Murray & Roberts – 1H FY23 Results
Key message: The debt repayment schedule requires more than just operating cash flows and dividends.
WBHO – 1H FY23 Results
Key message: The Australian exit is complete, and activity levels in South Africa are picking up. Back to business as usual for WBHO.
Eskom – The Rough Guide (FY 2022)
Key message: It is unlikely that Eskom in its current form can be fixed (operationally and politically). Financial stress may accelerate unbundling and privatisation. Eskom’s late release of the FY22 Annual Report (YE Feb) has been overshadowed by ongoing Stage 6 loadshedding since December. Eskom once again received a qualified audit opinion regarding its status […]
Afrimat – Nkomati Site Visit
Key message: Afrimat has another side to it – incredibly strong community and government relationships. This may actually be their greatest asset. Afrimat hosted a site visit to the Nkomati Anthracite Mine in Mpumalanga. The mine has two open pits and an underground mine in development, due to be fully operational in 2Q CY23. The […]
Murray & Roberts – Sale of Clough
Key message: Clough and MRPL (M&R holding company Australia) have been put into voluntary administration. This pulls RUC into the administration process. Australia remains ringfenced from the Group.
PPC – 1H FY23 Results
Key message: Weakening demand and market share wars have decimated margins. Planned price increases (12-15%) need to stick to recover cost increases.
Raubex- 1H FY23 Results
Key message: The order book growth has stalled and while growth prospects remain good there is timing risk for replacement work.
Murray & Roberts – Sale of Clough
Key message: A clean break it seems, but no value for Clough. Order book and valuation roughly halves.
Calgro M3 – 1H FY23 Results
Key message: 2H should see revenue of approx. R100m as units under construction are transferred. A strong pipeline (with Frankenwald doubling opportunities) with infrastructure costs mostly expensed should ensure sustainable earnings in the medium term.
Afrimat – 1H FY23 Results
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure.