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Macmahon Holdings Ltd ASX:MAH

Mining Services Free Cash Flow Infrastructure Services

0 opened or increased3 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 8 managers in total.

Position history by manager Showing 3 of 8 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

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202420252026

30 Jun 2023 to today

Commentary Showing 2 of 25

DateManagerActionSummary

30 Jun 2026Forager FundsExitForager Funds exited Macmahon Holdings after first reducing its investment as the mining and civil contractor's share price rose and valuation expanded alongside improved investor attention. Forager notes Macmahon had been a strong performer as operational delivery and contract wins compounded, with the business now larger and more diversified than a few years earlier; first-half earnings before interest and tax rose 17%, while improved capital intensity lifted return on capital employed above 21%. Consistent performance and a favourable backdrop for mining contractors led investors to finally reappraise the sector and Macmahon's place within it, capping off an investment Forager had held for more than 14 years.

Mining ServicesAnnual Report, price recorded $0.96

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31 May 2026Ausbil Investment ManagementHeldAusbil Investment Management continues to hold Macmahon Holdings because the company delivered strong contract momentum during May, including a 12-month extension at Black Cat's Majestic mine and additional wins across precious metal projects in the Northern Territory, North Queensland and NSW. With major work in hand and a large tender pipeline, Ausbil sees growing earnings visibility over the coming years.

Mining ServicesMonthly Report, price recorded $1.00

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23 more comments on MAHPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 8 managers first commented on MAH.

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Articles

30 Jun 2026Macmahon Holdings MAH Fund Manager Commentary and Investment Thesis

About Macmahon Holdings Ltd

Materials, Metals and Mining

Macmahon Holdings (ASX:MAH), a mining services contractor, has rallied strongly, prompting long-term holders to take profits. In June 2026, Forager Funds described Macmahon as a strong performer as operational delivery and contract wins continued to compound, noting it is larger and more diversified than before. Ausbil reported a 38% gain in a single month. Forager exited its 14-year investment after a 160% rally over a year, and Ryder Capital sold the last of its successful position on valuation grounds. Macmahon operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 25 comments from 8 fund managers, including Forager, Ausbil and Ryder. Founded in 1963 and headquartered in Perth, Macmahon provides surface and underground mining, mining support and civil infrastructure services to mining companies in Australia and Southeast Asia, earning revenue under long-term contracts with major gold, copper and iron ore producers.

Market cap: $2.2b
Price to earnings: 21.9x
Return on equity: 14.1%
Dividend yield: 2.2%
Price to book: 2.95x
Net margin: 3.9%
52-week range: $0.45 to $1.17

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Macmahon Holdings Ltd (ASX:MAH)?

Fund managers including Ryder Capital, Forager Funds, Paradice Investment Management, Pendal Group, Ellerston Capital, Plato Investment Management, Alliance Bernstein and Ausbil Investment Management have invested in Macmahon Holdings Ltd (ASX:MAH).

What opportunities or catalysts do fund managers highlight for Macmahon Holdings Ltd?

Forager and Ausbil highlight compounding contract wins, strong operational delivery and greater scale and diversification across surface, underground and civil projects.

What are the key risks to the Macmahon Holdings Ltd investment thesis, according to fund managers?

Forager and Ryder both exited on valuation grounds after a strong rally, suggesting much of the improvement is now reflected in the share price, and contractors carry execution risk.

What does Macmahon Holdings Ltd (ASX:MAH) do?

Macmahon Holdings Ltd. is an Australian mining services provider headquartered in Perth. Founded in 1963, the company specializes in comprehensive mining solutions, including surface mining, underground mining, and mining support services. Additionally, Macmahon provides civil infrastructure construction and maintenance. The firm operates as a diversified contractor, delivering integrated project services for the global mining sector.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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