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)...
