Mader Group (ASX:MAD) delivered "solid" numbers in line with expectations, with a free cash flow highlight, said Euroz Hartleys in a Tuesday note.
The company reported Tuesday fiscal 2025 earnings of AU$0.2704 per share, up from AU$0.2382 a year earlier. Revenue for the 12 months ended June 30 was AU$872.2 million, compared with AU$774.5 million a year earlier.
The research firm said that at AU$7.90, the investment case is about repeating the success seen in Australia in North America by using a culture-driven model and expanding into new areas.
The firm also noted that to achieve its current target price, the Mader will need steady growth of about 10% to 15% each year for several years.
Euroz Hartleys maintained its buy rating on Mader and increased the price target to AU$8.59 from AU$7.03.
Mader Group's shares fell 4% in recent Tuesday trade.
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