Auto Anemometer
Key message: CY21 passenger car sales grew by 22% but are still down 15% on the CY19 numbers.
Auto Anemometer
Key message: YoY comparatives are more meaningful now as comparative months are out of lockdown. We still compare to 2019 numbers though to get a real sense of where the market is.
Bidcorp – Trading Update
Key message: 1H HEPS is at record levels in constant currency and ZAR, despite lockdowns still impacting some geographies. Although cost pressure is evident, margin growth is implicit in management guidance.
Invicta Holdings – 1H FY22 Results
Key message: Continued strong cashflows have removed all balance sheet concerns. Invicta remains well positioned to grow market share in the mining and industrial sectors.
Barloworld – FY21 Results
Key message: Cash generation continues to exceed expectations through strong balance sheet management. The boost from optimising working capital appears to be at an end, but operational performance should continue to improve earnings and returns. A long-awaited rerating appears to be occurring.
Auto Anemometer
Key message: YoY comparatives are more meaningful now as comparative months are out of lockdown. We still compare to 2019 numbers though to get a real sense of where the market is.
Eskom – The Rough Guide (2021)
Key message: It is clear that either significantly higher tariffs (politically sensitive) or debt relief is required for Eskom to become sustainable. The IPP program is starting the shift to green energy (good) but the financial burden (on top of paying off Medupi and Kusile) is high (bad). Concessional green finance could help ease these issues.
Bidcorp – FY21 Results
Key message: Covid restrictions come and go, but the desire to eat-out-of-home has not changed. Bidcorp has gained market share. 1H FY22 will be impacted by ongoing Australian and New Zealand lockdowns.
Auto Anemometer
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Barloworld – Trading Update
Key message: The Equipment division is benefitting from organic and acquisitive growth, and a strong recovery in Car Rental should boost results.