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...
by Rowan Goeller | May 9, 2022 | Construction and Basic Materials
Key message: Earnings growth of approx. 50% in 2H shows the ongoing recovery of the operating businesses, coupled with a strengthening of the balance sheet. Calgro released a Trading Statement for FY22.HEPS is expected to be between 105c and 106.4c – compared to the...
by Rowan Goeller | Apr 13, 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 a Trading Statement for FY22. HEPS is expected to be between 526-570c (+19-29%).This implies relatively...
by Rowan Goeller | Mar 28, 2022 | Construction and Basic Materials
Key message: Overall cement volumes and pricing are up, led by the international cement operations. Zimbabwean cash extraction is improving, and a dividend is likely in FY23. PPC released an operational update for FY22 and hosted a Capital Markets Day and Site Visit...
