Maas Group (ASX:MGH)
Hi guys Tapping ya brain cells . Can you enlighten me about MAAS GRP. AFR, last wkend , Morgan's says Proxy for Firmus Group???? Cheers Paul M PS Keep the reports Rockn & Rolling
The Latest Q&A
Answer
Hi Paul,
MGH is genuinely a different animal to what it was 12 months ago. The old MGH = quarries, concrete, dirt. New MGH = electricians for AI data centres + a cash mountain, plus a strategic bet on Firmus as you mentioned.
- MGH is a completely different company, which is arguably being priced by the market like the old one – its trading only ~14% above its average 5-year valuation.
The $100m equity stake gives MGH roughly 1.7% of Firmus, with management saying it’s “more than a financial investment” — it’s about positioning for a longer-term relationship beyond a single project.
Firmus will be either Australia’s greatest tech listing of the decade or a gloriously hyped pre-revenue infrastructure bet. For MGH holders, you’re not really buying the 1.7% stake, you’re buying the JLE revenue pipeline that Firmus generates as it builds. As for the Firmus IPO itself, MM is on the fence, not liking the proposed no-escrow structure, and the delay of the listing date implies demand/feedback from institutions has not been overly strong.
