Jefferies initiates Australia's Maas Group with 'buy' rating

MAAS group

14/11/2023 18:41

** Jefferies initiates rating on Maas Group Holdings
 MGH.AX  with "buy"; raises PT by 18% to A$4.25 
    ** Brokerage says the construction materials firm has a vast
roll-out of renewables across regional markets; expects
renewable capex spend to triple by 2027  
    ** Expects co's FY24 adjusted net profit will be A$89
million ($57.82 million) 
    ** MGH also has A$400 mln in regional real estate assets
which brokerage sees as being increasingly monetised from 2024,
driving reduced gearing (debt-to-equity) - Jefferies 
    ** Six of 7 analysts rate the stock "buy" or higher and 1
"hold"; their median PT is A$3.75 – LSEG data
    ** Stock up 35.7% this year, as of last close


($1 = 1.5392 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))