reports
1 director sold
A director at Invicta Holdings Limited sold 17,929 shares at 19.000ZAR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Mpho Mokotso
Invicta Holdings | Brace for impact
Invicta released a disappointing set of H1' 19 results. dHEPS and DPS declined by 99% h/h and 38% h/h respectively. c.82% of the dHEPS decline is due to an additional R200m tax charge from the BEE tax fine. IVT has settled with SARS for R750m, in line with our estimate of R740m. The settlement amount exceeds provision raised as at March 2018 by R200m. As IVT prepares for a hard earnings landing, it will have to monitor cash flows as it pays the fine and interest over the next four years, wh...
- Mpho Mokotso
Invicta Holdings | SARS Overhang
Invicta released a disappointing set of FY' 18 results where dHEPS and DPS declined by 80% yoy and 29% yoy respectively. While this was largely due to a R400m increase in the tax provision, it also highlights a weak operating result and a deterioration in the quality of the operating portfolio. In particular, Kian Ann, its acquisition in Singapore, has failed to grow earnings beyond pre-acquisition levels despite the very recent profit growth. Furthermore, the domestic portfolio has become in...
IVT | Invicta Holdings | Growth catalyst required
Please find our analysis on Invicta's (IVT) H1 '18 results in this note. A weak and competitive SA business environment weighed more heavily on Engineering Solutions Group (ESG) than the Capital Equipment Group (CEG) which proved more resilient. Operating profit from Kian Ann increased on an SGD and ZAR basis. The BSG division was sold for a profit. We expect management to use the proceeds to pay down debt to improve acquisition capacity. We expect IVT to realise some benefits from the cost rati...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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