Afrimat – Lafarge Acquisition
Key message: Another cheap acquisition, another 2-3 year payback on investment.
Eskom Loadshedding Monitor
Key message: We release our initial Loadshedding Forecast. The UCLF has improved over recent weeks – but remains volatile.
Raubex – FY23 Results
Key message: The Beit Bridge project completion leaves a large hole in profits – significant revenue growth is required to replace this.
Afrimat – FY23 Results
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure.
Calgro M3 – FY23 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cashbuild – 1H FY23 Results
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Cement Import Monitor – February 23
Key message: Cement imports were down 31% in CY22, although port disruptions and a weak currency likely are having an impact. Import protection from government now appears unlikely.
Diversified Industrials, Construction & Materials: Post Results Wrap and Chart Book – March 23
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Cement Import Monitor
Key message: Cement imports were down 31% in CY22, although port disruptions and a weak currency likely are having an impact. Import protection from government now appears unlikely.
PPC – Capital Markets Day
Key message: Despite a weak SA cement market, dividends from Zimbabwe and Rwanda allow PPC to look at resuming distributions to shareholders.