Edison Investment Research - Argent Industrial Ltd. (10BK) Argent Industrial - Following an established recipe

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Edison Investment Research

Toby Thorrington

Argent Industrial - Following an established recipe

Primarily a steel-based beneficiation company, Argent Industrial is supported by export promotion and offshore investments in both new and existing businesses. By shifting its focus from South Africa (SA) to the US and the UK, it has created a strong, diversified base for long-term, sustainable growth, both domestically and globally. During the six-month review period (April to September 2024), Argent added another UK operation, as well as an investment in Xpanda Canada. Amid challenging global conditions, interim headline earnings per share improved to 231c versus 223c for the comparable period in the previous financial year. ZAR346m in net cash is equal to ZAR6.35/share, 23% of the company’s market value.

29/11/2024 1 EN

Underlying

Argent Industrial Ltd.

Argent Industrial is a holding company. Co.'s operations include steel trading, manufacture of home and office products, automotive products, fabrication and non-steel related products. The steel trading segment involves the trading of steel, stainless steel and aluminum. The home and office segment involves the manufacture of branded products. The automotive segment supplies automotive products. The fabricator segment supplies fabricated products to the construction, mining and industrial markets. The non-steel segment is involved in the supply of quarry stone and ready-mix concrete, railway retarders in North America, and the supply of rubber products.

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ZAE000019188 Johannesburg Stock Exchange South Africa

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Argent Industrial - Following an established recipe

Argent Industrial - Argent expands internationally

Argent Industrial - Cash flush

Tetragon Financial Group - Termination of coverage

AFT Pharmaceuticals - Softer H1 on one-offs; recovery expected in H2

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