by Rowan Goeller | Sep 19, 2023 | Construction and Basic Materials
Key message: Difficult trading environment affects revenue and lowers margins from post-Covid DIY/building market boom period. Some green shoots appearing though in construction materials market. Cashbuild recently released FY23 results. HEPS declined 39% to 1222c on...
by Rowan Goeller | Sep 14, 2023 | Construction and Basic Materials
Key message: The Australian exit is complete, and activity levels in all regions are picking up. Back to business as usual for WBHO. WBHO released FY23 results. Overall revenue and operating profit increased by 38% and 30% respectively with the operating margin...
by Rowan Goeller | Sep 8, 2023 | Construction and Basic Materials
Key message: Nkomati ramping up (with a minor delay) and will contribute approx. R500m to operating profit. Afrimat hosted a Pre-Close Update. We make minor updates to our model follow this update. Apart from the pending Lafarge acquisition (Competition Commission...
by Rowan Goeller | Jul 17, 2023 | Construction and Basic Materials
Key message: Imports seem to be stabilizing after falling 31% in CY22. The weak ZAR does not seem to be having an impact. January to May 2023 saw imports of 323kt, down 1% from the same period in 2022. Cement imports fell 31% to 730kt for CY22. Cement imports to May...
by Rowan Goeller | Jul 14, 2023 | Construction and Basic Materials
Key message: Price increases look to catch up to cost inflation in FY24, with steady dividends expected from Zimbabwe and Rwanda. PPC released FY23 results, with revenue up by 0.2% but the EBITDA margin fell to 13.7% (from 15.1%). A R200m distribution (share buyback)...
