Murray & Roberts – Sale of Clough
Key message: Clough and MRPL (M&R holding company Australia) have been put into voluntary administration. This pulls RUC into the administration process. Australia remains ringfenced from the Group.
Nampak – FY22 Results
Key message: The rights issue is now required as potential asset sales are now unlikely and WC absorbs further cash.
Barloworld – FY22 Results
Key message: The Zeda unbundling does not create value, in our opinion, with multiples applied to both businesses relatively similar.
Zeda – FY22 Results
Key message: Zeda will be unbundled from Barloworld on 13 December 2022. Our valuation for Zeda is R16.50 (fwd. PE 7.4 times).
Auto Anemometer: New Vehicle Sales – November 2022
Key message: The Motus Import market share fell again to15.1% but is now settled in its normal range. Used car prices were up 9% in 3Q but expect a large fall in 4Q.
Reunert – FY22 Results
Key message: Growth in FY23 will be led by an export recovery and growth in the energy market. Reunert is well positioned for growth well in excess of general economic activity in South Africa.
Invicta Holdings – 1H FY23 Results
Key message: Demand growth in key sectors continues, with a strong contribution from Kian Ann.
PPC – 1H FY23 Results
Key message: Weakening demand and market share wars have decimated margins. Planned price increases (12-15%) need to stick to recover cost increases.
Raubex- 1H FY23 Results
Key message: The order book growth has stalled and while growth prospects remain good there is timing risk for replacement work.
Murray & Roberts – Sale of Clough
Key message: A clean break it seems, but no value for Clough. Order book and valuation roughly halves.