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....
by Rowan Goeller | Mar 5, 2020 | Construction and Basic Materials
Australia Again!! Key message: The challenges of operating a construction company remotely are again apparent. WBHO failed one of the three Golden Rules of Construction – avoid new geographies, new disciplines and only use the A-team. The Infrastructure business (a...
by Rowan Goeller | Feb 21, 2020 | Construction and Basic Materials
Key message: The cement market is very weak. Short term relief depends on government intervention (tariffs, infrastructure program). PPC’s balance sheet is under pressure but not in trouble, but debt restructuring negotiations continue. Cement marketCement volumes...
