reports
AECI Limited: 1 director
A director at AECI Limited sold 17,610 shares at 103.064ZAR and the significance rating of the trade was 58/100. 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 years clearly s...
- Steph Erasmus
AECI | Give and take
A E C I (AFE) delivered c.3% adjusted earnings growth in H1 '19, below our expectations of c.6% growth y/y. In our view, the guided operating expense savings of ZAR 300m per annum may be the catalyst for AFE to re-rate. Despite Schirm struggling, Much Asphalt performed better than expected due to contracts secured in KwaZulu Natal and the Western Cape. The deals alleviated the effect of no South African National Roads Agency (SANRAL) contracts. Excluding Much Asphalt, the underlying Chemicals...
- Steph Erasmus
AECI | Model Update
Operating profit splits between AECI's (AFE's) existing operations and the Group's two acquisitions, Schirm and Much Asphalt, We correct our treatment of the purchase price amortisation (PPA) which was incorrect in our previous report, “An explosive performanceâ€. We mistakenly added the PPA charges to basic earnings to calculate headline earnings, We update our risk-free rate used in our free cash flow to equity valuation, and Due to a SENS last week Wednesday guiding for negative Omnia ...
- Steph Erasmus
AECI | Good things come to those who wait
AECI (AFE) delivered strong organic HEPS growth of 9% y/y in H1 ‘18a. AFE invested R4bn into acquiring Schirm and Much Asphalt with the intention of diversifying revenue, extracting synergies, and reducing earnings volatility. While we believe the opportunities for AFE in Africa, Asia Pacific and Latin America remain compelling, the recent acquisitions and growth initiatives have elevated the financial and execution risk profile of the group. We estimate that the counter is trading at a 10x...
- Steph Erasmus
AECI | We can see clearly now, the rain is gone
The more favourable operating environment within South Africa should present opportunities for AECI's portfolio. Moreover, the focus will be on the integration of the new businesses, Schirm and Much Asphalt, into AECI and ensuring the delivery of market expectations. There have been promising technological developments within both the Mining Solutions and Water and Process segments. We expect AECI to deliver a strong performance in H1 '18f. The USDZAR exchange rate and uncertain weather patt...
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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