Calgro M3 – FY21 Results
Key message: A significant recovery in 2H as the business stabilises and development activities resume. A strong pipeline of units under construction supports revenue growth into FY22.
Afrimat – Moving into Manganese
Key message: Manganese has been on the cards for some time – Afrimat has made it move. High iron ore prices will help fund the development of this greenfield deposit.
Raubex- FY21Results
Key message: Raubex has a full order book in the Roads division – and will now selectively bid at higher margins. Capacity looks to be filling up for large roads/civil projects – pricing power is moving back to the remaining large contractors.
Auto Anemometer
Comparative months are now Covid-impacted, and YoY comparisons are not consistent. We will start to compare current months with the comparative from two years ago to get a real sense of the state of new car sales.
Right-to-Repair Bill
Key message: The Competition Commission released the final Guidelines for Competition in the South African Automotive Aftermarket (also referred to as the Right-to-Repair Bill) on 19 December 2020. The Guidelines take effect on 1 July 2021.
Motus Holdings – Following the Cars
Key message: We have done an extensive update to our model to account for improved segmental disclosure and the significant Covid impact on the business. Motus has in general performed significantly better than our expectations, but we highlight some challenges to further growth.
Raubex- FY21 Trading Update
Key message: 2H FY21 looks to have recovered well after a Covid-impacted 1H. Apart from normalised SANRAL work, Raubex is growing its infrastructure and general contracting order book.
Barloworld – Trading Update
Key message: Margins are better than expected, countering relatively weak revenue growth.
PPC – Refinancing and Trading Update
Key message: The removal of the contingent liabilities for the DRC debt is a significant step for PPC. This has allowed a deferment (and possible review) of a potential capital raise in South Africa to September 2021.
Auto Anemometer
Key message: Comparative months are now Covid-impacted, and YoY comparisons are not consistent. We will start to compare current months with the comparative from two years ago to get a real sense of the state of new car sales.