Mr. Andrew Edwards has advised the Board of his intention to retire as a Director at the upcoming Annual General Meeting. Mr. Edwards has been the Chairman of the Board since its public listing on ASX in October 2010. Current director, Mr. Geoff Baker, will succeed Mr. Edwards as Chairman upon his resignation. In preparation for this transition, Mr. Baker has retired from executive duties effective 1 October 2020. This follows the successful transition of Mike Sutton into the role of CEO and David Greig to the role of COO earlier in 2020. Mr. Geoff Baker will take on the role of Non-Executive Chairman from the AGM following Mr. Andrew Edwards' retirement. Reported Earnings • Sep 25
Full year earnings released - EPS AU$0.012 Over the last 12 months the company has reported total profits of AU$3.17m, down 85% from the prior year. Total revenue was AU$795.8m over the last 12 months, up 21% from the prior year. Profit margins were 0.4%, which is lower than the 3.2% margin from last year. The decrease in margin was driven by higher expenses.