External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

External broker reports(aggregated public sources)

Euroz Limited

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MLG has delivered a somewhat mixed result in 1H25, with headline figures exceeding our estimates although cash conversion was impacted by a delayed receivable and net debt higher than expected as a result of growth capital.</li><li>The result was paired with the announcement of a 3 year, $75m haulage contract with Westgold Resources commencing Mar-25 (~$25m pa).</li><li>Revenue $268.6m +20.3% vs pcp (+14.8% vs EH: $234m), growth lead by mine site services and bulk haulage (+32.7% vs pcp) partially offset by a reduction in crushing and screening.</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.

MLG has delivered a somewhat mixed result in 1H25, with headline figures exceeding our estimates although cash conversion was impacted by a delayed receivable and net debt higher than expected as a result of growth capital.The result was paired with the announcement of a 3 year, $75m haulage contract with Westgold Resources commencing Mar-25 (~$25m pa).Revenue $268.6m +20.3% vs pcp (+14.8% vs EH: $234m), growth lead by mine site services and bulk haulage (+32.7% vs pcp) partially offset by a reduction in crushing and screening.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.

MLG 1H 2025 Reporting - First Impressions

<ul><li>MLG is a bit of an investment enigma; trading at significant value however in the context of some fluidity around short term numbers.</li><li>We are bringing our forecasts back a little, as work attached to new gear purchased in 2024 does not appear to have shown up as quickly as we had expected.</li><li>That said recent contract wins with Evolution and Norton provide evidence that revenue growth continues, as does the broader client list and increasing headcount.</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.

MLG is a bit of an investment enigma; trading at significant value however in the context of some fluidity around short term numbers.We are bringing our forecasts back a little, as work attached to new gear purchased in 2024 does not appear to have shown up as quickly as we had expected.That said recent contract wins with Evolution and Norton provide evidence that revenue growth continues, as does the broader client list and increasing headcount.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.

MLG - Unpacking the Investment Case; Significant Value; Some Moving Parts

<ul><li>As expected, 2H EBITDA margins were softer (10.9% vs 12.8% 1H'24), the result of new project mobilisations in Q3 and heavier than anticipated rainfalls in March and June.</li><li>Operating cash flow of $57.6m correlated strongly with EBITDA, enabling MLG to deploy $49.6m of capex, including growth capex of $29.8m; sustaining capex was consistent with FY23.</li><li>Net debt (excl leases) was ~flat at $54.7m, improving the gearing ratio to ~1x</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.

As expected, 2H EBITDA margins were softer (10.9% vs 12.8% 1H'24), the result of new project mobilisations in Q3 and heavier than anticipated rainfalls in March and June.Operating cash flow of $57.6m correlated strongly with EBITDA, enabling MLG to deploy $49.6m of capex, including growth capex of $29.8m; sustaining capex was consistent with FY23.Net debt (excl leases) was ~flat at $54.7m, improving the gearing ratio to ~1xContent 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.

Australia

MLG Oz Limited provides construction materials. The Company offers crushed stones, cement, lime, construction sand, gravel, and other construction materials. MLG Oz serves customers in Australia.

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MLG OZ (MLG AU)

MLG 1H 2025 Reporting - First Impressions

Revenue $268.6m +20.3% vs pcp (+14.8% vs EH: $234m), growth lead by mine site services and bulk haulage (+32.7% vs pcp) partially offset by a...

Euroz Hartleys

MLG - Unpacking the Investment Case; Significant Value; Some Moving Parts

MLG is a bit of an investment enigma; trading at significant value however in the context of some fluidity around short term numbers.

Euroz Hartleys

MLG: 2024 Results; Initial Impressions

As expected, 2H EBITDA margins were softer (10.9% vs 12.8% 1H'24), the result of new project mobilisations in Q3 and heavier than anticipated...

Euroz Hartleys

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