Maas Bull Gears up for Firmus IPO, Raises Stock Valuation
Dow Jones
6 hours ago
2223 GMT - The growing appeal of Maas Group's 3.2% stake in Firmus prompts Macquarie to raise its price target by 21% to A$8.15/share. Firmus could be valued at A$43.7 billion in its IPO. That would imply Maas's stake is worth A$4.00/share. Macquarie says it "conservatively" adds A$1.42/share for the Firmus position to Maas's valuation. This reflects the last raise in which Maas participated. "Firmus IPO that should underpin its Australian AI factory rollout with potential work for Maas, capital recycling proceeds, successful delivery of Firmus contract and follow-on contracts, M&A, capital returns," Macquarie says. It retains an outperform call on Maas, which ended last week at A$6.81.
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