MAAS Group: MGH to buy SEQ asphalt business

About the author:

Liam Schofield
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By Liam Schofield
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Date posted:
01 May 2023, 7:30 AM
Sectors Covered:

  • MAAS Group (ASX:MGH) has agreed to buy a 75% interest in South East Queensland asphalt business, Austek Asphalt, for $39.0m. The residual 25% is to be retained by a business founder, who will continue in his role post-acquisition.
  • Whilst a multiple wasn’t disclosed, we estimate it to be c.4.0-4.5x EBITDA, reflecting c.3-4% EPS accretion on a proforma basis.
  • We retain our ADD recommendation, slightly increasing our valuation to (login to view).

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