Hi Terry,
Thanks for the positive feedback, it’s much appreciated by the whole MM Team.
For reference, Wagners Holdings (WGN) is a $960mn Queensland-based construction materials and building products company supplying cement, concrete, aggregates and reinforcing steel to infrastructure and construction markets, while also developing innovative products including composite utility poles and low-carbon “Earth Friendly Concrete” — positioning the group to benefit from both the Brisbane 2032 infrastructure boom and the long-term shift toward greener building materials.
Your SAF instinct is directionally right, but the key distinction is that Boeing’s investment sits within the privately owned Wagner Sustainable Fuels business — not the ASX-listed Wagners Holdings (ASX: WGN) directly. That’s why the SAF story receives little attention in WGN disclosures or forecasts: the economics do not currently flow through to the listed company’s earnings.
However, importantly, the WGN investment case remains strong even without the SAF optionality, driven by Brisbane 2032 infrastructure exposure, strong growth in composite fibre products and the long-term potential of Earth Friendly Concrete. The stock’s phenomenal 2-year rally suggests the market is rapidly reassessing the quality and strategic positioning of the broader business.
- We like WGN below $5 but wouldn’t be surprised to see a decent pullback after its aggressive bullish rerating.
