Motus Holdings
Key message: We update our earnings as market disruption from rental de-fleeting appears to be minimal.
Barloworld
Key message: The price appears low, although Barloworld retains a 50% stake in the business.
Auto Anemometer
Key message: 2020 sales were significantly impacted by Covid-19, with passenger sales declining 30.6% for the year.
KAP Industrial Holdings
Key message: Strong demand across the Integrated Timber, Integrated Bedding and Polymer divisions has meant little lingering impact from the Covid-lockdowns. Polymer margins are also increasing.
Barloworld – FY20 Results
Key message: The results do highlight the resilience of an equipment dealership (as opposed to a motor dealership). The equipment division stability through the cycle and in Covid-like times remains underappreciated, in our opinion.
Invicta Holdings – 1H FY21 Results
Key message: A strong performance through the Covid-related lockdown period – Invicta’s margins were relatively strong and look to recover further. The balance sheet has recovered strongly.
Bidcorp – 1Q FY21 Trading Update
Key message: New lockdowns in UK and Europe will impact the remainder of FY21. Bidcorp, however, has experience in dealing with lockdowns now – but ST margins will still be under pressure. The restaurant trade has proved to be resilient and resourceful – meaning lockdowns should cause only temporary weakness to the Foodservice sector.
Imperial Logistics – Trading Update
Key message: A strong recovery from 4Q FY20, 1QFY21 looks to have grown revenue relative to 1Q FY20 but margins have come under pressure. Possible lockdowns in Europe could impact the rest of the year.
Motus Holdings – Trading Update
Key message: Rental car de-fleeting must be generating good profits in the used car market. Short-term liquidity issues look to have been averted.
Auto Anemometer
Key message: New vehicle sales through dealers back to 95% of prior year levels. However, sales to rental fleets are down 75.4%.