KenolKobil | Only fuels and horses
KenolKobil has spent five years undertaking a managed turnaround strategy which addressed its historic high gearing, unsustainable input cost pressure and is now addressing its market share losses. It has achieved solid efficiency gains whereby it has maintained production volumes (FY '17 vs. FY '12) with 43% headcount driving operating margins from 0.8% to 2.4%, primarily as it has trimmed underperforming operations. Despite having a business that is 35% smaller at a gross profit level, it is substantially more profitable. It initially reduced its dividend payout (49% payout ratio in FY '11 to 21% FY ‘14), which combined with improved profits reduced debt. The net debt/EBITDA improved to 1.0x from 7.8x with net finance costs declining by 89% between FY '13 and FY ‘17.
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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