by Rowan Goeller | Sep 16, 2025 | Construction and Basic Materials
Key message: The cement assets are now profitable and Afrimat should have a cost advantage with its ultra-extended cement. Afrimat recently hosted a site visit to their integrated cement plant in Lichtenburg, and we update our earnings after this event. Key takeaways...
by Rowan Goeller | Jul 16, 2025 | Construction and Basic Materials, Forestry and Paper
Key message: Investments in capacity should ensure organic growth over the medium-term. Mpact released a Trading Update. HEPS from continuing operations is expected to be down 18-28% to 88-100c. Takeaways from the Trading Update: The update is weaker than expected...
by Rowan Goeller | Jun 20, 2025 | Construction and Basic Materials
Key message: The promise of earnings growth and stable operations needs to be delivered on in FY26 to maintain operating credibility. Afrimat recently hosted an Investor Day and we update our earnings after this event. Key takeaways from the event: Afrimat has been...
by Rowan Goeller | Jun 13, 2025 | Construction and Basic Materials
Key message: A remarkable operational turnaround has boosted EBITDA margins despite a weak cement market. PPC released FY25 results. HEPS increased 110% to 40c on a 1.9% decline in revenue and 28% increase in EBITDA. An ordinary divided on 17.6c was declared to add to...
by Rowan Goeller | May 29, 2025 | Construction and Basic Materials
Key message: With Bankenveld adding to the development pipeline,Calgro has secured many years of steady organic growth. ◼ Calgro released FY25 results. HEPS declined 9% to 171.36c on a 33%decline in revenue (construction activities were slowed down in 1H as...
