Super Group – Earnings Update
Key message: Super Group continues to be substantially undervalued – despite strong SG Fleet results and a robust performance in SA.
Raubex – FY24 Results
Key message: Diversity of earnings has helped replace the high-margin Beitbridge project and sets Raubex up for sustainable growth.
Eskom Loadshedding Monitor – May 2024
Key message: Higher planned maintenance through summer has improved the coal fleet performance. Lower unplanned outages have improved the loadshedding outlook.
Auto Anemometer: New Vehicle Sales – April 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market.
WeBuyCars – Initiation
Key message: We initiate on WeBuyCars with a Target Price of R23.50 (an average of the DCF and Sum-of-the-Parts valuations).
Auto Anemometer: New Vehicle Sales – March 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market. Commercial sales and exports succumb to market headwinds.
PPC – Pre-Close Update
Key message: The market weakened in 2H but a return to profit and possible dividend payment in FY24 are positives.
Omnia – Earnings Update
Key message: We expect flat HEPS growth as the impact of lower ammonia prices is balanced by volume growth, no hyperinflation losses in Zimbabwe and a lower tax rate.
Barloworld – Pre-Close Update
Key message: Improved returns and strong cash generation remain under-appreciated.
Grindrod – FY23 Results
Key message: Strong performance from Port of Maputo. Overall volumes should maintain into FY24 with expansion due from FY26.