In MAAS Group (MGH AU): Wes Bumps Stake After ACCC Clears Heidelberg Sale, I mused whether the market would re-rate MAAS as an infrastructure/ “AI-enabler” rather than a contractor currently.
Given Maas Group (MGH AU) had hitched its caboose to Firmus (both equity and contractual counterparty), the answer was quite a lot. Until Firmus yanked its super-hyped IPO.
Maas is down 53% from its recent high. The Heidelberg sale is now complete. Buybacks refreshed. 33% of Firmus’ invoices paid. But “cheap” isn’t a thesis on its own.
The Trade.
Maas is trading at its lowest level in three years.
Yet sentiment remains starkly bearish.
There is clear value here. But it may still be had cheaper.
This insight is labelled bullish as I’m not bearish medium term here.