Grindrod – Initiation
Key message: Well positioned to benefit from increased private sector participation in the freight movement sector, the recent sale of Grindrod Bank makes Grindrod a focused infrastructure company.
Infrastructure Outlook 2022
Key message: Private sector intervention due to government incapacity or failures is likely to be a significant growth area
Barloworld – 1H FY22 Results
Key message: Big impairment in Russia, but Barloworld (and CAT) are not pulling out of the region. It will impact earnings in the short-term.
Afrimat – FY22 Results
Key message: The medium-term investment case remains linked to the internally funded volume growth in iron ore, manganese and industrial minerals.
Raubex- FY22 Results
Key message: SANRAL tender cancellations and REIPP delays create uncertainty over order book growth.
Calgro M3 – FY22 Results
Key message: A steady performance going back to the basics. A healthy well-funded development pipeline provides medium-term growth visibility. Book value remains understated with developments valued at cost.
Calgro M3 – FY22 Trading Statement
Key message: Earnings growth of approx. 50% in 2H shows the ongoing recovery of the operating businesses, coupled with a strengthening of the balance sheet.
Auto Anemometer
Key message: Local brands suffer due to flooding impacts but imported brands see good growth.
Afrimat – FY22 Trading Statement
Key message: The medium-term investment case remains linked to the internally funded volume growth in iron ore, manganese and industrial minerals.