By Digifin Pty Ltd · About this coverage
Key Points
- Buying 100% of Aspect for A$75m EV, about 5.0x FY26 EBIT
- Aspect FY26 revenue about A$75m and EBIT A$15.2m (unaudited)
- A$30m cash upfront, A$30m retention over 5 years, earn-out to A$30m
- Indicative underlying EPS accretion about 6.2% from inception
- Completion expected this calendar year, subject to clearances
About Macmahon (ASX:MAH)
Macmahon Holdings Limited is an ASX-listed mining and civil infrastructure contractor headquartered in Perth. It provides surface mining, underground mining and civil infrastructure services across Australia, New Zealand and Southeast Asia.
Macmahon (ASX:MAH) Holdings has executed a Share Purchase Agreement to acquire 100% of Aspect Engineering Solutions and associated subsidiaries, adding front-end and detailed engineering, project delivery, minerals processing, and operations and maintenance to its mining and civil platform.
Aspect generated approximately A$75 million of FY26 revenue and A$15.2 million of FY26 EBIT on unaudited 30 June 2026 figures, with more than 295 direct employees and more than 50 active clients. The headline enterprise value is A$75 million on a debt-free, cash-free basis, about 5.0x FY26 EBIT. Consideration is A$30 million cash upfront on completion, yearly retention of $6 million for five years totalling $30 million, and earn-out payments of between $15 million and $30 million over 3-5 years if hurdles are met. Macmahon says the deal is expected to be underlying EPS accretive from inception, with indicative underlying EPS accretion of approximately 6.2% pre-synergies, and cites a Base Case IRR of 40.4% pre-synergies. As at 31 May 2026 Aspect had approximately A$66.6 million of contracted backlog and an unweighted pipeline of approximately A$225.8 million. Aspect will operate as a standalone business under its brand, funded from existing cash, with Macmahon able to elect share payment for future retention and earn-out amounts.
Completion remains subject to conditions and customary mechanics including regulatory clearances, and is expected in the current calendar year.
Source: Macmahon Holdings Limited (ASX:MAH), 18 September 2026. Summary content supplied by Digifin Pty Ltd.
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