PPC – FY24 Results
Key message: A resumption of dividend payments is a positive with cement demand at a cyclical low. New management is making changes.
Raubex – Bauba Site Visit
Key message: Bauba is a relatively low-risk operation with competitive reserves.
Afrimat – Investor Day
Key message: The Lafarge integration is going well with a focus on returning production to normal levels.
Afrimat – FY24 Results
Key message: With Nkomati starting to contribute as planned and Lafarge integrated in April 2024, growth into FY25 should be achieved.
Calgro M3 – FY24 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
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.
PPC – Pre-Close Update
Key message: The market weakened in 2H but a return to profit and possible dividend payment in FY24 are positives.
ArcelorMittal South Africa “AMSA” – Initiation
Key message: Well positioned in raw material supply, AMSA has been let down by the state (lack of demand and services – energy and rail in particular).
Cement Import Monitor – Imports to January 2024
Key message: Imported cement volumes increased 18% in CY2023 with port issues apparently not impacting volumes.