The South African Cement Industry
A Deep Dive In this presentation we have an in-depth look at the South African Cement industry (including aggregates and ready-mix). Download presentation here
Eskom – The Rough Guide (2021)
Key message: It is clear that either significantly higher tariffs (politically sensitive) or debt relief is required for Eskom to become sustainable. The IPP program is starting the shift to green energy (good) but the financial burden (on top of paying off Medupi and Kusile) is high (bad). Concessional green finance could help ease these issues.
Afrimat – 1H FY22 Trading Update
Key message: 1H FY22 will get a boost from high iron ore prices, but the recent iron price pullback is not unexpected and built into our forecast. Growth is driven by production increases, not higher than normal commodity prices.
Bidcorp – FY21 Results
Key message: Covid restrictions come and go, but the desire to eat-out-of-home has not changed. Bidcorp has gained market share. 1H FY22 will be impacted by ongoing Australian and New Zealand lockdowns.
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PPC – Operational Update
Key message: a positive trading update with the removal of an undertaking for a capital raise the highlight.
Barloworld – Trading Update
Key message: The Equipment division is benefitting from organic and acquisitive growth, and a strong recovery in Car Rental should boost results.
Diversified Industrials
Key message: The FY21 reporting season was significantly more optimistic than recent years. The post-Covid bounce has been followed by signs of a cyclical recovery in the mining and industrial sector.
Motus Holdings – FY21 Results
Key message: A strong FY21 result, but growth into FY22 will face some revenue headwinds (used cars) and increased costs (depreciation and finance charges as inventories recover). This might cancel the expected growth in new car sales. FY23 should see normalised growth.
Bidvest – FY21 Results
Key message: Market share gains in South Africa and better than expected growth in UK/Ireland were a feature of the result. Acquisitive and organic growth plus further operating margin recovery should boost growth into FY22.