WBHO – FY21 Results
Key message: Actively managing down the order book should improve the quality of earnings. Signs of a recovery in the mining sector is a positive for WBO.
Murray & Roberts – FY21 Results
Key message: FY22 and FY23 should see strong revenue and profitability growth with execution of the current high order book.
Cement Import Monitor
Key message: June imports fell and the July/August levels are likely to fall substantially due to the looting and disruptions around the port of Durban.
Cashbuild – Earnings Update
Key message: We update our earnings to remove the impact of the TBC deal (turned down by Competition Commission) and recent trading conditions, including the impact of the recent unrest on Cashbuild and the 4Q Operational Update.
Cement Import Monitor
Key message: We initiate a Cement Import Monitor to track imports by port and country of origin.
PPC – FY21 Results
Key message: FY22 will be a normal year and should reflect the real operational performance. While cement volumes will probably stabilise at 2H FY21 levels, average prices (up 3-4%) and volumes (up 10-12%) in FY22 should drive good earnings growth.
Murray & Roberts – Platform Update
Key message: A strong order book platform has been set and execution will now follow. The ERI division looks set to grow strongly, with management medium-term targets well ahead of current levels (and our forecasts). Good execution on the growing order book may well vindicate management’s outlook.
PPC – FY21 Trading Update
Key message: FY21 will be a messy result, but underlying cement operations are experiencing strong demand with price increases holding. Expect margin guidance of +20% in the SA cement business.
Afrimat – FY21 Results
https://chronux.co.za/wp-content/uploads/2021/06/AFT-0621-FY21-Results.pdf
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.