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...
by Rowan Goeller | Mar 3, 2022 | Construction and Basic Materials
Key message: The cost of exiting Australia is high, but the balance sheet is still strong enough to support the remaining businesses. WBHO released 1H FY22 results. The results were overshadowed by the exit from the Australian operations as cash requirements...
by Rowan Goeller | Feb 24, 2022 | Construction and Basic Materials
Key message: WBHO has indicated the end of financial assistance to WBHO Australia, with the impact of putting WBHO Australia into administration. We attempt to assess the cash impact to WBHO of the announcement. WBHO has determined that, with effect from 22 February...
by Rowan Goeller | Feb 16, 2022 | Construction and Basic Materials
Key message: Iron ore prices have recovered, and Nkomati mine is profitable. Acquisitions continue with the Glenover surface dump purchase. Afrimat continues to operate well and add new operations to its growing portfolio.Iron Ore: Low prices and lump premiums...
