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...
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...
