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.
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.
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.
Cashbuild – 1H FY21 Results
Key message: Strong results as the DIY/building market is experiencing a boom period. High cash generation reduces the debt requirement for the TBC acquisition.
Murray & Roberts – 1H FY21 Results
Key message: A strong order book reflects the fruits of a switch to focus on resources and large infrastructure projects. Risk management is strong and will be a key factor for success.
Afrimat – Earnings Update
Key message: We update our forecasts for the very strong iron ore prices as FY21 is now over. A higher medium-term iron ore price outlook increases our earnings forecasts.
WBHO – 1H FY21 Results
Key message: WBHO was able to absorb the WRU losses with minimal balance sheet stress. There are some encouraging order book signs in the local/rest of Africa and UK businesses.
Calgro M3 – Initiation
Key message: A shift back to a simple development model and debt maturity restructuring has left Calgro well positioned to cash in on the development pipeline. The discount to realisable NAV is substantial.
WBHO – 1H FY21 Trading Update
Key message: Large loss-making projects have a habit of lingering. Another A$28m provision for WRU in Australia clouds a decent performance in the rest of the business.