Ghost Wrap #18 (Absa | RCL Foods | Metair | York Timber | Nampak | EOH | Bell Equipment | Barloworld)

Welcome to Ghost Wrap. It's fast. It's fun. It's informative.

In this week's episode of Ghost Wrap, we cover:

• Absa announced a B-BBEE deal that I strongly feel is a missed opportunity, as no shares are being made available for investment by retail investors.
• RCL Foods is selling vector logistics, a company that has been considered non-core for a while, to an emerging markets infrastructure fund linked to an investment house in Denmark.
• Metair surely has the worst luck of any company on the JSE, with a horrible year capped off by the interim CEO being in an accident and the earnings roadshow being postponed.
• York Timber needs to improve its operations and quickly, reporting poor numbers that make me question whether we might see another equity raise at some point in time.
• Nampak now has a Chief Restructuring Officer and it looks as thought a rights offer will need to go ahead, although we still don't know how big it will be.
• EOH has been to hell and back, but the company may well have bottomed here based on the latest results.
• Bell Equipment has released excellent results and a strong outlook, along with a depressing paragraph in the earnings about the impact of load shedding on its local manufacturing strategy.
• Barloworld is enjoying strong demand in the equipment businesses (outside of Russia), but is struggling with margins in the Consumer Industries segment.

The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.