TWK posts a record performance
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TWK Investments isn’t a company that you’ll spot in a list of SENS announcements. The company has its primary listing on the Cape Town Stock Exchange and a secondary listing on A2X for trading purposes, so scanning the JSE won’t help you find it.
In case you’re curious, TWK stands for Transvaal Wattle Growers. Tracing its roots to 1940, the company now operates a timber division (ranging from forests to a chipping mill), a grain division (storage, marketing and processing), a trade division (retail branches selling agricultural products as well as New Holland agencies), a renewable energy division (roof solar solutions), a motors division (dealerships and fuel stations in Piet Retief, Ermelo and Standerton) and a financial services division (financing and insurance solutions to the agricultural industries).
This is clearly an interesting group and one that you may not be familiar with.
The company has released its interim results for the six months to February 2022 and there are some chunky numbers to attract your attention. For example, revenue is up 30.6% to R4.88 billion and the net asset value (NAV) per share has increased by 18.43% to R50.24.
The share is trading at R37.50, a discount of just over 25% to the NAV.
The percentages become a little silly as you move further down the income statement (in a good way). EBITDA is up 111.8% and profit after tax is up 175.5%. Cash is always important and investors will be pleased to note that cash from operating activities (before working capital changes) increased 100.4%.
This is a record interim result that includes strong contributions from the timber and trade divisions in particular. Like in any business, there are also challenges being faced. Guidance from management is strong, with an expectation of outperformance in the second half of the financial year vs. the comparable period.
To help you find out more about this fascinating company, Unlock the Stock will feature the TWK management team at 12pm this Thursday 14th April. The other company on the day will be Mpact, a solid JSE mid-cap business that has proven its resilience during a tough few years in South Africa.
This is a wonderful (and free) opportunity to engage with the management team and ask your questions. Don’t miss out on it!
To attend, you need to REGISTER ON THIS LINK
See you on Thursday!
