Super Group – 1H FY23 Results
Key message: Strong result across almost all divisions. A consistent performance not rewarded in the share price – the rump valuation is very cheap (6 times PE multiple).
Motus Holdings – 1H FY23 Results
Key message: Debt levels increased substantially as WC/floor plans increased again after vehicle shortages. Finance costs and depreciation increased substantially but from abnormally low levels. HEPS will be impacted by these below the line costs in FY23 and FY24.
Italtile – 1H FY23 Results
Key message: Weaker volumes as energy solutions replace home improvements amid lower general consumer spending. An expected improved operational performance in 2H should recover market share.
Hudaco – FY22 Results
Key message: Solid performance with growth in core markets and market share gains. Loadshedding is providing business opportunities.
Nampak – 1Q Trading Update
Key message: More divisional data has been released and we update our model and forecasts after a 1Q Trading Update.
Auto Anemometer
Key message: Passenger sales are slowing in 2023 – and the used car market is correcting to normal trade and retail values.
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 […]
Auto Anemometer New Vehicle Sales – December 2022
Key message: Passenger car sales ended up 19% on CY21. Premium car sales staged a recovery in December – up 90% YoY with the market share increasing to 7.3% (from 3.9% in November).
Nampak – FY22 Results
Key message: The rights issue is now required as potential asset sales are now unlikely and WC absorbs further cash.
Barloworld – FY22 Results
Key message: The Zeda unbundling does not create value, in our opinion, with multiples applied to both businesses relatively similar.