by Rowan Goeller | Feb 19, 2021 | Construction and Basic Materials
Key message: A shift back to a simple development model and debt maturity restructuring has left Calgro well positioned to cash in on the development pipeline. The discount to realisable NAV is substantial. Calgro M3 is a developer of integrated residential...
by Rowan Goeller | Feb 17, 2021 | Construction and Basic Materials
Groundhog Day Key message: Large loss-making projects have a habit of lingering. Another A$28m provision for WRU in Australia clouds a decent performance in the rest of the business. WBHO released a Trading Update for 1H FY21. Disappointingly a further A$28m provision...
by Rowan Goeller | Jan 25, 2021 | Construction and Basic Materials
2Q Operational Update and Trading Statement Key message: DIY products have experienced a remarkable uplift over the last six months, with activity levels holding up strongly over December. Cashbuild released a 2Q Operational Update and Trading Statement.Revenue for 2Q...
by Rowan Goeller | Dec 10, 2020 | Construction and Basic Materials
Peer Group Analysis and Replacement Cost – EV/tonne Key message: On a peer group or replacement cost comparison, PPC is very cheap. PPC is trading on an EV/tonne of USD51/tonne, with replacement costs over USD200/tonne. Global peers trade currently at USD85-260/tonne....
by Rowan Goeller | Dec 9, 2020 | Construction and Basic Materials
Rights Offer Avoidance Key message: Apparent progress in the DRC debt restructuring and a boost to earnings from strong cement markets is reducing the probability of PPC having to raise cash to meet lender de-gearing requirements. PPC released 1H FY21 results. Revenue...
