Calgro M3 – 1H FY24 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cement Import Monitor: Imports to August 23
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 4% YTD.
PPC – Trading Update
Key message: Margins stabilising in SA Cement and signs of volumes bottoming. Price increases are sticking – any volume growth will boost earnings considerably.
Cement Import Monitor Imports to July 23
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 14% YTD.
Cashbuild – FY23 Results
Key message: Difficult trading environment affects revenue and lowers margins from post-Covid DIY/building market boom period. Some green shoots appearing though in construction materials market.
WBHO – FY23 Results
Key message: The Australian exit is complete, and activity levels in all regions are picking up. Back to business as usual for WBHO.
Afrimat – Pre-Close Update
Key message: Nkomati ramping up (with a minor delay) and will contribute approx. R500m to operating profit.
Murray & Roberts – FY23 Results
Key message: The business should be able to earn HEPS of approx. 50c in FY25 with the current assets and a restructured financial structure. This indicates significant upside from current levels.
Cement Import Monitor – May 23
Key message: Imports seem to be stabilizing after falling 31% in CY22. The weak ZAR does not seem to be having an impact.
PPC – FY23 Results
Key message: Price increases look to catch up to cost inflation in FY24, with steady dividends expected from Zimbabwe and Rwanda.