Avior Financials | Alexander Forbes | Coronation | PSG | JSE trading stats | Corporate credit impairments
• Alexander Forbes announced the sale of its short-term insurance business to Momentum Metropolitan for R1.9bn. We had previously valued the insurance business at c.R1.2bn. The valuation achieved at 14x FY '19 earnings is encouraging.• Coronation Fund Managers announced Jun '19 AUM of R579bn. This is ahead of the R572bn we expected based on factsheet AUM. We estimate net outflows of c.R10bn for the quarter.
• PSG released an update following its AGM. The c.R2bn dividend from Zeder will give PSG optionality and support further investments in unlisted holdings.
• The JSE Ltd's trading statistics show a -16% y/y decline in cash equity value traded YTD.
• We are on a SA banks road show at the moment. We note that corporate credit growth has been similar to SA GDP since 2010 while aggregate CIB credit impairment charges have declined since 2013 levels.
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.