Murray & Roberts – 1H FY24 Results
Key message: The business should be able to earn HEPS of approx. 50c in FY25 with the current assets and reduced costs.
Cashbuild – 1H FY24 Results
Key message: We did some on the ground market research – until meaningful demand recovery occurs, margins are likely to stay low.
WBHO – 1H FY24 Results
Key message: Back to the low risk contracting model, the order book outlook looks promising for a margin uplift.
Afrimat – Pre-Close Update
Key message: Nkomati should contribute substantially in 2H as the mine output ramps up. Transnet issues negatively impacted iron ore.
Calgro M3 – Trading Statement
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cashbuild – 1H FY24 Trading Update
Key message: Volumes and prices remain weak with consequent margin pressure. The DIY market remains very competitive with cheaper products undercutting Cashbuild.
Industrial Insights: AMSA and the failure of industrial policy
Key message: If the Steel Master Plan was followed as agreed by the parties involved, AMSA’s Newcastle plant would probably not have to close. This is a pattern for government – often sensible policy completely ignored.
PPC – 1H FY24 Results
Key message: Solid result in weak market, with increased distributions to shareholders expected going forward.
Raubex – 1H FY24 Results
Key message: Diversity of earnings helps replace high-margin Beitbridge project.
Afrimat – 1H FY24 Results
Key message: Nkomati should contribute substantially in 2H with steady state achieved in Oct 2023.