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Jefferies initiates coverage on Australia's Macmahon at 'hold', shares fall

By Reuters News01:10 (UTC), 2 October 2026 Updated

** Jefferies initiates Australia's Macmahon MAH.AX with a "hold" rating, saying mining contractor's turnaround appears largely complete, with FY26 EBITA margins, safety metrics and order book at 20-year highs

** MAH shares fall as much as 8.1% to A$1.02, hitting their lowest level since September 18

** Brokerage says Macmahon established itself as tier-one contractor, supported by recent contract wins and long-term customer retention

** Jefferies expects favourable outlook for mining & civil construction activity in Australia and Indonesia

** Views acquisition of Aspect Engineering as positive move up resources value chain, estimating it to be about 7% EPS accretive

** One of three analysts rate the stock "buy" or higher, two "hold"; their median PT is A$1, according to data compiled by LSEG

** Stock up 53.4% YTD, including moves in current session

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