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<ul><li>Mader Group&rsquo;s casual workforce model, diversification into segments beyond mining maintenance, and strong earnings growth rate, have Macquarie initiating with Outperform.</li><li> -Mader Group is Australia&rsquo;s largest provider of heavy equipment maintenance -Yet underpenetrated in Australia&rsquo;s mining industry -Attractive model for employees, solid growth trajectory -Macquarie initiates with Outperform</li></ul>

Mader Group&rsquo;s casual workforce model, diversification into segments beyond mining maintenance, and strong earnings growth rate, have Macquarie initiating with Outperform. -Mader Group is Australia&rsquo;s largest provider of heavy equipment maintenance -Yet underpenetrated in Australia&rsquo;s mining industry -Attractive model for employees, solid growth trajectory -Macquarie initiates with Outperform

External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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<ul><li>Another record quarter with $155.6m in Q3 revenue (+59% vs. pcp), bringing the FY23 YTD revenue total to $435.9m (~73% of FY23 MAe $595.8m).</li><li>MAD's Australian business continued to grow strongly in its main division, with Q3 revenue of $119.6m (+45% vs. pcp), with management noting customer demand for all services remains "robust" and supported by strong net headcount growth.</li><li>Australia continues to deliver strong growth with revenue in Q3 (+45% vs pcp) up sequentially from Q2.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Another record quarter with $155.6m in Q3 revenue (+59% vs. pcp), bringing the FY23 YTD revenue total to $435.9m (~73% of FY23 MAe $595.8m).MAD's Australian business continued to grow strongly in its main division, with Q3 revenue of $119.6m (+45% vs. pcp), with management noting customer demand for all services remains "robust" and supported by strong net headcount growth.Australia continues to deliver strong growth with revenue in Q3 (+45% vs pcp) up sequentially from Q2.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mader Group Ltd - Another Record Quarter, Strong Growth Continues, Reaffirmed Guidance

<ul><li>Earnings broadly consistent with our previously upgraded estimates.</li><li>1H23 NPAT was $17.6m (+45% vs pcp) albeit 6% below MAe, with the delta primarily attributable to elevated debt levels ($61.4m vs $47.3m MAe) driving increased interest expense, as well as higher depreciation.</li><li>Pre-reported 1H23 revenue was $280.3m (+51% vs pcp), with 1H23 EBITDA of $33.8m (+60% vs pcp).</li></ul><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Earnings broadly consistent with our previously upgraded estimates.1H23 NPAT was $17.6m (+45% vs pcp) albeit 6% below MAe, with the delta primarily attributable to elevated debt levels ($61.4m vs $47.3m MAe) driving increased interest expense, as well as higher depreciation.Pre-reported 1H23 revenue was $280.3m (+51% vs pcp), with 1H23 EBITDA of $33.8m (+60% vs pcp).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mader Group Ltd - Guidance Upgrade, Growth Outlook Remains Positive

<ul><li>Record quarterly revenue with FY23 Q2 revenue of $145m, +54% vs pcp and +7% QoQ.</li><li>1H FY23 revenue of $280.3m is 6.3% ahead of MAe $263.7m and +51.6% vs pcp.</li><li>Strong revenue growth was driven by both core and ancillary services in the Australian segment coupled with continued strong growth in the North American segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Record quarterly revenue with FY23 Q2 revenue of $145m, +54% vs pcp and +7% QoQ.1H FY23 revenue of $280.3m is 6.3% ahead of MAe $263.7m and +51.6% vs pcp.Strong revenue growth was driven by both core and ancillary services in the Australian segment coupled with continued strong growth in the North American segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mader Group Ltd - North America Gains Momentum as Australia Continues to Deliver

<ul><li>We initiate coverage on specialist equipment maintenance service provider, Mader Group, with a Buy rating and a $4.05 12-mth PT.</li><li>Accelerated adoption of dominant Australian model in larger and higher margin North American market to drive outsized returns (MAe FY23-25e EPS CAGR +28%).</li><li>Mader Group (MAD) is a specialist service provider of heavy mining equipment and infrastructure maintenance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage on specialist equipment maintenance service provider, Mader Group, with a Buy rating and a $4.05 12-mth PT.Accelerated adoption of dominant Australian model in larger and higher margin North American market to drive outsized returns (MAe FY23-25e EPS CAGR +28%).Mader Group (MAD) is a specialist service provider of heavy mining equipment and infrastructure maintenance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mader Group Ltd. (MAD-AU) - Buy- Price: $3.52; PT: $4.05

Australia

Mader Group is a solution-driven global maintenance provider powered by mechanically minded specialists. We are passionate about heavy equipment maintenance and dedicated to helping our customers maximise productivity and achieve targets through optimal fleet and plant performance.

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Mader Group Ltd (MAD AU)

Mader Group's Competitive Advantages

Mader Group’s casual workforce model, diversification into segments beyond mining maintenance, and strong earnings growth rate, have Macquarie...

FNArena

Mader Group Ltd - Another Record Quarter, Strong Growth Continues, Reaffirmed Guidance

Another record quarter with $155.6m in Q3 revenue (+59% vs. pcp), bringing the FY23 YTD revenue total to $435.9m (~73% of FY23 MAe $595.8m).

MA Moelis Australia

Mader Group Ltd - Guidance Upgrade, Growth Outlook Remains Positive

1H23 NPAT was $17.6m (+45% vs pcp) albeit 6% below MAe, with the delta primarily attributable to elevated debt levels ($61.4m vs $47.3m MAe)

MA Moelis Australia

Mader Group Ltd - North America Gains Momentum as Australia Continues to Deliver

Strong revenue growth was driven by both core and ancillary services in the Australian segment coupled with continued strong growth in the North...

MA Moelis Australia

Mader Group Ltd. (MAD-AU) - Buy- Price: $3.52; PT: $4.05

We initiate coverage on specialist equipment maintenance service provider, Mader Group, with a Buy rating and a $4.05 12-mth PT.

MA Moelis Australia

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