Italtile – Initiation
You are not authorised to view this page. Please Login or Contact us if you are a client and need access
Hudaco – Initiation
You are not authorised to view this page. Please Login or Contact us if you are a client and need access
Bidvest – Earnings Update
Key message: We update our Bidvest forecast post the unrest in South Africa which is likely to impact the Freight division in 1H FY22.
Bidcorp – Adjusting for Covid
Key message: Post a recent Trading Update and updated restaurant booking in the light of continued Covid lockdowns, we update our numbers.
Imperial Logistics – Hunter becomes Hunted
Key message: A very good offer, in our opinion, as it monetises current cash proceeds from sales and future blue-sky growth.
Invicta Holdings – FY21 Results
Key message: A strong balance sheet turnaround has boosted our valuation – and the divisional outlook is underpinned by a recovery in the industrial and mining sectors in South Africa. Current disposals should reduce net debt to approx. zero at the end of FY22.
KAP Industrial Holdings
Key message: Continued strong demand for most products and margin uplift should support FY21 earnings. Chemical margins continue to improve.
Auto Anemometer
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/
Murray & Roberts – Platform Update
Key message: A strong order book platform has been set and execution will now follow. The ERI division looks set to grow strongly, with management medium-term targets well ahead of current levels (and our forecasts). Good execution on the growing order book may well vindicate management’s outlook.
Mpact – Trading Update
Key message: Strong demand is evident in all markets, but raw material cost pressure will impact 1H margins. We expect some input cost recovery in 2H.