Key message: Management highlighted KAP’s strengths – competitive local manufacturing – and provided more detail on KAP’s weakness – volatility in Safripol. 5-year growth targets are ambitious but achievable.
Key message: Key sectors showing demand growth, with some lag in passing through price increases. Growth into FY23 expected through international business (organic), lower finance costs and reduced shares in issue.
Key message: Bidvest is building an international Services division that could ultimately be spun out like BidCorp.
Key message: Passenger sales saw strong growth, but commercial sales are being impacted by local production disruptions.
Key message: Covid delays and cost inflation will likely mute margins in FY22 and FY23. Execution on a large order book remains key.
Key message: Local brands continue to suffer due to flooding impacts but imported brands see good growth.
Key message: Well positioned to benefit from increased private sector participation in the freight movement sector, the recent sale of Grindrod Bank makes Grindrod a focused infrastructure company.
Key message: Private sector intervention due to government incapacity or failures is likely to be a significant growth area
Key message: Big impairment in Russia, but Barloworld (and CAT) are not pulling out of the region. It will impact earnings in the short-term.