Cement Import Monitor
Key message: Cement imports for Jan-April 2022 are 26% down on 2021 levels, with port issues due to flooding being a limiting factor.
Infrastructure Outlook 2022
Key message: Private sector intervention due to government incapacity or failures is likely to be a significant growth area
Afrimat – FY22 Results
Key message: The medium-term investment case remains linked to the internally funded volume growth in iron ore, manganese and industrial minerals.
Raubex- FY22 Results
Key message: SANRAL tender cancellations and REIPP delays create uncertainty over order book growth.
Calgro M3 – FY22 Results
Key message: A steady performance going back to the basics. A healthy well-funded development pipeline provides medium-term growth visibility. Book value remains understated with developments valued at cost.
Calgro M3 – FY22 Trading Statement
Key message: Earnings growth of approx. 50% in 2H shows the ongoing recovery of the operating businesses, coupled with a strengthening of the balance sheet.
Afrimat – FY22 Trading Statement
Key message: The medium-term investment case remains linked to the internally funded volume growth in iron ore, manganese and industrial minerals.
Diversified Industrials, Construction & Materials
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PPC – Operational Update
Key message: Overall cement volumes and pricing are up, led by the international cement operations. Zimbabwean cash extraction is improving, and a dividend is likely in FY23.
Cashbuild – 1H FY22 Results
Key message: The impacts of looting and a high base (post Covid lockdown DIY boom) impacted earnings. Operating margins remain at elevated levels and should decline over the next 2-3 years, despite forecast revenue growth.