MACA

DB:MKM

Snowflake Description

Flawless balance sheet, undervalued and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

MKM

A$263M

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Last updated 2019/06/15 21:55

Company description

MACA Limited engages in contract mining and crushing, civil construction, infrastructure, and mineral processing equipment business in Australia and Brazil. The last earnings update was 111 days ago. More info.

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MKM Share Price and Events

7 Day Returns

-1.7%

DB:MKM

-0.6%

DE Metals and Mining

-3.6%

DE Market

1 Year Returns

-17.2%

DB:MKM

-46.7%

DE Metals and Mining

-11.8%

DE Market

MKM Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
MACA (MKM)	-1.7%	0.3%	3.5%	-17.2%	-	-
DE Metals and Mining	-0.6%	-3.3%	-9.7%	-46.7%	-28.7%	-36.7%
DE Market	-3.6%	-2.1%	-0.8%	-11.8%	12%	5.8%

1 Year Return vs Industry and Market

MKM outperformed the Metals and Mining industry which returned -46.7% over the past year.
MKM underperformed the Market in Germany which returned -11.8% over the past year.

Price Volatility

MKM

Industry

5yr Volatility vs Market

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Value

Is MACA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of MACA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MACA.

DB:MKM Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 3 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	7.1%
Perpetual Growth Rate	10-Year DE Government Bond Rate	0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:MKM
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year DE Govt Bond Rate	0.2%
Equity Risk Premium	S&P Global	6%
Metals and Mining Unlevered Beta	Simply Wall St/ S&P Global	1.03
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 1.026 (1 + (1- 30%) (29.74%))	1.16
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.16
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.16 * 5.96%)	7.14%

Discounted Cash Flow Calculation for DB:MKM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for MACA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:MKM DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (AUD, Millions)	Source	Present Value Discounted (@ 7.14%)
2019	-34.60	Analyst x3	-32.29
2020	27.73	Analyst x3	24.16
2021	38.25	Analyst x2	31.10
2022	46.82	Est @ 22.4%	35.53
2023	54.19	Est @ 15.75%	38.38
2024	60.20	Est @ 11.09%	39.79
2025	64.91	Est @ 7.83%	40.05
2026	68.52	Est @ 5.55%	39.46
2027	71.23	Est @ 3.95%	38.28
2028	73.25	Est @ 2.84%	36.74
Present value of next 10 years cash flows			A$291.20

DB:MKM DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = A$73.25 × (1 + 0.23%) ÷ (7.14% – 0.23%)	A$1,061.75
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = A$1,061.75 ÷ (1 + 7.14%)¹⁰	A$532.61

DB:MKM Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = A$291.20 + A$532.61	A$823.81
Equity Value per Share (AUD)	= Total value / Shares Outstanding = A$823.81 / 268.01	A$3.07

DB:MKM Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:MKM represents 0.6049x of ASX:MLD (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.6049x
Value per Share (Listing Adjusted, EUR)	= Value per Share (AUD) x Listing Adjustment Factor = A$ 3.07 x 0.6049	€1.86
Value per share (EUR)	From above.	€1.86
Current discount	Discount to share price of €0.59 = -1 x (€0.59 - €1.86) / €1.86	68.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount

Amount off the current price MACA is available for.

^>50%

Share price is €0.59 vs Future cash flow value of €1.86

Current Discount Checks

For MACA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

MACA's share price is below the future cash flow value, and at a moderate discount (> 20%).
MACA's share price is below the future cash flow value, and at a substantial discount (> 40%).

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MACA's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are MACA's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

DB:MKM PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in AUD	A$0.07
ASX:MLD Share Price **	ASX (2019-06-14) in AUD	A$0.98
Europe Metals and Mining Industry PE Ratio	Median Figure of 105 Publicly-Listed Metals and Mining Companies	9.5x
Germany Market PE Ratio	Median Figure of 424 Publicly-Listed Companies	19.7x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MACA.

DB:MKM PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= ASX:MLD Share Price ÷ EPS (both in AUD) = 0.98 ÷ 0.07	13.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

MACA is overvalued based on earnings compared to the Europe Metals and Mining industry average.
MACA is good value based on earnings compared to the Germany market.

Price based on expected Growth

Does MACA's expected growth come at a high price?

Raw Data

DB:MKM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	13.31x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	22.9%per year
Europe Metals and Mining Industry PEG Ratio	Median Figure of 63 Publicly-Listed Metals and Mining Companies	0.65x
Germany Market PEG Ratio	Median Figure of 270 Publicly-Listed Companies	1.47x

*Line of best fit is calculated by linear regression .

DB:MKM PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 13.31x ÷ 22.9%	0.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

MACA is good value based on expected growth next year.

Price based on value of assets

What value do investors place on MACA's assets?

Raw Data

DB:MKM PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in AUD	A$1.20
ASX:MLD Share Price *	ASX (2019-06-14) in AUD	A$0.98
Germany Metals and Mining Industry PB Ratio	Median Figure of 7 Publicly-Listed Metals and Mining Companies	3.25x
Germany Market PB Ratio	Median Figure of 576 Publicly-Listed Companies	1.76x

DB:MKM PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= ASX:MLD Share Price ÷ Book Value per Share (both in AUD) = 0.98 ÷ 1.20	0.82x

* Primary Listing of MACA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

MACA is good value based on assets compared to the DE Metals and Mining industry average.

Show me more potentially undervalued companies in the Metals and Mining industry

Value checks

We assess MACA's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

How is MACA expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

22.9%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is MACA expected to grow at an attractive rate?

MACA's earnings growth is expected to exceed the low risk savings rate of 0.2%.

Growth vs Market Checks

MACA's earnings growth is expected to exceed the Germany market average.
MACA's revenue growth is expected to exceed the Germany market average.

Annual Growth Rates Comparison

Raw Data

DB:MKM Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:MKM Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	22.9%
DB:MKM Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts	6.5%
Germany Metals and Mining Industry Earnings Growth Rate	Market Cap Weighted Average	46.6%
Europe Metals and Mining Industry Revenue Growth Rate	Market Cap Weighted Average	1.5%
Germany Market Earnings Growth Rate	Market Cap Weighted Average	12.7%
Germany Market Revenue Growth Rate	Market Cap Weighted Average	5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

DB:MKM Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (5 months ago)	See Below
Future Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below

All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

DB:MKM Future Estimates Data
Date (Data in AUD Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2021-06-30	722	85	31	3
2020-06-30	679	85	27	3
2019-06-30	643	65	19	3

DB:MKM Past Financials Data
Date (Data in AUD Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	602	27	20
2018-09-30	582	18	22
2018-06-30	563	9	24
2018-03-31	551	17	26
2017-12-31	540	25	27
2017-09-30	519	46	30
2017-06-30	498	68	32
2017-03-31	482	73	30
2016-12-31	465	77	28
2016-09-30	448	71	26
2016-06-30	431	64	24
2016-03-31	461	84	28

*GAAP earnings excluding extraordinary items.

High Growth Checks

MACA's earnings are expected to grow significantly at over 20% yearly.
MACA's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

DB:MKM Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (5 months ago)	See Below
Future Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below

All data from MACA Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MKM Future Estimates Data
Date (Data in AUD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-06-30	0.11	0.13	0.09	3.00
2020-06-30	0.10	0.12	0.09	3.00
2019-06-30	0.07	0.08	0.06	3.00

DB:MKM Past Financials Data
Date (Data in AUD Millions)	EPS *
2018-12-31	0.07
2018-09-30	0.08
2018-06-30	0.09
2018-03-31	0.10
2017-12-31	0.11
2017-09-30	0.12
2017-06-30	0.14
2017-03-31	0.13
2016-12-31	0.12
2016-09-30	0.11
2016-06-30	0.10
2016-03-31	0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

MACA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the Metals and Mining industry

Future performance checks

We assess MACA's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MACA has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

How has MACA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare MACA's growth in the last year to its industry (Metals and Mining).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

MACA's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
MACA's 1-year earnings growth is negative, it can't be compared to the 5-year average.
MACA's 1-year earnings growth is negative, it can't be compared to the Europe Metals and Mining industry average.

Earnings and Revenue History

MACA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from MACA Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MKM Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	601.61	19.72
2018-09-30	582.10	21.66
2018-06-30	562.59	23.60
2018-03-31	551.49	25.52	0.02
2017-12-31	540.38	27.44	0.04
2017-09-30	519.15	29.75	0.07
2017-06-30	497.92	32.06	0.10
2017-03-31	481.68	30.19	0.15
2016-12-31	465.45	28.33	0.20
2016-09-30	448.43	26.25	0.24
2016-06-30	431.42	24.16	0.28
2016-03-31	460.82	28.13	1.20
2015-12-31	490.22	32.10	2.11
2015-09-30	545.81	43.26	2.08
2015-06-30	601.40	54.41	2.05
2015-03-31	605.12	56.01	1.10
2014-12-31	608.84	57.60	0.14
2014-09-30	602.11	56.52	0.21
2014-06-30	595.39	55.45	0.29
2014-03-31	584.48	57.51	0.40
2013-12-31	573.58	59.57	0.51
2013-09-30	524.72	54.56	0.52
2013-06-30	475.85	49.55	0.53
2013-03-31	443.46	46.68	0.49
2012-12-31	411.07	43.81	0.46
2012-09-30	377.42	40.74	0.41
2012-06-30	343.77	37.68	0.36

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

MACA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
MACA used its assets less efficiently than the Europe Metals and Mining industry average last year based on Return on Assets.
MACA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess MACA's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MACA has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

How is MACA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up MACA's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

MACA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
MACA's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of MACA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is covered by short term assets, assets are 3.3x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from MACA Company Filings, last reported 5 months ago.

DB:MKM Past Debt and Equity Data
Date (Data in AUD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	324.38	78.11	73.73
2018-09-30	324.38	78.11	73.73
2018-06-30	320.84	44.90	111.35
2018-03-31	320.84	44.90	111.35
2017-12-31	326.24	46.75	139.33
2017-09-30	326.24	46.75	139.33
2017-06-30	269.73	47.82	113.66
2017-03-31	269.73	47.82	113.66
2016-12-31	265.71	60.82	123.36
2016-09-30	265.71	60.82	123.36
2016-06-30	255.63	73.71	117.50
2016-03-31	255.63	73.71	117.50
2015-12-31	240.80	68.87	108.66
2015-09-30	240.80	68.87	108.66
2015-06-30	255.97	76.23	118.56
2015-03-31	255.97	76.23	118.56
2014-12-31	255.61	80.47	97.00
2014-09-30	255.61	80.47	97.00
2014-06-30	238.72	97.87	109.96
2014-03-31	238.72	97.87	109.96
2013-12-31	230.54	109.95	163.19
2013-09-30	230.54	109.95	163.19
2013-06-30	202.06	94.18	126.73
2013-03-31	202.06	94.18	126.73
2012-12-31	134.78	83.15	40.21
2012-09-30	134.78	83.15	40.21
2012-06-30	117.25	54.83	41.78

MACA's level of debt (24.1%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has been reduced over the past 5 years (47.6% vs 24.1% today).
Debt is well covered by operating cash flow (35%, greater than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 12.6x coverage).

Show me more healthy companies in the Metals and Mining industry

Financial health checks

We assess MACA's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

Dividends

What is MACA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

5.61%

Current annual income from MACA dividends. Estimated to be 5.18% next year.

If you bought €2,000 of MACA shares you are expected to receive €112 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

MACA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
MACA's dividend is above the markets top 25% of dividend payers in Germany (3.91%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

DB:MKM Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below
Germany Metals and Mining Industry Average Dividend Yield	Market Cap Weighted Average of 5 Stocks	2%
Germany Market Average Dividend Yield	Market Cap Weighted Average of 327 Stocks	3.2%
Germany Minimum Threshold Dividend Yield	10th Percentile	0.8%
Germany Bottom 25% Dividend Yield	25th Percentile	1.4%
Germany Top 25% Dividend Yield	75th Percentile	3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:MKM Future Dividends Estimate Data
Date (Data in A$)	Dividend per Share (annual)	Avg. No. Analysts
2021-06-30	0.06	3.00
2020-06-30	0.05	3.00
2019-06-30	0.04	3.00

DB:MKM Past Annualized Dividends Data
Date (Data in A$)	Dividend per share (annual)	Avg. Yield (%)
2019-02-25	0.055	5.623
2018-08-27	0.065	6.221
2018-02-26	0.060	4.769
2017-08-28	0.090	4.923
2016-08-22	0.085	5.069
2015-09-30	0.145	15.267
2015-08-24	0.145	17.043
2014-09-01	0.150	15.976
2014-02-28	0.130	6.305
2013-09-27	0.110	4.431
2013-08-26	0.110	4.573
2013-02-21	0.090	4.112
2012-08-27	0.090	4.081
2012-02-20	0.070	3.092
2011-08-29	0.060	3.041
2011-02-21	0.060	2.478

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

MACA has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
MACA has only been paying a dividend for 8 years, and since then dividends per share have fallen.

Current Payout to shareholders

What portion of MACA's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.3x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (2x coverage).

Show me more dividend paying companies in the Metals and Mining industry

Income/ dividend checks

We assess MACA's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can MACA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

Management

What is the CEO of MACA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Chris Tuckwell

COMPENSATION	A$898,809
TENURE AS CEO	4.8 years

CEO Bio

Mr. Christopher Mark Tuckwell, also known as Chris, has been the Chief Executive Officer and Managing Director of MACA Limited since August 4, 2014. Mr. Tuckwell served as the Chief Operating Officer of Africa at Ausdrill Ltd. from August 1, 2012 to June 30, 2014. He served as the Chief Executive Officer and Managing Director of MACA Limited until July 25, 2012. He was the Chief Executive Officer of Maca Plant Pty Ltd. He served as the Chief Executive Officer of Mining & Civil Australia Pty Ltd for three years. Mr. Tuckwell is a qualified construction engineer who has spent his entire 28 years career within the mining industry. He has worked with both mining contractors and mining companies over his career. He served as Group Operations Manager of Ausdrill Limited. Prior to joining MACA, he spent the last 14 years working both onshore and offshore for Ausdrill Ltd and its subsidiary company African Mining Services and Henry Walker Eltin served as of General Manager, Country Manager and Project Manager. During this 14 year period, he spent 3 years working for Ausdrill Ltd., managing both Australian operations and overseas operations in Chile and Peru and was a shareholder representative for its JV company, African Mining Services, in Ghana and Tanzania. Mr. Tuckwel has also worked for Ausdrill International Ltd (1 year) in Jamaica and African Mining Services (9 years) in both Ghana, West Africa and Tanzania, East Africa. Mr. Tuckwell also worked for Henry Walker Eltin in Indonesia as a Country Manager. He has been a Director of MACA Limited since August 4, 2014. He served as a Director at MACA Limited from September 20, 2010 to July 25, 2012.

CEO Compensation

Chris's compensation has been consistent with company performance over the past year, both up more than 20%.
Chris's remuneration is about average for companies of similar size in Germany.

Management Team Tenure

Average tenure of the MACA management team in years:

4.9

Average Tenure

The tenure for the MACA management team is about average.

2.3 yrs

Board of Directors Tenure

Average tenure of the MACA board of directors in years:

5.8

Average Tenure

The tenure for the MACA board of directors is about average.

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (€)	Value (€)
16. Apr 19	Buy	Realindex Investments Pty Limited	Company	28. Mar 18	26. Jun 18	1,917,760	€0.79	€1,512,536
16. Apr 19	Sell	Colonial First State Asset Management (Australia) Limited	Company	03. Apr 18	22. Jun 18	-156,077	€0.77	€-120,382
16. Apr 19	Buy	Colonial First State Asset Management (Australia) Limited	Company	27. Mar 18	25. Jun 18	1,418,422	€0.78	€1,112,380
11. Mar 19	Sell	Dimensional Fund Advisors L.P.	Company	09. Jan 19	14. Jan 19	-326,000	€0.58	€-189,993
11. Mar 19	Buy	Dimensional Fund Advisors L.P.	Company	13. Nov 18	08. Mar 19	433,340	€0.75	€258,159
05. Mar 19	Buy	Robert Ryan	Individual	27. Feb 19	27. Feb 19	10,000	€0.61	€6,084
01. Feb 19	Sell	Perpetual Limited	Company	30. Nov 18	30. Jan 19	-2,973,198	€0.63	€-1,713,085
03. Dec 18	Sell	Perpetual Limited	Company	23. Nov 18	29. Nov 18	-2,802,900	€0.58	€-1,614,365
26. Nov 18	Sell	Perpetual Limited	Company	20. Nov 18	22. Nov 18	-3,076,319	€0.61	€-1,839,686
22. Nov 18	Sell	Schroder Investment Management Limited	Company	10. Apr 18	22. Nov 18	-1,617,453	€0.61	€-988,093
22. Nov 18	Buy	Schroder Investment Management Limited	Company	10. Apr 18	22. Nov 18	9,817,501	€0.66	€6,490,610
21. Nov 18	Sell	Perpetual Limited	Company	16. Nov 18	19. Nov 18	-3,545,361	€0.61	€-2,066,462
21. Nov 18	Buy	Linton Kirk	Individual	19. Nov 18	19. Nov 18	25,000	€0.60	€14,974
19. Nov 18	Sell	Perpetual Limited	Company	29. Aug 18	30. Oct 18	-6,663,619	€0.68	€-4,502,715
19. Nov 18	Buy	Perpetual Limited	Company	11. Sep 18	15. Nov 18	1,616,134	€0.78	€1,263,425
16. Nov 18	Buy	Christopher Tuckwell	Individual	15. Nov 18	15. Nov 18	70,000	€0.58	€40,431
27. Jun 18	Buy	Realindex Investments Pty Limited	Company	28. Mar 18	26. Jun 18	1,917,760	€0.79	€1,512,536
29. Aug 18	Sell	Perpetual Limited	Company	22. Jun 18	22. Jun 18	-1,015,773	€0.72	€-732,408
29. Aug 18	Buy	Perpetual Limited	Company	25. May 18	27. Aug 18	3,704,015	€0.74	€2,740,036
27. Jun 18	Sell	Colonial First State Asset Management (Australia) Limited	Company	03. Apr 18	22. Jun 18	-156,077	€0.77	€-120,382
27. Jun 18	Buy	Colonial First State Asset Management (Australia) Limited	Company	27. Mar 18	25. Jun 18	1,418,422	€0.78	€1,112,380

Management checks

We assess MACA's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

MACA Limited engages in contract mining and crushing, civil construction, infrastructure, and mineral processing equipment business in Australia and Brazil. The company offers loading and hauling services; and drilling and blasting services, including production drilling and blasting for surface mining operations or quarries, pre-split drilling, contour drilling and pioneering, blast hole sample drilling, probe drilling, pre-split and final wall blasting, drill and blast design, blasting solutions for civil construction, and controlled blasting. It also provides crushing and screening services to deliver tailored screening and sizing solutions, as well as materials handling solutions. In addition, the company provides a range of civil infrastructure and maintenance services, including construct only, or design and construct in greenfields and urban brownfields environments for state and federal road authorities, local municipalities, and private organizations. Further, it engages in mineral processing equipment business, including the delivery of small to large scale structural, mechanical, and piping projects, process plant and equipment, and maintenance of, and consumables. MACA Limited was incorporated in 2002 and is headquartered in Welshpool, Australia.

Details

Name:	MACA Limited
Ticker:	MKM
Exchange:	DB
Founded:	2002
Market Cap:	A$160,900,065
Shares outstanding:	268,007,708
Website:	http://www.maca.net.au
Address:	MACA Limited 45 Division Street, Welshpool, Western Australia, 6106, Australia

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
ASX	MLD	Ordinary Shares	Australian Securities Exchange	AU	AUD	03. Nov 2010
DB	MKM	Ordinary Shares	Deutsche Boerse AG	DE	EUR	03. Nov 2010
CHIA	MLD	Ordinary Shares	Chi-X Australia	AU	AUD	03. Nov 2010

Number of employees

Current staff

2,200

MACA employees.

Industry

Industry:	Diversified Metals and Mining
Sector:	Materials

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/06/15 21:55
End of day share price update:	2019/06/14 00:00
Last estimates confirmation:	2019/02/26
Last earnings filing:	2019/02/24
Last earnings reported:	2018/12/31
Last annual earnings reported:	2018/06/30

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.

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