Afrimat – Lafarge Acquisition
Key message: Another cheap acquisition, another 2-3 year payback on investment.
Eskom Loadshedding Monitor
Key message: We release our initial Loadshedding Forecast. The UCLF has improved over recent weeks – but remains volatile.
Motus Holdings – Analyst Day
Key message: Diversification will help through weakening markets, with MPD looking to contribute substantially.
Auto Anemometer: New Vehicle Sales – May 2023
Key message: Light commercial sales continue to be strong, but passenger sales are impacted by multiple headwinds.
Zeda – 1H FY23 Results
Key message: Strong result but margin pressure and increased finance costs could be a burden on earnings going forward.
Nampak –1H FY23 Results
Key message: A focus on renegotiating imbalanced pricing contracts will be key to a sustainable future.
Barloworld – 1H FY23 Results
Key message: The spike in WC should unwind in 2H – it indicates increased sales of new fleets and secures the LT aftermarket business.
Omnia – Initiation
Key message: International expansion from a competitive local base does indicate the potential for above average growth.
Auto Anemometer: New Vehicle Sales – April 2023
Key message: High interest rates start to bite, with NAAMSA expectations of over 5% growth for CY23 being moderated to flat as the year progresses.
Nampak –Trading and Debt Update
Key message: The debt restructuring plan has been concluded, shifting maturity dates to 30 June 2024. We believe the rights issue required will be no more than R1bn.