Auto Anemometer: New Vehicle Sales – September 2022
Key message: The premium sector is starting a slow recovery as availability improves.
Nampak – Trading Update
Key message: No clarity on requirement for a capital raise – but operational performance improving.
Barloworld – Trading Update
Key message: Russia will contribute well to FY22 before the impact of sanctions in FY23, but Mongolia should offset some of the decline.
Italtile – FY22 Results
Key message: Margins under pressure as costs increase while demand slows. Local manufacturing has been a competitive advantage and resulted in market share gains.
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.
Bidvest – FY22 Results
Key message: Solid result as diversified nature pays dividends. Organic growth outlook strong, particularly in Freight division.
Motus Holdings – 1H FY22 Results
Key message: Strong result but difficult to reconcile current high margins to normal times – margins may be overstated by up to 20%. Expected car volume growth may not compensate for margins falling.
Super Group – FY22 Results
Key message: Super Group remains undervalued relative to its peers, with a solid set of results. Share buybacks should boost HEPS.
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.
Auto Anemometer: New Vehicle Sales – August 2022
Key message: Toyota is back up and running and its market share bounced back. Used car prices jumped in 2Q22, but Motus report them coming back to earth in 3Q22.