A Look At Macmahon Holdings (ASX:MAH) Valuation After Strong Half Year Results And Higher Dividend

Simply Wall St.

Feb 20

Macmahon Holdings (ASX:MAH) has drawn investor attention after releasing its half year 2025 results, reaffirming FY26 guidance and lifting its fully franked interim dividend to 0.95 cents per share, ...

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The 1 year...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"MAH.AU":"MACMAHON HOLDINGS LIMITED","BK7095":"多种金属与采矿"},"translate_title":"强劲的半年业绩和更高的股息后看看麦克马洪控股(ASX：MAH)的估值","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MAH.AU":1.5},"content_text":"Macmahon Holdings (ASX:MAH) has drawn investor attention after releasing its half year 2025 results, reaffirming FY26 guidance and lifting its fully franked interim dividend to 0.95 cents per share, an increase of 73% on 1H25. See our latest analysis for Macmahon Holdings. The recent earnings beat, higher interim dividend and reaffirmed FY26 guidance appear to have fed into strong momentum, with a 90 day share price return of 42.99% and a very large 3 year total shareholder return. The 1 year total shareholder return of 153.51% suggests that this upswing has been building over a longer period rather than appearing overnight. If these results have you looking beyond a single contractor, it could be a good moment to broaden your search with our 2 top founder-led companies. With earnings and dividends both moving higher and the share price already up strongly over 1 and 3 years, the key question now is simple: is Macmahon still undervalued, or is the market already pricing in future growth? AdvertisementMost Popular Narrative: 55.1% Overvalued Macmahon Holdings last closed at A$0.765, while the most followed narrative points to a fair value of A$0.493, using an 8.59% discount rate.  The analysts have a consensus price target of A$0.44 for Macmahon Holdings based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of A$0.49, and the most bearish reporting a price target of just A$0.34.  Read the complete narrative. Want to understand why forecast earnings growth and margins still point to a lower value than today? The narrative leans on steady compounding, a tighter profit profile, and a future earnings multiple below many peers. Curious which assumptions really pull that fair value down and how sensitive they are to small changes in growth? Result: Fair Value of A$0.493 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the story can change quickly if large contracts are not renewed, or if civil infrastructure margins and any debt funded deals fail to deliver as expected. Find out about the key risks to this Macmahon Holdings narrative. Another View: Market Pricing Versus Earnings Multiple While the most popular narrative says Macmahon looks 55.1% overvalued against a A$0.493 fair value, the current P/E of 17.7x tells a different story. It sits below peers at 20.1x and below a fair ratio of 21x. This suggests the market is not pricing the shares aggressively. So is sentiment too cautious, or is the narrative model simply more conservative? See what the numbers say about this price — find out in our valuation breakdown. ASX:MAH P/E Ratio as at Feb 2026Next Steps If the mixed messages on value and multiples leave you unsure, take a moment to review the numbers yourself. Move quickly to form your own stance, starting with our 4 key rewards. Ready to hunt for your next idea? If Macmahon has sharpened your focus, do not stop here. The real edge comes from comparing it with other quality ideas surfaced by powerful screeners.  Target value first by checking companies our screener flags as 11 high quality undervalued stocks with strong fundamentals backing up their current pricing. Prioritise resilience by reviewing a solid balance sheet and fundamentals stocks screener (18 results) that can better withstand shocks and still fund growth plans. Spot overlooked potential by scanning a screener containing 12 high quality undiscovered gems that are not yet on most investors’ radar.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}