Our Research
Recent research work and reports
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With signs of increasing Covid-19 infection rates, we resume our weekly updates. We summarise key statistics on the spread of Covid-19 in South Africa. South Africa recorded 3 929 872 cumulative Covid-19 infections as at 22 May 2022 (+38 079 in the past week). New infections averaged 5 440 per day (7-day moving average, -24.5% w-w) in the last week, with a high of 8 179 on 18 May. The infection rate was 15.7% of cumulative tests on 22 May (15.6% on 15 May).
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Diluted HEPS expanded to 99.2cps (+27.5% y-y). Turnover growth +15.7% y-y, driven by strong growth in Retail (+15.6% y-y). Group GPM increased by 25bps to 22.5%. Expenses to sales increased to 23.9% compared to 23.4% LY. OPM improved by 25bps to 5.1%. Dividend of 20.2 cps declared (interim: 19.5cps).
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Diluted HEPS increased to 31.7cps (26.4cps LY). Turnover growth +2.3% y-y, supported by Non-acute services, whose revenue surpassed pre-pandemic. Group GPM declined by 77bps to 48.9%. Good expense control, with expenses to sales decreasing to 40.6% compared to 42.0% LY. OPM improved by 93bps to 10.0%. Dividend of 20cps declared. Net debt has reduced to R5.4bn, from R6.1bn.
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Diluted HEPS 529.2cps compared to 432.2cps LY. Revenue increased by +26.7% y-y to R4 680m, driven by a 52.0% y-y increase in bulk commodities revenue. GPM fell 290bps to 36.6%. OPM decreased from 28.7% to 23.7%. Expenses up 20.8% y-y, expense to revenue increased by 200bps to 13.2%. 146cps final dividend declared. Gross debt up 25% y-y. Demaneng revenue down 4.1% y-y, however, the bulk commodities segment was aided by strong results from the Nkomati and Jenkins mines.
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Good results with diluted HEPS 262cps (+15.0% y-y) and DPS 221cps (+23.0%y-y). Pro-forma HEPS growth +23.0% y-y. Turnover growth +5.2% y-y, with sales growth in 4Q at 7.4% y-y. Lost sales due to unrest in 2Q amounted to R1.8bn. GPM dropped from 19.8% to 18.8% but this was mainly due to unrest stock losses. This was largely recovered in Other Income. Expenses well controlled with the expense to sales ratio dropping from 18.6% to 18.4%. Expense growth +4.2% y-y. Operating margin stable at 2.9%. Net cash position of R3.6bn (FY21: R3.5bn). Gross debt increased to R4.0bn from R3.3bn in FY21. Damages from civil unrest - Insurance recovery R959m. Strong start to FY23 with sales growth +9.9% y-y in the first 8 weeks.
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With signs of increasing Covid-19 infection rates, we resume our weekly updates. We summarise key statistics in the spread of Covid-19 in South Africa. South Africa recorded 3 891 793 cumulative Covid-19 infections as at 15 May 2022 (+50 405 in the past week). New infections averaged 7 201 per day (7-day moving average, +10.5% w-w) in the last week, with a high of 10 017 on 11 May. The infection rate was 15.6% of cumulative tests on 15 May (15.6% on 8 May).
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Diluted HEPS 1405 cps (+136.9% y-y). Turnover growth +26.5% y-y. Total dividend of 790cps (1H21: 300cps). GPM increased by 400bps to 22.2%. Operating margin increased by 380bps to 8.3% PBT% increased by 400bps to 8.2% CAPEX spend slowed down to 1.0% to sales (1H21: 1.6%). Poultry division grew revenue by +28.6% y-y Africa division grew revenue by +47.5% y-y
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Diluted HEPS up 265% y-y to 297.4cps compared to 81.4cps LY. Revenue increased by 30.9% y-y to R11 578m, driven by the Beitbridge project. GPM improved by 240bps to 13.8%. OPM increased from 4.1% to 8.2% Expenses well controlled at R661m. Expense to revenue fell by 180bps to 5.7% 54cps final dividend declared. Operating cash flow down 49.5% y-y to R566m. Order book relatively unchanged at R17.13bn. The mining purchases contributed c. R22m to revenue.
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Diluted HEPS 37cps compared to 134cps (restated) LY. DHEPS from Continuing Operations improved from 36cps to 51cps (+37.8% y-y). Discontinued Ops DHEPS of -14cps (LY 97cps). Normalised HEPS increased 82.9% y-y to 75cps. Revenue improved by 5.7% y-y to R7 930m. OPM decreased from 4.6% to 3.6%. Expenses increased by 6.9% y-y to R7 706m. Expense to sales increased to 97.2%. 30cps dividend declared. Cashflow from operations down -54% y-y. Gross debt up 42% y-y.