Diversified Industrials
Key message: The FY21 reporting season was significantly more optimistic than recent years. The post-Covid bounce has been followed by signs of a cyclical recovery in the mining and industrial sector.
Motus Holdings – FY21 Results
Key message: A strong FY21 result, but growth into FY22 will face some revenue headwinds (used cars) and increased costs (depreciation and finance charges as inventories recover). This might cancel the expected growth in new car sales. FY23 should see normalised growth.
Bidvest – FY21 Results
Key message: Market share gains in South Africa and better than expected growth in UK/Ireland were a feature of the result. Acquisitive and organic growth plus further operating margin recovery should boost growth into FY22.
Cashbuild – FY21 Results
Key message: Strong Covid-induced DIY demand has boosted volumes and margins – this will moderate into FY22. We do anticipate a sustained growth in demand for construction materials.
Murray & Roberts – FY21 Results
Key message: FY22 and FY23 should see strong revenue and profitability growth with execution of the current high order book.
Super Group – FY21 Results
Key message: The resumption of dividends was the key feature of the result, indicating the end of a long recovery process and a relatively quick normalisation post-Covid.
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KAP Industrial Holdings
https://chronux.co.za/wp-content/uploads/2021/09/KAP-0821-FY21-Results.pdf
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Key message: On 1 July 2021, the Competition Commission’s Guidelines for Competition in the South African Automotive Aftermarket become effective. The final guidelines were issued on 29 January 2021 and are available on the Commission’s website, at http://www.compcom.co.za/guidelines/