Mattr Is a High-Growth Infrastructure Materials Play, Trading Cheaply Right Now

Mattr Corp. (formerly ShawCor Ltd.) has a strong position in an expanding infrastructure materials market.

Mattr is building a scaled, high‑barrier portfolio in structurally growing infrastructure niches and the shares are cheap relative to its growth.

The company’s two segments give concentrated exposure to attractive secular themes and position the firm as a leveraged play on electrification, grid hardening, and water/fuel infrastructure.

Growth looks attractive at the current valuation because the stock’s current multiple is modest. The shares are trading at just 14.3 times forecast earnings in 2026.

MATTR CORP. (Toronto symbol MATR; www.mattr.com) formerly called ShawCor Ltd. (old symbol SCL), sold most of its pipeline coating and related businesses in 2023 for $442 million. It later sold its remaining pipeline coating business in Brazil for $51.0 million.

Mattr now has two segments: Connection Technologies (about 58% of revenue in the latest quarter) makes a variety of cables, and wires; and Composite Technologies (42%), which makes plastic underground storage tanks and pipes.

North America is its biggest market, accounting for around 89% of its revenue, followed by Europe (10%) and Asia (1%).

The proceeds from the sale of the pipeline coating and related businesses helped Mattr fund its January 2025 acquisition of AmerCable Inc. for $280 million U.S. ($403 million Canadian). Based in Arkansas, this firm makes a variety of power cables and wires for industrial customers.
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Mattr’s new datacentre buildouts offer plenty of upside

The new operations lifted Mattr’s revenue in the three months ended September 30, 2025, by 39.2%, to $314.9 million from $226.4 million a year earlier. That beat the consensus forecast of $306.7 million.

The AmerCable purchase lifted sales of wire and cable products (58% of the total) by 104.9%, which offset a 4.1% decline in sales of plastic pipes (42%).

However, due to higher interest charges and manufacturing costs, earnings from continuing operations fell 44.4%, to $0.05 a share from $0.09. That missed the $0.12 consensus estimate.

Mattr ended the quarter with cash of $41.7 million. Due to the loans it needed to buy AmerCable, its long-term debt of $453.2 million is a high 92% of its market cap.

However, Mattr has now completed its plan to upgrade and modernize some of its plants, which will lower its long-term operating costs. Those savings will help the company pay down its debt. The savings will also help offset the impact of U.S. tariffs on copper, steel and aluminum on its
sales.

At the same time, Mattr has now completed its shift away from its legacy pipeline coating business to focus on making industrial products like cables and plastic tanks. While the company still faces uncertainty over tariffs, Mattr stands to benefit from the construction of new grids to supply power to a growing number of AI datacentres, as well as the need for new stormwater systems.

The stock now trades at 14.3 times its forecast 2026 earnings of $0.57 a share.

Recommendation in The Successful Investor: Mattr Corp. (formerly ShawCor Ltd.) is still a buy for highly aggressive investors.

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Jim Bates

Jim is an associate editor at TSI Network. He is the lead reporter and analyst for The Successful Investor and Wall Street Stock Forecaster and a member of the Investment Planning Committee. Jim has held the Chartered Financial Analyst designation since 1992 and spent more than a decade at the Financial Post DataGroup before joining TSI Network. He has a Bachelor of Commerce degree from the University of Toronto.

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