Diversified Industrials, Construction & Materials – Post Results Wrap and Chart Book
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Cashbuild –FY22 Results
Key message: We believe an earnings base of 1700-1900c is more normal for Cashbuild as demand starts to slow after the post-Covid DIY boom.
WBHO – FY22 Results
Key message: The cost to exit Australia seems certain now – the A$135m guided in June 2022 still applies. A strongly growing order book in continuing operations points to a positive outlook.
Murray & Roberts – FY22 Results
Key message: Margins hold up well despite significant supply chain issues and cost escalations, indicating that contractual obligations to not overly place risk on Murray & Roberts.
Afrimat – Pre-Close Update
Key message: Gravenhage may have slipped through its grasp, but current operations offer better returns and new opportunities may present.
Cement Import Monitor: Apr-Jun 2022
Key message: Cement imports for April-June 2022 are 39% down on 2021 levels, indicating a possible decline in imports as port conditions normalise.
Feedback from Industry Expert Call, Eric Diack, CEO AfriSam
Key message: AfriSam faces the same inflationary pressures as all producers. It is generating enough cash to maintain operations.
Murray & Roberts – Investor Day Feedback
Key message: Covid delays and cost inflation will likely mute margins in FY22 and FY23. Execution on a large order book remains key.
PPC – FY22 Results
Key message: Cost inflation will be difficult to recover through pricing, although key cost variables are likely to be volatile this year.
Afrimat – Investor Day Feedback
Key message: The depth of the management team is apparent, with strong growth prospects in internally funded new