In our 28-page report, we take an in-depth look at the Covid-19 situation in Zimbabwe (and in relation to the Sub-Saharan Africa region and the world), present our top picks and our 2020 sector outlook as well as key themes going forward. Zimbabwe overview: Covid-19 meets humanitarian crisis Prior to the Covid-19 outbreak, Zimbabwe already had 7mn people in both rural and urban areas in urgent need of humanitarian assistance. Specifically, in the rural areas 4.3mn people were considered seve...
Currency devaluation constrains consumer spending Complying with IAS 29, Innscor presented inflation adjusted results, however, for the purpose of our analysis historical financials were considered for the period under review. Despite volumes tumbling across most segments, revenue grew by 491.7% to ZWL$2.90bn, due to the removal of subsidies on numerous products and the shift away from controlled pricing. Owing to the combination of sustained improvement in product mix, well-priced strategic ...
Although monetary and fiscal policy reforms are expected to yield results in the near to medium-term, the new policies have led to a depreciation of the local ‘RTGS’ dollar. Thus, we expect a significant drop in sales volumes and a squeeze in margins as the cost of raw material fluctuates from an unstable Zimbabwe dollar. Furthermore, corporate earnings might experience lower real run rates to FY 20, as already seen this year.
Raise TP and upgrade our recommendation to Buy: We anticipate revenue and volumes in FY19 to improve +56.3% y/y to $986.76mn as we expect the full effects of the group restructuring, 1H19 performance, and benefits from volume growth to contribute significant revenue and volume growth in FY19. We project EBITDA for FY19 to increase by 92.8% to $148.78mn, and the EBITDA margin to increase to 15.1%, stemming from an inflation-induced increase in operational costs going forward.
Founded in 1987, Innscor started off as a first Quick Service Restaurant (QSR) business under the Chicken Inn banner. Over the years Innscor through strategic acquisitions and organic growth ventured into retail, distribution, speciality retail and light manufacturing sectors.
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...
​société Innelec Multimédia a publié comme prévu des résultats annuels négatifs au 31 mars 2015. Mais c'est une société pour laquelle le meilleur reste à venir : on ne doute de rien chez Innelec, et on rentre résolument dans de nouvelles catégories à fort potentiel, comme le vapotage. En attendant le redémarrage du marché des jeux vidéos, prévu pour ce Noël.
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