Reunert – 1H FY24 Results
Key message: Reunert is benefiting from an increase in capacity utilisation of its manufacturing divisions, and this should be margin accretive.
Barloworld – 1H FY24 Results
Key message: Mongolian growth balances declines in other divisions.
Bidcorp – Trading Update
Key message: The business model continues to allow for steady constant currency growth.
WeBuyCars – 1H FY24 Results
Key message: We update our forecasts after the good set of maiden results.
Nampak – Sale of Bevcan Nigeria
Key message: A big hurdle has been cleared – the sale of Bevcan Nigeria. The price appears reasonable given the challenges faced by the business and the weak Nigerian consumer.
Super Group – Earnings Update
Key message: Super Group continues to be substantially undervalued – despite strong SG Fleet results and a robust performance in SA.
Eskom Loadshedding Monitor – May 2024
Key message: Higher planned maintenance through summer has improved the coal fleet performance. Lower unplanned outages have improved the loadshedding outlook.
Auto Anemometer: New Vehicle Sales – April 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market.
WeBuyCars – Initiation
Key message: We initiate on WeBuyCars with a Target Price of R23.50 (an average of the DCF and Sum-of-the-Parts valuations).
Auto Anemometer: New Vehicle Sales – March 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market. Commercial sales and exports succumb to market headwinds.