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 “
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