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

MA Moelis Australia

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External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<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><p><em>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.</em></p>

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