by Rowan Goeller | Jan 17, 2022 | Construction and Basic Materials
Key message: Sales have slowed down (adjusted for looting impact) after the DIY boom post-Covid. This was well flagged. We update our Cashbuild numbers as we move into CY22.The 1Q operational update confirmed the expected decline in sales after the post-Covid lockdown...
by Rowan Goeller | Dec 10, 2021 | Construction and Basic Materials
Cement Import Monitor October 2021 Key message: October imports fell significantly to 35kt, well off September levels. This is a more expected outcome following supply chain disruptions. October 2021 saw imports of 34 952 tons, a significant decline from September...
by Rowan Goeller | Dec 7, 2021 | Construction and Basic Materials
Key message: Management point to entering a multi-year period of strong earnings growth, which concurs with our forecasts. Delivery on the strong order book will be the key valuation factor going forward. Murray & Roberts released a trading update. Management...
by Rowan Goeller | Nov 25, 2021 | Construction and Basic Materials
Key message: EBITDA margins remain under 20% due to high cost inflation. ITAC tariffs on imported cement and clinker are still likely, in our opinion, and would boost our valuation by over 100c. PPC released 1H FY22 results. HEPS increased to 55c (from 30c) on a...
by Rowan Goeller | Nov 18, 2021 | Construction and Basic Materials
September 2021 Key message: September imports were high at over 150kt – supply chain issues do not seem to be impacting cement shipments. September 2021 saw imports of 151 521 tons, a significant increase from July and August levels. The 12-month rolling annual import...
