Zeda – FY22 Results
Key message: Zeda will be unbundled from Barloworld on 13 December 2022. Our valuation for Zeda is R16.50 (fwd. PE 7.4 times).
Auto Anemometer: New Vehicle Sales – November 2022
Key message: The Motus Import market share fell again to15.1% but is now settled in its normal range. Used car prices were up 9% in 3Q but expect a large fall in 4Q.
Reunert – FY22 Results
Key message: Growth in FY23 will be led by an export recovery and growth in the energy market. Reunert is well positioned for growth well in excess of general economic activity in South Africa.
Invicta Holdings – 1H FY23 Results
Key message: Demand growth in key sectors continues, with a strong contribution from Kian Ann.
Murray & Roberts – Sale of Clough
Key message: A clean break it seems, but no value for Clough. Order book and valuation roughly halves.
Auto Anemometer: New Vehicle Sales – October 2022
Key message: The Motus Import Basket market share takes a big fall, outlook from industry turning pessimistic.
Grindrod – Trading Update
Key message: Mineral volumes remain strong. The completion of the bank sale substantially increases the chances of a trade buyer looking at Grindrod.
Motus Holdings – Motor Parts Direct Acquisition
Key message: Full price paid, but sustainability of earnings unclear due to rapid growth in the last two years.
Diversified Industrials, Construction & Materials – Post Results Wrap and Chart Book
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Reunert – Re-Energised
Key message: Investment in energy projects is likely to increase substantially, mainly in the private sector. This will stimulate cable and switchgear demand and provide impetus to the fast-growing energy development and storage businesses.