| Friday 18 February 2022 Good morning Voornaam,
The eagle-eyed readers among you may have been confused yesterday. In my final editing, I had mistakenly pasted the note on Premier Fishing's share price in the DRDGOLD paragraph, inadvertently creating a new conglomerate that would surely be called Goldfish. My apologies.
Yesterday was a ridiculously busy day of results. I've touched on many of them below. If you are a shareholder in these companies, make sure you check out the detailed updates on their websites, as we certainly don't have space to cover everything here.
Mondi plc will sell its Personal Care Components (PCC) business to Nitto Denko Corporation for an enterprise value of EUR615 million. Nitto is a Japanese manufacturer of various products and PCC manufactures components for diapers and adult incontinence, among other things. This statistic may blow your mind: Japan has such an aging population that its adult diaper market is larger than the baby diaper market!
Equites Property Fund aimed to raise R500 million yesterday and ended up raising R1 billion instead at a discount of 4.2% to the 30-day VWAP. This reflects the ongoing demand for logistics properties which are experiencing record-low vacancy rates. The capital will go towards R900 million in development projects over the next 18 months and R2 billion in acquisitions over four years. The UK pipeline is multiple times larger, so this probably won't be the last time that Equites taps the market.
Gold Fields has released its results for the year ended December 2021, in which HEPS increased from 83 US cents per share to 100 US cents and net debt decreased. A final dividend of R2.60 per share has been declared.
Stadio has released results for the year ended December 2021, capping off a year of growth in student numbers from 35,031 to 38,262 as the distance learning offerings performed strongly. Core HEPS (adjusted for non-recurring or non-cash items) is expected to be between 20% and 35% higher. The share price closed 3% higher.
Homechoice International has acquired an 85% stake in PayJustNow, tapping into the "Buy Now Pay Later" (BNPL) trend that is sweeping the globe. This startup has over 180,000 customers after launching in August 2019.
Brait shareholders should refer to the company website, as a presentation on Premier Group has been made available. Premier is targeting a listing during 2022 and the executive management is starting with investor roadshows.
Sasfin Holdings fell 5.27% despite a trading statement for the six months ended December 2021 confirming an increase in HEPS of between 106% and 118%. Tough crowd.
Bid Corporation (a food services business) suffered in 2020 as the restaurant industry was practically des troyed by lockdowns. A trading statement for the six months to December 2021 estimates HEPS growth of between 68% and 73%, reflecting the extremely soft base. Full results are due on 23rd Feb.
Sabvest has released a trading statement for the year ended December 2021. Net asset value per share (the most relevant metric for this company) is expected to be 20.9% to 27.6% higher, a solid return for the period. The share price has nearly doubled over the past year.
South32 released results for the six months ended December 2021. Revenue increased 61.2% and HEPS grew by a ridiculous percentage to 22.8 US cents per share from just 1.8 US cents per share in the prior period. A dividend of 8.7 US cents per share reflects a payout ratio of 40%.
A trading statement from Brimstone Investment Corporation for the year ended December 2021 was tricky for the company, as only six months of results from Oc eana Group can be included due to the ongoing delays in financial reporting and management changes at that company. Adjusted HEPS from continuing operations swung from -38.6 cents in the prior year to a profit of at least 175 cents.
In response to a rates collection campaign on Twitter, Liberty Two Degrees (the owner of Sandton City) released an announcement that there is a dispute with the City of Joburg regarding rates and taxes which is currently being finalised with the Valuation Appeal Board. The centre is trading as normal while that is being sorted out.
Etion Limited has entered into discussions to dispose of "one or all" of its subsidiaries and is thus trading under a cautionary.
Silverbridge released results for the six months ended December 2021 that reflected a 13% increase in revenue and a 42% increase in HEPS.
We aren't done yet! Today's feature artic les are on Truworths' terrific results (despite low sales growth) and Grindrod Shipping which has brought a spectacular year safely back to harbour. There's also the standard weekly updates from DealMakers to finish off your week.
Have a great weekend!
The Finance Ghost
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