Macmahon: Mining Services Company in Successful Turnaround

Steve Johnson of Forager Funds Management presented his in-depth investment thesis on Macmahon Holdings (Australia: MAH) at Asian Investing Summit 2018.

Thesis summary:

Macmahon Holdings is an ASX-listed mining services company with a large and growing business in South East Asia. The stock has rightly been punished for the sins of the past, but the new management team and a solid order book are underappreciated by the market. Based on Steve’s estimates, the shares trade at an enterprise value multiple of 6x 2018E EBIT. Steve expects EBIT to continue growing in 2019 and beyond.

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About the instructor:

Steve Johnson serves Forager’s Chief Investment Officer. He has a Bachelor of Economics (Econometrics and Finance) from the University of New South Wales and is a CFA® charterholder. He enjoys marathon running in his spare time and lives with his wife in Sydney, Australia. Steve has a monthly column in the Australian Financial Review and regularly appears on Sky Business, the ABC and CNBC.