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...
by Rowan Goeller | Mar 16, 2022 | Construction and Basic Materials, Retail
Key message: The impacts of looting and a high base (post Covid lockdown DIY boom) impacted earnings. Operating margins remain at elevated levels and should decline over the next 2-3 years, despite forecast revenue growth. Cashbuild released 1H FY22 results. Diluted...
