by Rowan Goeller | Oct 12, 2020 | Construction and Basic Materials
The Adults are Back in the Room Key message: Competent management is back in the saddle, after years of weak strategic and financial oversight. While the balance sheet is still strained and the cement market only in the early stages of a recovery, PPC at least has a...
by Rowan Goeller | Oct 2, 2020 | Construction and Basic Materials
Key message: Evidence of PPC correcting management and corporate governance lapses are growing. Strong cement markets could significantly plug financial holes. PPC has delayed its FY20 results again as additional financial errors have been found. PPC is repairing the...
by Rowan Goeller | Sep 2, 2020 | Construction and Basic Materials, Industrials
Key message: Solid results with strong cash generation notwithstanding the COVID impact. Strong sales growth post YE is providing FY21 with a good start – but pent-up demand levels (and supply disruptions) are distorting the real underlying demand levels. Cashbuild...
by Rowan Goeller | Aug 27, 2020 | Construction and Basic Materials
Key message: The cement market has been very strong post-lockdown as blenders and imported volumes have declined. Sephaku Holdings recently released FY20 results.Sephaku CementSephaku Cement had their full annual shutdown in March before the lockdowns occurred – and...
by Rowan Goeller | Aug 5, 2020 | Construction and Basic Materials
Key message: Cashbuild has made a large acquisition, but TBC does fill in some important gaps in the building supply market for Cashbuild. Cashbuild announced the acquisition of 100% of The Building Company (TBC) from Pepkor Holdings for R1.074bn, including R2.929bn...
by Rowan Goeller | Jul 30, 2020 | Construction and Basic Materials
Key message: Lockdown resulted in approx. R200m in standing costs, but Raubex has emerged with the balance sheet in a better position that at the end of Feb 2020. The recently released SIPS seem to favour roads projects to be the first to market. Raubex released a...
