I took a small position in Maas a few months ago IRL at what I thought was a fair price, and have just waded in further now that share price is down 40% over the last 2 months despite no public announcements. Not much love on Strawman, of the current 3 holders @PoohBear was the first in about a year ago. I'd love to hear any negative views from Strawman members who have researched Maas but decided to stay away.

Mass is a rapidly growing, vertically integrated construction and materials company. Over 60% of share are owned by the CEO (Wes Maas) and his wife, and he has been consistently buying shares in the last year.

FY22 revenue was $539m, showing growth of 90% and $62m NPAT (statutory!). FY23 forecast around $770m and company has given guidance of $90m NPAT.

Current market cap is around $750m, which puts it on a forward PE of 8, for a company that almost doubled last year and is forecast to grow 40%+ this year.

Wilson Asset Management publicly stated a couple of months ago that Maas is their single largest holding. And they noted that the company owns $200m+ in property that Wilson believes is substantially undervalued.

In total the company has over $800m in tangible assets, over $300m net tangible assets. Net debt to EBITDA is an acceptable 2.1x. $50m in cash and another $200m in undrawn banking facilities.

Consensus valuation across 5 analysts is share price of $5.23. I personally estimate a valuation of $4.94. I'll submit a separate valuation showing my calculations.