In order to receive a dividend, you must own the ASX share before its ex-dividend date.

As we've reported, some of the biggest dividend increases among ASX mining shares this season came from the gold miners.

Next week, two of them go ex-dividend.

Ramelius Resources Ltd (ASX: RMS) shares will pay a fully-franked interim dividend of 3 cents per share on 15 April.

This exceeds the company's commitment to pay a minimum annual dividend of 2 cents per share for FY26.

Ramelius Resources reported a 13% increase in EBITDA to $347.7 million but a 6% fall in net profit after tax (NPAT) to $160 million.

The ASX gold share goes ex-dividend on Monday.

Capricorn Metals Ltd (ASX: CMM) shares will pay a maiden fully franked interim dividend of 5 cents per share.

The gold miner reported a 130% jump in underlying NPAT to $144.8 million for 1H FY26.

The ASX gold share also goes ex-dividend on Monday.

Here is a sample of the other ASX All Ords shares with ex-dividend dates next week.

ASX shares about to go ex-dividend

The post 26 ASX shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

However, history shows that a select few of these penny stocks will grow into the mid-cap or even large-cap stocks in the future. 

Identifying them early is the challenging part. 

One small-cap stock to keep an eye on is Macmahon Holdings Limited (ASX: MAH). 

It has already risen by more than 67% in 2025, and the team at Bell Potter has just bumped up its share price target on the back of a key contract win for the company. 

Macmahon Holdings is an Australian company providing mining services across Australia and Southeast Asia. Its services cover surface and underground mining, civil construction, and resources engineering.

At the time of writing, shares are trading for approximately $0.59; however, Bell Potter has just raised its price target, indicating potential for more growth ahead. 

Here is the latest guidance from the broker. 

Key contract win

In a report released by Bell Potter on Monday, the broker stated that the company has secured an underground contract win in Indonesia. 

The contract is for a term of 34 months, with a contract value of $36m in the first year. 

This follows a contract win in Indonesia announced in August 2025, for an underground mine in North Sulawesi, with PT Tambang Tondano Nusajaya. 

This contract is valued at $33m over a 32-month period.

Bell Potter said these two contracts will partly replace the revenue lost from a previous agreement with Vault Minerals Ltd (ASX: VAU). 

However, the broker believes this will increase exposure to underground mining, in line with the company's strategy, which is expected to be less capital-intensive. 

The company has delivered strong growth, and the shares have performed well in 2025, but continue to trade on just 10.5x prospective earnings.

The company is guiding to EBIT(A) of $180m-$195m in FY26, which at the mid-point would be 9% ahead of FY25.

Buy recommendation for this small-cap stock

Based on this guidance, Bell Potter has increased its target price on this ASX small-cap stock to $0.65 (previously $0.50). 

Based on yesterday's closing price of $0.59, this indicates an upside of 10.17%. 

This optimism is based on a combination of factors, including: 

• Strong revenue base: FY25 secured revenue of $2.1bn, and an order book of $5.4bn provides visibility and stability.
• Underground mining growth: Expected 50% growth over the next 2–3 years.
• International expansion: Targeting 15% of group turnover from international work, supported by new contracts in Indonesia.
• Competitive advantage in Indonesia: Strong existing relationships and expertise in hard-rock underground mining.

The post Already up 67% YTD Bell Potter thinks this small cap stock can keep soaring appeared first on The Motley Fool Australia.

But you can't invest in any small cap ASX share, you only want the best.

That said, which are the best small caps to buy? Well, Bell Potter has just named three that it thinks could be among the best to buy now. Here's what it is recommending to clients:

Macmahon Holdings Ltd (ASX: MAH)

Bell Potter thinks that this mining services company could be a small cap ASX share to buy now.

It believes that the company is well-placed to deliver steady growth in the coming years thanks to its significant order book and its acquisition of Decmil. The latter boosts its exposure to the civil and renewable infrastructure sectors. It explains:

Macmahon's (MAH) long-term client relationships are likely to deliver steady growth, underpinned by a $5.4 billion order book and $2.1 billion in secured revenue. The company is positioned for multi-pronged growth with the underground mining division projected to expand by 50% over the next two years, while its international footprint is set to accelerate, leveraging a distinct competitive advantage in Indonesia. The strategic acquisition of Decmil has enhanced its exposure to the high-demand civil and renewable infrastructure sectors, a move already validated by $333 million in new work won.

And despite this positive outlook, it highlights that its shares are trading on low earnings multiples and offer an attractive dividend yield. Bell Potter adds:

Despite these strong fundamentals, Macmahon trades at a discount at just 6.7x FY26 EPS, 1.3x net tangible asset value (of 29cps at FY26), while offering a 4.9% yield. This creates an attractive entry point for investors to capture a re-rating as growth catalysts materialise.

Praemium Ltd (ASX: PPS)

Another small cap ASX share that has been named as a best buy is investment platform provider Praemium.

Bell Potter believes the company is well-placed to grow at a strong rate in the coming years. So, with its shares trading at a deep discount to peers, it thinks now could be the time to buy. It said:

We add Praemium Ltd (PPS) to the small cap panel, seeing a strong runway for the company to scale platform revenue, and grow market share from where it currently sits in the low single digits.

While Praemium has demonstrated commercial momentum, strong growth capacity, and a leading technology offering, its valuation continues to lag key peers. This stock looks very attractive at a 12MF PE of ~18x, and we expect the market to catch on as the company executes on further market share gains and FUA growth.

Universal Store Holdings Ltd (ASX: UNI)

Finally, Bell Potter continues to believe that youth fashion retailer Universal Store could be a small cap ASX share to buy.

It likes the company due to its positive growth outlook, supported by its growing store network, and its attractive valuation. The broker explains:

Universal Store Holdings is a leading youth focused apparel, footwear and accessories retailer in Australia. UNI will continue to increase store numbers over the next few years, supporting earnings growth of 10% p.a.. Valuation looks attractive, trading on a forward P/E of ~16x. UNI is a quality small cap (ROE ~26%) that is executing on its rollout strategy.

The post 3 of the best small cap ASX shares to buy appeared first on The Motley Fool Australia.

That's because Bell Potter has picked out its favourite through its Australian equities panel. Here are two dividend shares that it is bullish on:

Centuria Capital Group (ASX: CNI)

The first ASX dividend share that could be a best buy in October is Centuria Capital. It is an investment manager with a focus on real estate.

Bell Potter believes the company is well-placed to benefit from tailwinds in the real estate sector. And as these have yet to be fully priced in, the broker thinks that now is the time to buy. It said:

Centuria Capital Group (CNI) is an investment manager with c.$21b of predominantly real-estate-focused assets under management. CNI manages funds spanning listed, unlisted wholesale and unlisted retail syndicates across all major asset classes. As per their listed funds, CNI's assets under management is primarily in the Office and Industrial markets, however it also operates in Daily Needs & Large Format Retail, as well as alternative subsectors such as Healthcare, Real Estate Credit, and Agriculture. CNI is well positioned to benefit from tailwinds in the Real Estate sector, and we see cyclical upside yet to be priced in.

Bell Potter expects a dividend yield of approximately 4.8% over the next 12 months.

Macmahon Holdings Ltd (ASX: MAH)

Another ASX dividend share that gets a big thumbs up from Bell Potter is Macmahon. It is an Australian contractor that operates two core segments: contract mining and civil infrastructure.

Bell Potter believes it can continue its positive form in the coming years, especially given the recent acquisition of Decmil and its expansion into renewables and public infrastructure. It said:

Contract Mining division operates surface and underground mines across Australia and SE Asia, exposed primarily to Gold (53%), Met Coal (19%), and Lithium (9%). Contracts are long-term with cost escalation pass-through, ensuring revenue stability. While capital-intensive, this segment generates EBITDA margins of 15-20%. The Civil Infrastructure division, strengthened by the Decmil acquisition, executes EPC projects, expanding from mine support into renewables and public infrastructure. Margins are lower (7% EBITDA), but the division is less capital-intensive, offering higher returns on capital and greater scalability. Despite contracts suggesting mid-to-high single-digit growth, MAH has achieved a 12.2% compound annual growth rate over five years (19.9% in Australia) through strong execution and acquisitions.

The broker is expecting a dividend yield of 4.3% from its shares over the next 12 months.

The post Bell Potter names the best ASX dividend shares to buy in October appeared first on The Motley Fool Australia.

With the August reporting season in the rearview mirror, dozens of companies have ex-dividend dates next week.

Here's a sample of the ASX shares going ex-dividend soon.

23 ASX shares going ex-dividend next week

How to make ex-div dates work for you

To receive an ASX company's next dividend, you must buy or already own the shares before the ex-dividend date.

If you're interested in buying a stock trading cum dividend, you have two options.

Buy it before the ex-dividend date, and earn a quick return with the upcoming dividend payment.

Alternatively, buy the stock on its ex-dividend date, when it will likely trade lower because the dividend entitlement is no longer attached.

We've seen examples of this recently, with CSL Ltd (ASX: CSL) shares dropping 2.15% on their ex-dividend date.

TV network owner Nine Entertainment Co Holdings Ltd (ASX: NEC) plummeted 36% yesterday after going ex-dividend, too.

Sometimes there are exceptions, like we are seeing with WiseTech Global Ltd (ASX: WTC) shares today.

The post 23 ASX shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

That compares to a 9.47% lift for the S&P/ASX All Ordinaries Index (ASX: XAO).

The gold price has soared over the past 18 months due to its safe-haven appeal amid geopolitical tensions and global trade uncertainties.

The gold price hit a record US$3,500.05 per ounce on 22 April.

On Friday, the gold price is $US3,329 per ounce, down 0.12% today and down 0.15% over the past week.

After such strong gains for 4 ASX gold shares, you may be thinking there's little room for growth left.

Think again.

4 ASX gold shares with major upside ahead: experts

Vault Minerals Ltd (ASX: VAU)

The Vault Minerals share price is 39 cents on Friday, down 1.27%.

Macquarie has an outperform rating on this ASX gold share with a 12-month price target of 63 cents.

That suggests a potential upside of 61.5% in FY26.

Macquarie noted that Vault Minerals' fourth-quarter sales were weaker than it had expected.

Macquarie lowered its full-year FY25 revenue forecast by 2% and its estimated FY25 earnings per share (EPS) by 10%.

Looking ahead, the broker said:

Timely delivery of the expansions at KOTH as well as increasing mining volumes remain important longer-term.

Potential M&A, noting recent reports of VAU in data rooms, could also be a catalyst.

Northern Star Resources Ltd (ASX: NST)

The Northern Star Resources share price is $16.37, down 1.59%.

In a new note, Morgans reduced its 12-month price target on Northern Resources shares from $25.32 per share to $21.78 per share.

However, this still suggests a potential 33% upside for investors in FY26.

Morgans reduced its price target on this ASX gold share after the miner released an operational update on Monday.

The broker commented:

Overall, the update disappointed and reflected in the share price action (–8.6%).

FY26 adjustments were poorly flagged, with the new AISC midpoint +12% above consensus along with additional growth CAPEX items.

We adjust our forecasts in line with updated guidance …

Looking ahead, operational execution and disciplined capital cost control will be key to unlocking further value.

Macmahon Holdings Ltd (ASX: MAH)

Macmahon is a contract mining and civil infrastructure company at gold, copper, and coal mines in Australia and Southeast Asia.

Its mining activities involve the contractual operation of underground and surface mines in Australia (92% of revenue) and Southeast Asia (8% of revenue). Macmahon's major exposure is gold (54% of revenue).

Bell Potter only recently commenced coverage of this ASX gold share.

It comments that Macmahon's main contract mining businesses have relatively long-term projects with EBITDA margins of about 17% (or about 7-8% after depreciation).

The civil infrastructure business has grown significantly, with a range of short and medium-term projects. The EBITDA margins are lower at about 7%.

The civil infrastructure business requires less capital than the mining division, but potentially has more competitors.

The broker said:

The company has a long-term aim of rebalancing the business to 1/3rd 1/3rd 1/3rd underground, surface and civil, with a stated aim to grow underground by 50% over the next 2 years.

Bell Potter has a buy rating and a 12-month price target of 40 cents on this ASX gold share.

The Macmahon share price is 30 cents, up 0.68%, on Friday. This implies a 33% potential upside over FY26.

The broker said Macmahon has limited US tariff risk and high cash generation.

Bell Potter added:

The low rating of the shares relative to other mining contractors suggests that investor expectations are low, giving scope for upside surprise.

Ramelius Resources Ltd (ASX: RMS)

Ramelius Resources shares are $2.38 on Friday, down 1.04%.

Macquarie has an outperform rating on this ASX gold mining share with a 12-month price target of $3.10.

Hence, the target price implies a potential upside of 30%.

Ramelius revealed strong preliminary full-year FY25 results this week.

Full-year gold production was 301,664 ounces, ahead of its guidance range of 290,000 ounces to 300,000 ounces.

Ramelius also expects its all-in sustaining costs (AISC) to be at the lower end of its guidance range of $1,550 to $1,650 per ounce.

Macquarie commented:

The 4QFY25 production result beat RMS' own expectations (which we were anchored to) and continued to demonstrate strong cash generation.

In the near term our valuation relies on completion of the [Spartan Resources Ltd (ASX: SPR)] deal and key study results.

The post Experts reveal 4 ASX gold shares with more than 30% upside potential in FY26 appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down 2.5% to $8.41. Investors have been selling this KFC restaurant operator's shares after it released its half year results. For the six months ended 13 October, Collins Foods reported a 1.2% increase in revenue from continuing operations to $703.5 million. This reflects modest growth in Australia being offset by softness in Europe. And on the bottom line, underlying net profit after tax from continuing operations was down 23.8% to $23.7 million. The company's margins were impacted by a combination of flat same-store sales and ongoing inflationary pressures.

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is down almost 3% to 36 cents. This follows the release of an investor presentation at the Canaccord Mining Services Series. At the event, the mining services company reaffirmed its FY 2025 guidance of revenue of $2.4 billion to $2.5 billion and underlying EBITA of $160 million to $175 million. It seems that some investors were expecting an improvement to this guidance.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down a further 3% to $16.09. Investors have been selling this gold miner's shares since it announced an agreement to acquire gold developer De Grey Mining Limited (ASX: DEG) in a deal valued at $5 billion. Northern Star's CEO, Stuart Tonkin, said: "De Grey's Hemi development project will deliver a low-cost, long-life and large-scale gold mine in the Tier-1 jurisdiction of Western Australia, enhancing the quality of Northern Star's asset portfolio to generate cash earnings." It looks like a good number of investors don't agree with this view and have been heading to the exits this week.

Predictive Discovery Ltd (ASX: PDI)

The Predictive Discovery share price is down 4% to 23.5 cents. This has been driven by weakness in the gold sector offsetting the release of drilling results from the 5.38M ounces Bankan Gold Project in Guinea, Africa. Managing director, Andrew Pardey, said: "Drilling results from 800W continue to be positive, confirming potential for a satellite deposit in the NEB area that can add ounces and provide mine planning flexibility with future upside potential. We are now completing resource modelling for 800W and a maiden Mineral Resource estimate is planned for early 2025."

The post Why Collins Foods, Macmahon, Northern Star, and Predictive Discovery shares are dropping appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is up 1.5% to $8.73. This has been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has initiated coverage on the KFC restaurant operator's shares with a buy rating and $10.00 price target. It said: "We consider the outlook to be incrementally more positive with our Buy thesis centered on 1) a moderation of cost growth with wages, poultry, electricity and rent growth moderating, while oils and grains have returned to pre-covid levels; 2) improved discretionary spending in Collins' key states (Qld & WA) and potential for increased Digital sales penetration; and 3) Netherlands KFC presence reaching scale and improved KFC Europe margins long-term."

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is up 1.5% to 32 cents. This morning, this mining and civil infrastructure services provider announced that its subsidiary, Decmil, has been awarded the $61 million Marble Bar Road Upgrade Project in Western Australia from HanRoy. This will see it undertake approximately 23km of road construction upgrade works to Main Roads Western Australia standards on Marble Bar Road. Management has also reaffirmed its FY 2025 revenue guidance of $2.4 billion to $2.5 billion. CEO Michael Finnegan said: "I am pleased to see Decmil continue their great start of securing new, strategically aligned work. We look forward to delivering the Marble Bar Road upgrade project and continuing to build our relationship with HanRoy."

Mirvac Group (ASX: MGR)

The Mirvac share price is up 2% to $2.20. This may have been driven by a broker note out of Morgan Stanley this morning. Although the broker has held firm with its equal-weight rating, it has lifted its price target on the property developer's shares to $2.45 (from $2.15). This implies further potential upside of 11% for investors over the next 12 months.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma share price is up a further 5% to $2.00. This is the third-straight day of strong gains for the pharmacy chain operator and wholesaler's shares. Investors have been buying its shares following an update on its proposed acquisition of Chemist Warehouse. Sigma revealed that it has offered to make court-enforceable undertakings to help satisfy competition concerns. In response to the news, ACCC Chair, Gina Cass-Gottlieb, said: "We are now seeking feedback from stakeholders on whether the draft undertaking offered by Sigma may be capable of addressing the competition concerns arising from its proposed acquisition of Chemist Warehouse." It seems that the market believes this could be enough to get the deal approved.

The post Why Collins Foods, MacMahon, Mirvac, and Sigma shares are pushing higher today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is down 8% to $25.20. This may have been driven by concerns over the quick service restaurant operator's lofty valuation. Shortly after listing, the Mexican food chain had a $3 billion valuation. This meant that its shares were trading on a crazy multiple of 500x estimated FY 2025 earnings. This latest decline means that Guzman Y Gomez's shares are now down almost 20% from their high. And with short sellers loading up on its shares, there could be further declines to come.

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is down almost 9% to 26.5 cents. This morning, this mining services company revealed that it had significant exposure to the collapse of gold miner Calidus Resources Ltd (ASX: CAI). It said: "Macmahon provides mining and drill and blast services to Calidus at their Warrawoona mine. Macmahon's preliminary assessment of net current exposure under the contract is circa $33.9 million. Macmahon also holds an equity interest in Calidus listed shares with a value of $5.7 million at the close of trading on 28 June 2024." Calidus called in administrators on Friday.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is down 13.5% to 24.2 cents. Investors have been hitting the sell button after the energy company released an update on the status of the gas supply agreement for West Erregulla with Wesfarmers Ltd (ASX: WES). Due to delays receiving environmental approvals, the firm gas supply agreement has reverted to back to an original agreement. This means that the fixed gas price that had been agreed under the firm gas supply agreement will revert to the option price as calculated under a gas sales option agreement.

WiseTech Global Ltd (ASX: WTC)

The WiseTech Global share price is down 5% to $95.18. While the logistics solutions company announced more insider sales on Friday evening, this is generally seen as a positive by the market. That's because the sales indicate that the company is (at least) performing in line with its guidance for FY 2024. The decline may have been driven by a broker note out of Goldman Sachs. It has slapped a neutral rating and $91.00 price target on its shares.

The post Why Guzman Y Gomez, MacMahon, Strike Energy, and WiseTech shares are sinking appeared first on The Motley Fool Australia.

This morning, the gold miner dropped a bombshell announcement that revealed that receivers have been called in despite the sky-high gold price.

Which ASX gold stock is going bust?

This morning, it was revealed that Calidus Resources Ltd (ASX: CAI) is on the brink and has called in administrators.

In a very brief statement from the administrators, it says:

Notice is hereby given that Hayden White and Daniel Woodhouse of FTI Consulting (Administrators) were appointed as joint and several voluntary administrators. […] It should be further noted that Richard Tucker and John Bumbak of KordaMentha were appointed as Receivers and Managers by the senior secured creditor Macquarie Bank to Calidus Resources, Keras (Pilbara) and Calidus Blue on 28 June 2024.

This will no doubt come as a big surprise to shareholders. Particularly given how the ASX gold stock only recently raised $22.5 million from investors and restructured its operations.

Commenting at the time, Calidus' managing director, Dave Reeves said:

This financial restructure will deliver a host of substantial benefits to Calidus, headlined by increased production and cashflow this year. This will in turn help us achieve our target of producing 120,000oz per annum within three years.

What's going on?

It remains unclear what has triggered the voluntary administration. However, it is worth noting that the company owes Macmahon Holdings Ltd (ASX: MAH) a sizeable amount.

In fact, Macmahon shares are sinking on the news. It responded to the receivership bombshell, commenting:

Macmahon understands that the appointment of the Receivers and Managers had been made in response to the decision by Calidus' Board of Directors to appoint Voluntary Administrators on 28 June 2024 as outlined in the ASX announcement by KordaMentha dated 1 July 2024.

Macmahon provides mining and drill and blast services to Calidus at their Warrawoona mine. Macmahon's preliminary assessment of net current exposure under the contract is circa $33.9 million. Macmahon also holds an equity interest in Calidus listed shares with a value of $5.7 million at the close of trading on 28 June 2024.

One positive for the ASX gold stock is that receivers want to keep its mine operating during the process. It said:

Macmahon has received confirmation from the Receivers and Managers that Macmahon's ongoing services are required. These ongoing services during the receivership will be governed by purchase orders and payment from the Receivers and Managers, thereby minimising any increase in net current exposure. Macmahon will continue to monitor developments and update the market as necessary.

Here's hoping the gold stock finds a way out of this mess.

The post ASX gold stock goes bust despite soaring precious metal price appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's Pizza share price is down 5% to $36.53. This pizza chain operator's shares have been under pressure this month after the market responded very poorly to its strategy update. Goldman Sachs wasn't impressed with the update. It said: "We do not believe the company dissected the core issues of the problem regions such as France and Japan sufficiently and hence there remains a lack of transparency and conviction on how they will fix these issues. We remain unconvinced post this Strategy Day that there is a path to clear recovery other than further discounting and pausing of store roll-out in Japan/France to restore profitability."

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is down 8% to 22.5 cents. Investors don't appear keen on the company's plan to acquire Decmil Group Limited (ASX: DCG). This morning, the two companies announced that they have agreed to a deal that will see Macmahon acquire Decmil for 30 cents per share. This represents a sizeable 76% premium to where Decmil's shares ended yesterday's session. Management advised that it believes the deal is "consistent with Macmahon's strategic focus of achieving continued earnings growth while diversifying earnings into the less capital intensive civil infrastructure business."

Star Entertainment Group Ltd (ASX: SGR)

The Star Entertainment share price is down a further 12% to 42.5 cents. Investors have been selling off this casino and resorts operator's shares this week after the Bell Two Inquiry commenced. Investors appear nervous that the company could be found to be unsuitable to retain its NSW licence. In addition, a poor trading update last week also had investors rushing to the exits.

Zip Co Ltd (ASX: ZIP)

The Zip Co share price is down 11% to $1.18. This follows the release of the buy now pay later provider's third-quarter results. While the initial reaction was positive and Zip's shares raced higher, investors soon turned sour on the results. They may be concerned by the performance of the company's Zip AU business. While Zip AU revenue was up 9.3% over the prior corresponding period, it reported a 20%+ reduction in both transaction volume and transactions.

The post Why Domino's, Macmahon, Star, and Zip shares are sinking today appeared first on The Motley Fool Australia.

Four ASX shares that are avoiding the market selloff today are listed below. Here's why they are rising:

Decmil Group Limited (ASX: DCG)

The Decmil Group share price is up 66% to 28.2 cents. Investors have been buying the mining services company's shares after it received and accepted a takeover offer from Macmahon Holdings Ltd (ASX: MAH). The two parties have agreed to a deal for 30 cents per share, which represents a 76% premium to where Decmil's shares ended yesterday's session. The Decmil board is recommending that shareholders vote in favour of the deal. This is in the absence of a superior proposal and subject to the independent expert's report.

Southern Cross Electrical Engineer Ltd (ASX: SXE)

The Southern Cross Electrical Engineer (SCEE) share price is up 6% to $1.20. This morning, this electrical, instrumentation, communication and maintenance services provider announced a major new contract win. SCEE's Heyday subsidiary has been awarded extensions at two data centres in New South Wales and a range of buildings projects in the ACT, totalling ~$50 million. Managing director, Graeme Dunn, commented: "Only last month we announced our fourth award at NEXTDC's Artamon Data Centre and this new award at that location further demonstrates the track record for delivery that Heyday has in this fast-growing sector."

Spartan Resources Ltd (ASX: SPR)

The Spartan Resources share price is up 9% to 62.7 cents. This follows the announcement of a major new gold discovery at the Dalgaranga Gold Project in Western Australia. Spartan Resources, which was formerly known as Gascoyne Resources, revealed that it has discovered a new high-grade gold lode immediately south of the 952koz Never Never Gold Deposit at the 100%-owned project in the Murchison region. The gold explorer's CEO, Simon Lawson, believes the discovery is another game-changer.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up 1% to $13.05. This morning, Telix announced that the United States Food and Drug Administration (FDA) has granted Fast Track designation to its investigational glioma imaging product, TLX101- CDx. The granted Fast Track designation is for the characterisation of progressive or recurrent glioma using positron emission tomography (PET). It provides Telix with an expedited review and closer consultation with the FDA during the review process.

The post Why Decmil, SCEE, Spartan Resources, and Telix shares are pushing higher appeared first on The Motley Fool Australia.

In morning trade, the ASX mining services stock is up 65% to a 52-week high of 28 cents.

Why is this ASX mining stock rocketing?

Investors have been scrambling to get hold of the company's shares this morning after it received and accepted a takeover offer from Macmahon Holdings Ltd (ASX: MAH).

According to the release, the two parties have entered into a scheme implementation deed under which Macmahon will acquire 100% of the issued share capital of Decmil Group by way of inter-dependent schemes of arrangement for a cash price of $0.30 per share.

This represents a 76% premium to where the ASX mining stock last traded.

The transaction will be subject to the satisfaction of certain conditions. This includes the independent expert's report, approval by Decmil shareholders, and by the court.

In addition, Macmahon intends to acquire all Decmil redeemable convertible preference shares on issue for the aggregate of 34.3 cents per share via a separate, inter-conditional, contemporaneous scheme of arrangement.

Decmil board recommends the deal

The Board of Decmil has unanimously recommended that its shareholders vote in favour of the schemes. This is in the absence of a superior proposal and subject to the independent expert's report.

Furthermore, Decmil's major shareholders Thorney Group and Horley, have also indicated their support for the transaction. They have confirmed that they intend to vote in favour of the schemes, subject to the same qualifications.

Thorney Group and Horley together hold 26.7% of the ordinary shares and 38% of the preference shares outstanding.

Macmahon shares tumble

The news doesn't appear to have gone down well with Macmahon shareholders. Its shares are down a sizeable 8% in morning trade.

However, management believes the deal makes a lot of sense. It highlights that it is "consistent with Macmahon's strategic focus of achieving continued earnings growth while diversifying earnings into the less capital intensive civil infrastructure business."

It also feels that the transaction "offers a strategic fit, enhances and accelerates earnings diversification, with financial metrics that are compelling for Macmahon shareholders."

Whereas over at Decmil, its board believe the offer is too good to turn down. The ASX mining stock's chairman, Andrew Barclay, stated:

While the Decmil turnaround is starting to gather pace, Macmahon's all-cash offer at a strong premium to Decmil's current share and redeemable convertible preference share prices provides our securityholders with both certainty and accelerated value today that Decmil's position as a standalone company cannot be guaranteed to provide.

The post This ASX mining services stock is exploding 65% on takeover news appeared first on The Motley Fool Australia.

As with most things in life, markets tend to ebb and flow in a seasonal stream. The Santa rally, tax time selling, and other timely phenomena are clear examples of how share prices fluctuate depending on the time of the year.

However, it should be noted that the market also has a habit of being unpredictable. If past patterns mirrored the future, we'd all be rich. So, taking these patterns with a grain of salt is important — they are always susceptible to change.

What does history show?

Although it is far from certain, the past 10 years of data suggest this month could produce a fall in the All Ords index. Ironically, the Aussie benchmark of the 500 top ASX shares is up 1.9% as of Friday afternoon. Still, 21 days are left in March, so we best not count our chickens before they hatch.

So, what do the last 10 years say about March and whether it is primetime for buying cheap ASX shares?

Well, the average return of the All Ords in March between 2014 and 2024 is a 1.2% decline. The only month to have performed worse is September, diving 2.4% on average over the past decade. Based on this, history would suggest this is one of the best times (second to September) of the year to be a buyer of shares.

If we inspect the data further, I find the following interesting information:

Best March return in the past 10 years: 6.4% increase in March 2022

Worst March return in the past 10 years: 21.5% fall in March 2020

The catastrophic crash in 2020 due to the COVID-19 pandemic drastically impacted the average March return. If we remove this outlier, the average for this month jumps to a 1% gain.

Which ASX shares could be cheap?

History aside, if March pans out to be a good month to buy shares, what companies are currently cheaply valued?

It's almost a loaded question because a reduced share price doesn't always present value. Sometimes the 'cheap ASX shares' are the ones with share prices soaring ahead as the rest of the market trembles.

Even so, a low forward price-to-earnings (P/E) ratio can sometimes be a decent starting point.

Some of the most cheaply rated companies inside the ASX All Ords right now include:

• Macmahon Holdings Ltd (ASX: MAH) — 4.7 times forward P/E
• AGL Energy Limited (ASX: AGL) — 7.7 times forward P/E
• Fortescue Ltd (ASX: FMG) — 9.2 times forward P/E

It always pays to delve deeper, beyond the P/E ratio, to understand better whether an ASX share is truly cheap.

The post If history repeats itself, March could be one of the BEST times to buy cheap ASX shares appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is up 1.5% to $23.76. This appears to have been driven by a bullish broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded the banking giant's shares to a buy rating with a price target of $27.38. Goldman also added its shares to its coveted conviction list.

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is up 19% to 15.5 cents. Investors have been buying this mining services company's shares following the release of a guidance update. Macmahon now expects revenue of approximately $1.9 billion and underlying operating earnings of between $113 million and $118 million. The latter is at the high end of its previous guidance range.

Next Science Ltd (ASX: NXS)

The Next Science share price is up 19% to 57 cents. This has been driven by the release of a market update from the medical technology company. It advised that it expects second-quarter product sales to come in above US$5.6 million (AU$8.5 million). That's up from US$4.4 million in the prior quarter.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is up a further 4.5% to $1.71. Investors have been buying this sports betting company's shares this week after it received an improved bid for its US operations. Fanatics has increased its offer to a headline cash consideration of US$225 million (~A$333 million). This compares to its previous offer of US$150 million and DraftKings' US$195 million bid.

The post Why ANZ, Next Science, Macmahon, and Pointsbet shares are racing higher appeared first on The Motley Fool Australia.

Locating these diamonds in the rough is what helped the late Ben Graham (Warren Buffett's mentor) achieve 17% annualised returns over more than 20 years.

In order to discover these deep-value companies, Graham would search for businesses trading at valuation multiples that were considered low. For example, companies with a price-to-earnings (P/E) ratio below 10 or a price-to-book (P/B) ratio below 1.

Curious to find some deep value on the local boards, I dug up three ASX shares that I'd consider extremely cheap right now.

Deeply discounted dividend-paying ASX shares

Adairs Ltd (ASX: ADH)

At a P/E of 7.1 times earnings, Adairs is a homewares and furnishings retailer that I believe is trading far below its intrinsic value.

At present, much of the retail sector is being cheaply valued due to the expected impacts on discretionary spending amid higher interest rates. However, it is unlikely that these suppressed multiples will last forever.

Adairs posted a 34% increase in sales for the first half of FY23. I believe Adairs can grow its sales at a 5% per annum clip over the next five years (at minimum) and maintain a net income margin of roughly 7% — which seems like little to ask.

Based on these figures and an improved P/E ratio of 12 times earnings, I estimate the market capitalisation to be in the ballpark of $690 million. That would be approximately double today's market valuation.

Nick Scali Limited (ASX: NCK)

Much like Adairs, Nick Scali is another furniture retailer that is trading on a lower earnings multiple than its peers. This might lead investors to think that Nick Scali is a lesser company than others, but the numbers definitely don't paint that picture.

In the first half, the sofa seller posted sales growth of 57.4% compared to the prior corresponding period. Furthermore, the group's gross margins improved slightly to a magnificent 62%. It's hard to think of Nick Scali as anything other than one of the best ASX retail shares on the market at the moment.

Going forward, I'm expecting sales growth to temper as the property market cools off. Though, if similar earnings can be sustained over the next five years, I'd personally estimate Nick Scali's intrinsic value to be around $14.80 per share — 69% above its current valuation.

Macmahon Holdings Ltd (ASX: MAH)

Trading on a P/E ratio of 6 times earnings and a P/B of 0.5, this ASX share is possibly the deepest value on this list. Macmahon Holdings provides mining services to a diverse pool of clients across the world, including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM).

The steep discount could be attributed to the cyclic nature of the mining industry. No one wants to be an investor when the boom is over. Though, Macmahon is involved in several mining contracts for copper and lithium — which are expected to enjoy prolonged demand due to the electrification trend.

As of 31 December 2022, the company had an order book of $5.6 billion and guided for $1.85 billion to $1.95 billion in revenue for FY23.

My conservative estimate for Macmahon's valuation in five years would be around $540 million if it were to trade more in line with the industry average P/E ratio of 9 times. This would represent a 90% increase from the current valuation.

The post In search of deep value? I think these 3 ASX dividend shares could be a downright steal appeared first on The Motley Fool Australia.

When an ASX All Ords share turns ex-dividend, investors buying these shares won't be eligible to receive the company's upcoming dividend payment.

Instead, the dividend payment will go to the seller on the other side of the transaction.

What's more, a company's shares typically fall on the day they turn ex-dividend, reflecting the absence of the dividend.

Ahead of the ASX closure on Thursday, here are three ASX All Ords shares turning ex-dividend tomorrow.

NRW Holdings Limited (ASX: NWH)

To kick things off, NRW shares will be trading tomorrow without a fully franked final dividend of 7 cents. 

Investors who own NRW shares by the time the market closes today can expect to see this payment land on 12 October.

According to management, FY22 saw the best results NRW has reported.

Revenue grew by 5% to $2.4 billion while earnings before interest, tax, and amortisation (EBITA) came in ahead of guidance at $157 million, up 30% from the prior year.

On the back of these results, NRW hiked its final dividend by 40%, with annual dividends growing by a similar amount to 12.5 cents.

Based on current prices, this puts NRW shares on a trailing dividend yield of 4.9%. Adding in franking credits boosts this yield to 7.0%.

In other news, NRW made headlines recently after it launched a $375 million play to acquire MACA Ltd (ASX: MLD). However, this wasn't enough to sway MACA's board from an offer already on the table from mining services giant Thiess.

Macmahon Holdings Limited (ASX: MAH)

Next up, fellow mining services company Macmahon will also see its shares turn ex-dividend tomorrow.

Macmahon is set to pay out an unfranked final dividend of 0.35 cents to eligible shareholders on 7 October.

While this dividend may appear small in absolute terms, the Macmahon share price is currently sitting at 15.5 cents.

So, after throwing in the company's interim dividend of 0.3 cents earlier in the year, Macmahon shares are sporting a trailing dividend yield of 4.2%.

FY22 was a year of growth for Macmahon, lifting revenue by 26% to $1.7 billion. This was primarily driven by the contribution from new project start-ups, inflation, and increased contract activity.

This revenue growth partially flowed through to earnings, with underlying net profit after tax (NPAT) increasing by 5% to $63 million.

The ASX All Ords share held its total dividends steady at 0.65 cents, in line with the prior year.

Capitol Health Ltd (ASX: CAJ)

Rounding out this trio of ASX All Ords shares going ex-dividend on Wednesday is diagnostic imaging business Capital Health.

As of tomorrow, Capitol Health shares will no longer be trading with a fully franked final dividend of 0.5 cents, which will be paid on 21 October.

Capitol Health delivered revenue of $184 million in FY22, up 3% from the prior year. This was driven by organic growth, the acquisition of Womens' Imaging, and three greenfield clinic openings. 

These growth drivers were partially offset by COVID lockdowns, suspensions in elective surgery, and impacts from the omicron variant.

On the bottom line, statutory NPAT decreased 9% to $11 million.

Nonetheless, Capitol Health held its final and total dividends steady. The ASX All Ords share has declared fully franked interim and final dividends of 0.5 cents since 2019.

As a result, Capitol Health shares are currently flashing a trailing dividend yield of 3.0%. Including franking credits, this yield dials up to 4.3%.

The post 3 ASX All Ords shares going ex-dividend on Wednesday appeared first on The Motley Fool Australia.

Many ASX-listed companies put out excellent financial results and outlook, but for some reason the market continues to hate them.

This is the frustration facing the team at Forager at the moment.

"While half-yearly results were reported [in February] by most ASX-listed companies, they were not the main drivers of share prices," read a Forager Australian fund memo to clients.

"The month started with a lot of focus on increasingly concerning signs of inflation and the prospect of higher interest rates, and ended with Russia mounting a full-scale military invasion of Ukraine."

Forager is keeping the faith with 2 ASX shares in particular that have really copped the thumbs down in recent times: 

Why is the market punishing good businesses?

Perenti Global Ltd (ASX: PRN) and Macmahon Holdings Limited (ASX: MAH) are both mining services providers.

According to Forager analysts, they're "scratching their heads" as to how these stocks have "almost halved" since the start of 2021 to now hit a forward price-to-earnings ratio of just 6.

"Both companies delivered perfectly acceptable half-year results. Both have a newfound commitment to capital-allocation discipline," their memo read.

"Macmahon, in particular, has been delivering consistent and improving results for the past 4 years."

Even their sector outlook is favourable, with resources shares shining bright currently while other industries struggle for investment.

"Commodity prices [are] high and a significant pipeline of new potential mines [are] in the offing," the Forager team said. 

"And yet their share prices seem to only go down."

Despite the frustrations, the Forager team is betting that their share prices will soon start reflecting the companies' clear profitability.

"Something has to give," the memo read.

"[We] have increased the fund's holdings in both through February. Combined they represent 6% of the portfolio."

Macmahon and Perenti are not the only ones suffering from a lack of attention despite positive business performance. 

Technology shares Whispir Ltd (ASX: WSP) and Bigtincan Holdings Ltd (ASX: BTH) have both been swept up in the recent correction to growth stocks.

"Both reported better-than-expected results and strong outlooks for the current year. While less obvious, they are also showing their potential to be highly profitable once the growth taps are turned down," said the Forage team.

"If they keep getting pummelled in the short term, you should expect a substantially increased allocation to these."

The post I'm doubling down on 2 ASX shares that keep going down: fund manager appeared first on The Motley Fool Australia.

At the time of writing, the gold producer's shares are up 4.29% to 18.3 cents.

What's driving the Red 5 share price higher?

Red 5 shares are climbing after the company provided investors with a positive update this morning.

According to its release, Red 5 has awarded a mining services contract to Macmahon Holdings Limited (ASX: MAH).

This follows an in-depth tender process that saw a number of contracting companies compete for Red 5's open pit and underground mining activities. Red 5 signed a letter of intent (LOI) with Macmahon in early March, leading to the formally awarded contract.

The contract will run for an initial 5-year period beginning in the March quarter of 2022. Macmahon estimates the award will generate revenue of more than $650 million over the life of the deal.

More on the KOTH gold project

The KOTH gold project, wholly owned by Red 5, is situated in the Eastern Goldfields region of Western Australia.

The gold mine has a 16-year life, with more than 2.4 million ounces of ore reserve, and 4.1 million ounces of mineral resource.

The open pit and underground mine is expected to have its first gold pour in the June quarter of 2022.

Management commentary

Red 5 managing director Mark Williams said of the award:

We're pleased to have finalised agreed contract terms with Macmahon and formally appointed them as our open pit and underground mining contractor. Macmahon is one of the strongest mining contractors in the market, and we are looking forward to partnering with them to deliver Australia's next significant new gold mine.

Importantly, the contract terms are in line with the mining unit costs outlined in the KOTH FFS. Operational efficiencies and cost benefits have been realised in having both mining operations managed by a single contractor.

Given the current tightness in the labour market in Western Australia's mining sector, we believe Macmahon is well placed to secure the skilled resources required to operate the underground and open pit mines at KOTH.

The Red 5 share price has sunk more than 40% over the last 12 months. In addition, it is down 27% in 2021 alone.

The post Here's why the Red 5 (ASX:RED) share price is surging today appeared first on The Motley Fool Australia.

The surge in commodity prices to multi-year, if not record highs, recently have put ASX miners on the winners' podium.

Notwithstanding the recent bout of weakness, ASX mining shares dominate the S&P/ASX 200 Index (Index:^AXJO) leader board for FY21.

These include the Chalice Mining Ltd (ASX: CHN) share price, Paladin Energy Ltd (ASX: PDN) share price and Galaxy Resources Limited (ASX: GXY) share price – just to name a few. These shares have surged by at least 300% this financial year.

ASX value buys lie just outside the mining sector

After such a big run-up for the sector, investors may have to look elsewhere for value buys. The good news is that Jarden knows exactly where you should be looking.

The broker believes that service and equipment providers to miners are undervalued as many have failed to keep pace with commodity bull run.

Discount to asset value not justified

"Concerns around the earnings and margin outlook for the Mining & Infrastructure Services companies have made some investors overly cautious in our view," said Jarden.

"Share prices of the Mining & Infrastructure Services companies are currently trading well below what we view as the equivalent stage in the prior cycle, as determined by their relative valuation to their NTA backing."

Net tangible assets compares the value of a company's hard assets with its market capitalisation. Jarden believes that the discount to NTA for ASX mining services shares is not justified as there are no major differences in the earnings power of their asset base this time.

Best ASX value buys

What's more, industry conditions are currently very supportive of the sector. Capex spend is trending higher, exploration activity is ramping up and commodity prices are stubbornly high.

The best value buys on the NTA measure are the Emeco Holdings Limited (ASX: EHL) share price and Macmahon Holdings Limited (ASX: MAH) share price, according to Jarden.

The Emeco share price is trading at a 13% discount and Macmahon share price is at a 28% discount.

While the Monadelphous Group Limited (ASX: MND) share price and NRW Holdings Limited (ASX: NWH) share price are at a premium, they are trading below their respective historical averages.

Risk-reward favours the bulls

NTA isn't always a good yardstick for ASX shares. In this case though, it works well as mining services companies have to invest heavily in equipment.

"We are positive on the outlook for the sector, despite near-term risks to margins in FY21E from higher labour inflation," added Jarden.

"Despite this, we think the ability to purchase many of these companies at discounts to NTA or discounts relative to historical averages provides ideal risk/reward at this point in the cycle."

The broker has a "buy" or "overweight" recommendation on all the four shares listed above.

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