MDUMDU RESOURCES GROUP INC

Natural Gas Distribution

Revenue: $1.9B; 6.3% YoY
Operating margin: 15.6%; 2.9% YoY
EBITDA: $497M; 6.7% YoY
Market cap: $4.1B
Employees: 2,096; $889K revenue each
Net debt / EBITDA: 3.5×; $1.8B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
249% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$889K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$104K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.4B	$1.8B	$1.8B	$1.8B	$1.9B	6.3%
Operating income	$331M	$201M	$225M	$266M	$290M	9.3%
Net income	$378M	$367M	$415M	$281M	$190M	32%
Operating cash flow	$496M	$510M	$333M	$502M	$473M	5.8%
Capex	$485M	$443M	$484M	$523M	$770M	47%
Stock-based comp	$13M	$8M	$6M	$8M	$7M	22%
Buybacks	$7M	$7M	$5M	$0	$0
Dividends	$171M	$177M	$161M	$103M	$108M	5.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 1, 2024	Corvex Management LP	SC 13D/A	5.0%	Passive
Mar 18, 2024	Corvex Management LP	SC 13D/A	5.0%	Active
May 12, 2023	Corvex Management LP	SC 13D/A	5.0%	Active
Apr 24, 2023	Corvex Management LP	SC 13D/A	5.0%	Active
Jan 24, 2023	Corvex Management LP	SC 13D/A	5.0%	Active
Nov 3, 2022	Corvex Management LP	SC 13D/A	5.0%	Active
Aug 8, 2022	Corvex Management LP	SC 13D	5.0%	Active

Insider trading

Open-market buys, 12 mo: $104K · 1
Open-market sells, 12 mo: $0 · 0
Net: $104K

Pay vs performance

No pay-versus-performance disclosure yet.