CMH – FY24 Results
Key message: We initiate on CMH with a Target Price of R30. CMH is a well-run business with no frills – resulting in peer-leading margins.
Auto Anemometer: New Vehicle Sales – May 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market.
Zeda – 1H FY24 Results
Key message: Strong Leasing result balanced the expected margin decline in used car sales in the Rental division.
Reunert – 1H FY24 Results
Key message: Reunert is benefiting from an increase in capacity utilisation of its manufacturing divisions, and this should be margin accretive.
Barloworld – 1H FY24 Results
Key message: Mongolian growth balances declines in other divisions.
Bidcorp – Trading Update
Key message: The business model continues to allow for steady constant currency growth.
WeBuyCars – 1H FY24 Results
Key message: We update our forecasts after the good set of maiden results.
Afrimat – FY24 Results
Key message: With Nkomati starting to contribute as planned and Lafarge integrated in April 2024, growth into FY25 should be achieved.
Calgro M3 – FY24 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Nampak – Sale of Bevcan Nigeria
Key message: A big hurdle has been cleared – the sale of Bevcan Nigeria. The price appears reasonable given the challenges faced by the business and the weak Nigerian consumer.