Murray & Roberts – 1H FY22 Results
Key message: Covid delays on projects will impact FY22 results, but Murray & Roberts has good contractual cover. FY23 earnings are forecast to grow substantially.
WBHO – 1H FY22 Results
Key message: The cost of exiting Australia is high, but the balance sheet is still strong enough to support the remaining businesses.
Super Group – 1H FY22 Results
Key message: Super Group has emerged well out of the Covid era, and is well positioned to benefit from growth in some sectors and a recovery in others off a low base.
Auto Anemometer
Key message: February 2022 passenger car sales grew by 22.4% YoY (-0.3% on February 2020). Some recovery in Locally Produced OEM cars sales is starting to become evident.
Motus Holdings – 1H FY22 Results
Key message: Another strong result, although market conditions remain unusual and cost pressures are likely to grow into 2H. FY23 should be a relatively normal year as supply pressures ease.
WBHO – End of Australia
Key message: WBHO has indicated the end of financial assistance to WBHO Australia, with the impact of putting WBHO Australia into administration. We attempt to assess the cash impact to WBHO of the announcement.
Motus Holdings – Industrial Insights
Key message: In this Industrial Insights note we have drawn a selection of articles on the used car and rental industry locally and globally. These are unusual times – and Motus has caught a few tailwinds as a result.
Bidcorp – Industrial Insights
Key message: In this Industrial Insights note we have drawn a selection of articles on inflation in the restaurant industry and some of the measures already being implemented.
Afrimat – Pre-Close Update
Key message: Iron ore prices have recovered, and Nkomati mine is profitable. Acquisitions continue with the Glenover surface dump purchase.
Cement Import Monitor
Key message: November and December imports continued the relatively low levels from October at 81kt and 43kt respectively, well off September levels of 151kt. This is a more expected outcome following supply chain disruptions.