by Rowan Goeller | Nov 29, 2022 | Construction and Basic Materials
Key message: Weakening demand and market share wars have decimated margins. Planned price increases (12-15%) need to stick to recover cost increases. PPC released 1H FY23 results, with revenue up by 9% (excl. Zimbabwe). Excl. Zimbabwe, costs increased by 11%....
by Rowan Goeller | Nov 8, 2022 | Construction and Basic Materials
Key message: The order book growth has stalled and while growth prospects remain good there is timing risk for replacement work. Raubex reported 1H FY23 results, with revenue and operating profit increasing by 23% and 26% respectively. HEPS increased 16% to 159c. A...
by Rowan Goeller | Nov 1, 2022 | Construction and Basic Materials
Key message: 2H should see revenue of approx. R1bn as units under construction are transferred. A strong pipeline (with Frankenwald doubling opportunities) with short to medium-term infrastructure costs mostly expensed should ensure sustainable earnings. Calgro...
by Rowan Goeller | Oct 31, 2022 | Construction and Basic Materials
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure. Afrimat released 1H FY23 results, with HEPS declining 15% to 252c on a 7% increase in revenue and 12% decrease in operating profit. Lower iron ore prices...
