Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper Mondi: Q3 22E Insights
Key message: Strong Q3 22E expected on the back of strong pricing environment despite significant cost pressures. We expect EBITDA to increase by 74% y/y (+4% q/q). Potential special dividend from planned Russian disposal equates to ZAR 62.64/share (23% yield).
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Forestry & Paper: Industry Insights
Key message: Graphic Paper prices lead gains in September, while pulp was broadly stable and OCC was down 26% m/m.
HEALTHCARE: AfroCentric Investment Corporation FY 22A Insights
Key message: Once off impact from COVID vaccine weighs on Services Business, while profit contribution from Retail continues to increase. Sanlam relationship appears to be gaining further traction. Gearing remains well managed and dividends stable.
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Volumes are under pressure: the key theme of the results was that the consumer is under pressure and demand is weakening. Rising inflation and a weakening economy are the major issues impacting volumes. Margins maintained or increased, but under pressure: Operating...
Forestry & Paper: Textile Fibre Insights
Key message: DP price -7% m/m (+11% y/y) in September, with the Q3 22A average of USD 1,175/t down 7% q/q. (+11% y/y). Cotton and VSF were down 3% w/w. Cotton is now trading at a 1% discount to VSF. Spot DP is now USD 1,048/t. VSF inventory days stable at 27.5, while the average op. rate improves further to 61%. VSF theoretical profit further in the red at -USD 231/t.
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Growthpoint Properties: FY22 results and valuation update
Key message: there were few surprises in Growthpoint’s FY22 results as most parts of its portfolio are showing stability, recovery and positive momentum, except for Globalworth and SA office investments which continue to lag. Current share price (down -22% YTD) and...