Avior Capital Markets - Imperial Logistics Limited (108Q) Imperial Holdings | Less than convincing break up

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Avior Capital Markets

Imperial Holdings | Less than convincing break up

On 30 October 2018, Imperial Holdings (IPL) shareholders voted to approve the Motus unbundling by special resolution. Motus (MTH) and Imperial Logistics (IPL) will trade separately on the JSE from 22 November 2018. The last six months leading up to the Motus unbundling have been challenging given management changes, financial market volatility and a weak SA economy. Given the complex and costly process to date there is no turning back at this late stage. We expect an overall uplift in shareholder value, with Imperial Logistics having scope for a re-rating given industry fundamentals and its internationalised earnings mix.

23/11/2018 14 EN

Underlying

Imperial Logistics Limited

Imperial is a mobility company with activities spanning logistics, supply chain management, vehicle import, distribution and retail, car rental, parts and industrial equipment distribution and financial services. Co.'s business unit include: Logistics, which is engaged in providing logistics solutions including transportation, warehousing, distribution and related value added services; Automotive, which is comprised of bikes, passenger, light, medium and heavy commercial vehicle dealerships; Car rental, which is comprised of Car Rental (Europcar and Tempest), Used Car Sales (Auto Pedigree brand) and Panel repair centers); and Finance, which is engaged in providing treasury function of Co.

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ZAE000067211 Johannesburg Stock Exchange South Africa

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Avior Capital Markets

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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Imperial Holdings | Less than convincing break up

IMPERIAL LOGISTICS loses on its star level and is downgraded to Slightly Positive

1 director bought

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

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