Maas Group Holdings (MGH.AX): Trading a real business for paper illusions and executive problems

Maas Group Holdings (MGH.AX): The sale of Heidelberg Materials’ quarries for 1.703 billion is nothing more than a pure and simple divestiture of a real business in favor of dubious financial juggling. The impressive reported EBITDA for 2026 of over 300 million looks like a mockery because it’s based on asset sales and pure accounting tricks: nearly 40% of that amount came from the very quarries the company is now permanently divesting, thereby killing its only decent cash flow. The rest of the “profit” is pure hot air: fabricated paper revaluations of obscure startups like Firmus Grid and interest on shady loans that exist only on paper, with no real cash in the accounts. If you strip away all this window dressing, the core business is essentially barely surviving with zero growth, and the actual cash flow lags far behind the glossy financial statements. In reality, management is getting rid of a tangible asset that actually sustained the company and is shifting investors onto a powder keg of opaque private investments and management’s subjective assessments.