by Rowan Goeller | Apr 30, 2020 | Construction and Basic Materials
Key message: Afrimat is exposed to the construction, industrial and commodity markets. With iron ore contributing approx. half of operating profit, earnings sensitivity is now weighted towards iron ore and exchange rate levels. An entrepreneurial management team...
by Rowan Goeller | Apr 22, 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 has issued updated guidance for FY20 earnings,...
by Rowan Goeller | Apr 22, 2020 | Construction and Basic Materials
Key message: We initiate on Cashbuild with an Overweight recommendation. With hardware stores open again (only for tradespeople), the Covid impact will cause only a short-term earnings impact, in our opinion. We initiate on Cashbuild with an Overweight recommendation...
by Rowan Goeller | Mar 13, 2020 | Construction and Basic Materials
Key message: We examine the ability of PPC to withstand current weak markets and do some scenario analysis around debt covenants. We conclude PPC still has a robust Southern African operation able to withstand even weaker markets before covenants are tested. Cement...
by Rowan Goeller | Mar 10, 2020 | Construction and Basic Materials
Raubex Trading Statement for FY20 Key message: Road work continues to be at very low levels, but recent tenders from SANRAL seem to indicate the potential for a significant boost in a relatively uncompetitive environment. Raubex released a Trading Statement for FY20....
