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...
by Rowan Goeller | Jun 11, 2020 | Construction and Basic Materials
Key message: We look at FY21 potential earnings as lockdowns ease. A loss at the HEPS level is likely, but debt covenants are not breached. PPC has delayed reporting FY20 results to no later than 31 August 2020. In this report we adjust our FY21 forecasts to reflect...
by Rowan Goeller | Jun 3, 2020 | Construction and Basic Materials
Key message: A big negative surprise in Australia…….again. An announcement that Probuild has had an unsolicited offer may signal a full retreat from Australia – and that is probably the right move. WBHO released a Trading Statement covering the Covid-19 impact and...
by Rowan Goeller | Jun 3, 2020 | Construction and Basic Materials
Key message: There is a relatively high probability that government will use SANRAL to kickstart infrastructure spending as a stimulus for the economy. Long overdue, this would boost the road construction sector. Raubex reported FY 20 results. Revenue and operating...
