Avior Capital Markets - Nampak Ltd. (105H) NPK | Nampak Ltd | Time to deliver

Report

Avior Capital Markets

NPK | Nampak Ltd | Time to deliver

Nampak (NPK) released FY'17 results below our expectations. While forex losses were much lower than the prior year, impairment write downs were significantly higher and trapped cash holdings in Angola rose to ZAR2bn. Management exercised tight control over capex and repatriated more cash than we expected from Nigeria, which we view positively. Despite NPK's financial position stabilising over the past year, we believe NPK has an above average investment risk profile.

09/01/2018 12 EN

Underlying

Nampak Ltd.

Nampak is a diversified packaging manufacturer. Co. produces metal, glass, plastic and paper packaging. Co. also makes and markets a range of toilet and facial tissue and feminine hygiene products. Co. operates in three geographical segments: South Africa, which is engaged in manufacturing packaging products from metal, glass, paper and plastics; the rest of Africa which is engaged in manufacturing operations in Angola, Botswana, Ethiopia, Kenya, Malawi, Mozambique, Nigeria, Swaziland, Tanzania, Zambia and Zimbabwe; and the U.K. which is engaged in producing a range of high-density polyethylene (HDPE) bottles mainly for the dairy industry.

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ZAE000071676 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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