Friday 23 July 2021
Good morning Voornaam,
The lead story this morning had to go to the PGM companies that released results this week. Although Amplats released a couple of days ago, it was during a really busy day for JSE earnings with numerous production updates from the mining houses.
Yesterday was a quieter day overall and Royal Bafokeng Platinum also released blockbuster earnings, so PGM deserves its time in the sun. If you read the lead story, you'll understand the Olympics reference for a metal that doesn't get given out at medal ceremonies.
My other story this morning is on Cashbuild's earnings release, which capped off an excellent sales recovery year for the company. In that article, I explain the difference between new and existing sales growth, including a discussion on the drivers of trading density.
As a further quick update, Liberty Two Degrees (a REIT that gives you exposure to some of the most iconic retail properties in the country, like Sandton City and Melrose Arch) announced that the interim dividend for the six months to June 2021 should be between 13 and 16 cents per share. If we annualise that range, it's roughly a 6% yield.
We have the usual Friday summaries from the team at DealMakers, which gives you a quick overview of the corporate actions this week.
For something completely different, there's a detailed piece on Mauritius. Not only is the company open for tourists again (if you are vaccinated, unless quarantine is your idea of fun), but there's also lots to learn in there on the various visas applicable for those considering a move to Mauritius.
Having travelled there myself for business and engaged with South Africans living on the island, it's certainly an option for those who want to emigrate but don't want to go too far away.
With that, we close off a week that was better in every single way than last week.
Have a safe and enjoyable weekend!
The Finance Ghost
Local and Offshore Market News
The PGM Olympics
At the current valuation multiples, you only need to believe that platinum group metals will be relevant until the next Olympics. Read More
Cashbuild delivers trading density growth
Cashbuild's sales growth has been driven almost entirely by existing stores and helped along by high product inflation. Read More
Mauritius opens doors to international travellers
The country has finally reopened its borders to both vaccinated and unvaccinated visitors as from 15 July 2021, following a significant lull in international travel activities... Read More
Who's doing what this week in the South African M&A space?
Weekly summary of Merger & Acquisition activity by South African companies Read More
Who's doing what in the African M&A space?
Weekly summary of all Merger & Acquisition activity from across Africa (excluding South Africa) Read More

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