Key message: Vehicle sales collapse in April with dealers closed for the entire month. Level 4 allows only for emergency automobile repairs and component sales, with car sales allowed only under “specific directions”.
Key message: Looks like a good price for an asset earmarked for sale – 11.5 times FY19 EV/EBIT multiple or 12 times 1H FY20 annualised P/E. Question is – can the R3.4bn cash proceeds be well spent (given management is on the lookout for an IFM acquisition).
Key message: We have updated our forecasts to reflect three months of lost business due to the lockdown and knock-on effects. Some companies will test their debt covenant levels.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Key message: The impact of the shutdown has started to significantly impact vehicle sales, and the trend is likely to worsen. Car sales provide a timeous data window for the performance of non-durable goods.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.