PPC – 1H FY21 Results
Key message: Apparent progress in the DRC debt restructuring and a boost to earnings from strong cement markets is reducing the probability of PPC having to raise cash to meet lender de-gearing requirements.
Barloworld – FY20 Results
Key message: The results do highlight the resilience of an equipment dealership (as opposed to a motor dealership). The equipment division stability through the cycle and in Covid-like times remains underappreciated, in our opinion.
Invicta Holdings – 1H FY21 Results
Key message: A strong performance through the Covid-related lockdown period – Invicta’s margins were relatively strong and look to recover further. The balance sheet has recovered strongly.
Auto Anemometer
Key message: NAAMSA has changed the way they report new vehicle sales by brand. Passenger and Light Commercial Vehicles are now grouped together. We have adjusted our tables and charts accordingly.
Bidcorp – 1Q FY21 Trading Update
Key message: New lockdowns in UK and Europe will impact the remainder of FY21. Bidcorp, however, has experience in dealing with lockdowns now – but ST margins will still be under pressure. The restaurant trade has proved to be resilient and resourceful – meaning lockdowns should cause only temporary weakness to the Foodservice sector.
WBHO – FY20 Results
Key message: A significant loss in Australia clouds a reasonable performance in a weak market.
PPC – Trading Update
Key message: Strong cement sales in all regions are a welcome respite for PPC – and will help in the capital restructuring.
Imperial Logistics – Trading Update
Key message: A strong recovery from 4Q FY20, 1QFY21 looks to have grown revenue relative to 1Q FY20 but margins have come under pressure. Possible lockdowns in Europe could impact the rest of the year.
Motus Holdings – Trading Update
Key message: Rental car de-fleeting must be generating good profits in the used car market. Short-term liquidity issues look to have been averted.
Raubex- FY21 Interim Results
Key message: Comfortably surviving the Covid-19 lockdowns, increased SANRAL activity bodes well for Raubex. A large building order book shows the growing diversity of the group.