Bidvest – Adjusting for Corona Impact
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness.
Coronavirus Chronicles – This too shall pass
Key message: Unprecedented volatility. Beware companies with too much operational gearing. The Construction Sector emerging as a potential safe haven (how times change!).
Bidvest – 1H FY20 Results
Key message: A noisy result, but underlying performance flat in a weak market. Growth through acquisition (PHS, Eqstra) and organic (LPG tanks) in FY21 provide some upside potential.
Bidvest – 1H FY20 Results
Key message: A tough period but through the noise Bidvest traded sideways – not bad in the current economy. Mgmt. are positive about FY21 prospects – organic and acquisitive growth should boost earnings.
Motus Holdings – 1H FY20 Results
Key message: Motus is using its balance sheet to support growth – evident in rising inventory utilisation. The draft Right of Repair bill has significant potential implications and creates a risk overhang.
Imperial Logistics – 1H20 Results
Key message: The logistics sector is challenging in all regions – but cost-cutting has helped balance volume and margin pressure.
KAP Industrial: Feedback from Mgmt. Call
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SG Fleet – 1H FY20 Results
The Novated Lease market in Australia now seems to be a mature market – competition is fierce, and margins are falling. Consolidation is due – and SG Fleet seem on the prowl.
Climate Change – The Market Impact: Are Traditional ESG Measures Still Relevant?
Key message: Climate change concerns are driving REAL change in the allocation of capital – displacing the traditional ESG framework