Assore | Prepping the War Chest
Assore Limited (ASR) released a robust H1 ‘18 result despite earnings falling short of our expectations. Encouragingly, the Group increased its payout ratio to c.42% (FY '17: c.28%) resulting in an interim dividend of R10/share. The Group continues to build cash on its balance sheet with its net cash position increasing by c.30% h/h to R6.6bn.ASR's strategy remains unchanged as the Group would prefer to utilise its cash to grow the business. While management have identified a number of opportunities within its current portfolio, the Group remains open to M&A. However, a strengthening ZAR due to positive political environment in SA remains ASR's largest risk.
Assore is a mining holding company engaged principally in ventures involving base minerals and metals. Co.'s principal investment is a 50% interest in Assmang Proprietary Limited which it controls jointly with African Rainbow Minerals Limited. Co.'s iron ore division is engaged in mining, crushing, screening and jigging of run-of-mine ore and tertiary recovery of fine iron ore product. Co.'s manganese division is engaged in mining, crushing, washing and screening of ore, smelting of ferromanganese, and production of refined ferromanganese. Co.'s chrome division is engaged in mining, crushing and concentrating of ore.
Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.
Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.
Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.