by Rowan Goeller | Jun 23, 2022 | Construction and Basic Materials
Key message: The depth of the management team is apparent, with strong growth prospects in internally funded new projects. The portfolio is moving to a revenue mix of annuity (fixed price: 40-50%) and cyclical (commodity price: 35-70%). Afrimat hosted an Investor Day....
by Rowan Goeller | Jun 15, 2022 | Construction and Basic Materials
Jan-April 2022 Key message: Cement imports for Jan-April 2022 are 26% down on 2021 levels, with port issues due to flooding being a limiting factor. January to April 2022 saw imports of 304kt, down 26% from the same period in 2021.The 12-month rolling annual import...
by Rowan Goeller | May 23, 2022 | Construction and Basic Materials
Key message: The medium-term investment case remains linked to the internally funded volume growth in iron ore, manganese and industrial minerals. Afrimat released FY22 results, with HEPS up 23% to 543c off a 27% and 24% increase in revenue and operating profit...
by Rowan Goeller | May 20, 2022 | Construction and Basic Materials
Key message: SANRAL tender cancellations and REIPP delays create uncertainty over order book growth. Raubex reported FY22 results, with revenue and operating profit increasing by 31% and 159% respectively. HEPS increased 263% to 297.4c. A final dividend of 54c was...
by Rowan Goeller | May 19, 2022 | Construction and Basic Materials
Key message: A steady performance going back to the basics. A healthy well-funded development pipeline provides medium-term growth visibility. Book value remains understated with developments valued at cost. Calgro released FY22 results. HEPS recovered to 106c after a...
