Bidvest | Freight and services deliver
Bidvest (BVT) reported solid FY'18 results (dHEPS 11% to 1 226cps). The freight division's exceptional performance boosted the results. Tight cost control supported earnings growth in a lower growth SA economic environment. We expect BVT management to be measured and sufficiently conservative around acquisition opportunities both in SA and internationally. The internationalisation of BVT's service business through acquiring Noonan, at full price, has been successfully executed to date. In contrast, we regard the FY'17 Brandcorp acquisition as having delivered a disappointing performance in FY'18. We expect meaningful progress with non-core disposals in FY'19 to enhance the Group's financial capacity to do acquisitions.Bidvest is an investment holding company. Through its subsidiaries, Co. is engaged in operating in the services, trading and distribution industries. Co.'s business division comprised of: Bidvest Corporate, which provides, among others access to corporate finance, compliance, and strategic direction; Bidvest South Africa, which provides, among others: freight management, logistics services, terminal operations and marine services; Bidvest Foodservice, which is comprised of foodservice product distributors to catering, hospitality, leisure, bakery, poultry, meat and food processing industries; and Bidvest Namibia, which is focused on the fishing industry.
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.
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