Fund Manager Summary
The fund managers believe that Mader Group Ltd presents a compelling investment opportunity, particularly due to its strong performance in Australia. In their opinion, the company delivered robust results with a 25% increase in revenue and a 27% rise in profit before interest and tax for FY24. While the North American division faced challenges, including a decline in revenue and profit due to reduced coal activity, the overall outlook remains positive. The company has guided FY25 revenues of $870m (+12%) and NPAT of $57m (+13%), which they suspect is conservative. They believe the current 19x P/E ratio underestimates Mader's quality and growth potential, reinforcing its status as a key holding in their portfolio.
Source: Trading View
Commentary From The Managers
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QVG Capital
5 Nov 2025
$8.39
Summary
- QVG Capital observes positive trading conditions in North America for Mader Group Ltd.
- Mader Group Ltd. shows improved performance this month.
- Increased likelihood of indexation for the stock.
- QVG Capital continues to hold its position based on these developments.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
QVG Capital
5 Nov 2025
$8.39
- QVG Capital observes positive trading conditions in North America for Mader Group Ltd.
- Mader Group Ltd. shows improved performance this month.
- Increased likelihood of indexation for the stock.
- QVG Capital continues to hold its position based on these developments.
Summary
Airlie Funds Management
30 Sept 2024
$4.96
- Mader delivered a strong result in its Australian business, with revenue and profit before interest and tax increasing by 25% and 27% respectively in FY24.
- Performance in North America was weaker in 2H24, with declines in both revenue and profit before interest and tax due to reduced coal activity.
- For FY25, Mader has guided to revenues of $870m (+12%) and NPAT of $57m (+13%).
- Airlie Funds Management suspects that this guidance is conservative.
- The implied 19x P/E ratio is considered to undervalue the quality and growth potential of the business.
- As a result, Mader remains a key holding in the portfolio.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While Mader Group Ltd appears to be navigating a mixed landscape, with Australian growth offsetting North American challenges, the underlying potential seems underestimated. With a conservative outlook and a compelling valuation, this stock could be a hidden gem for savvy investors."
Last Updated: 05 Nov 2025
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Frequently Asked Questions
Who is investing in Mader Group Ltd (ASX:MAD)?
Fund managers including Airlie Funds Management and QVG Capital have invested in Mader Group Ltd (ASX:MAD).
Why do fund managers invest in Mader Group Ltd?
Fund managers invest in Mader Group Ltd due to its strong performance in the Australian market, where revenue and profit saw significant growth of 25% and 27% respectively in FY24. Despite challenges in North America, the overall outlook is positive, with conservative guidance for FY25 indicating continued growth. The perceived undervaluation of the company, reflected in a 19x P/E ratio, suggests substantial long-term potential, making it a key portfolio holding.
What happened to Mader Group Ltd (ASX:MAD)?
Fund managers, including QVG Capital, are investing in Mader Group Ltd due to improved trading conditions in North America and the increasing likelihood of stock indexation, which may enhance the company's market visibility and stability.