to join the discussion
AFT down 2.03% today to R27.03, which is a bit soft given the broader materials rally. Trading on a P/E around 8x with decent FCF generation, it's holding up better than some of the heavier construction plays but lagging PPC and Lafarge on relative momentum this week.
AFT's been grinding higher off those lows, and the aggregate/construction exposure gives it decent leverage to infrastructure spend cycles. Trading at reasonable valuations relative to peers, so if the economic backdrop doesn't completely fall apart, there's scope for further ups
AFT creeping back up today on that 1% move. Is the market finally pricing in improved aggregates demand, or is this just noise ahead of earnings?
AFT's been grinding higher off those lows, and at current valuations you're getting exposed to aggregate and construction materials with decent leverage to infrastructure spending. Long-term the story hinges on whether SA's capex cycle actually materializes, but the dividend yiel
AFT down 3.16% to R27 today, bit of a pullback but the aggregates demand cycle still looks healthy heading into the summer construction season. P/E sits reasonable for the sector so any further dips could be worth nibbling at.
ngl afrimat's been getting hammered but cement and aggregate demand doesn't just disappear, infrastructure spend is still happening even with load-shedding chaos. at r27.33 it's not expensive relative to replacement cost of those quarries and operations. long game plays out when this construction cycle turns.
Look, everyone panicking about the construction slowdown but you lot forget Afrimat's got those long-term government contracts locked in. Infrastructure spend isn't stopping, load-shedding means more maintenance work, and at R27.33 the multiple is still reasonable for what they control. Bears always cry doom when there's a dip but the aggregates business doesn't just disappear.
Infrastructure spend is the real game here, not the daily noise. AFT's aggregate volumes track construction cycles and we know the state's capex pipeline is still there even if the timing's patchy. Compare that to Lafarge cement margins getting squeezed, and Afrimat's diversified footprint actually looks less exposed. At R27.33 the market's pricing in too much doom on loadshedding impact when their quarries don't need grid power the way refineries do.
aggregate volumes are still under pressure but the margin hold at last quarter was decent, cement side picking up a bit. thing is the rand weakness actually helps export competitiveness if they can lock in those contracts. at R27.33 you're paying what, maybe 0.8x book, so not expensive if infrastructure spend actually materializes this year.
do you think cement demand stays weak if load-shedding keeps hitting construction sites. afrimat's got decent assets but where's the vol coming from if projects just stop.
AFT sitting at R30.95 but construction materials are gonna rip once this economy turns. Infrastructure spend is coming, government finally moving on projects. Aggregates and cement are the backbone, Afrimat's got the assets in place. Not worried about the noise now.
Closed at R30.95 but construction materials demand is still weak with load-shedding killing new project starts. Afrimat's got solid assets and decent cash position though, so these dips are where you build. Company's been around for years, not going anywhere, just gotta be patient between cycles.
AFT's been getting hammered but construction materials are cyclical hey, look at Lafarge when load-shedding was worst, they bounced hard once projects started moving again. Long-term view hasn't changed, infrastructure spend is coming, just gotta wait it out.
AFT taking a knock today at R31.25, down 2.59%, but the dividend yield still looks tasty versus peers like Aveng. The materials play remains decent if you've got the stomach for the volatility, though earnings growth needs to accelerate from here.
AFT's down 1.53% to R31.59 today, probably just profit-taking after that recent run. Nothing in the fundamentals has changed to warrant panic selling at these levels.
cement demand tied to infrastructure spend, that's the play. aggregates follow the same cycle. question is whether load-shedding hammers capex enough to matter before eskom sorts itself. at R32.08 not expensive if construction comes back.
AFT sitting at R32.08 and the construction side of SA is still hobbling along with all the load-shedding nonsense. aggregates business is solid enough when projects actually get going but you're waiting for infrastructure spend to pick up. cement guys like PPC doing similar dance. if government ever gets moving on those roads and dams this stock could surprise you, long game though.
Afrimat's been quietly grinding through the construction cycle while most people chase the sexy stuff. Aggregates business is boring as hell but cash generative when the country actually builds things, and at R32.08 you're not exactly paying a premium for that visibility. Reckon they're worth watching if load-shedding doesn't kill infrastructure spend entirely.
AFT sitting at R32.08 and people acting like the construction cycle is dead, meanwhile big infrastructure spend is coming and aggregates are literally essential. Company's been through worse, balance sheet isn't a disaster if you actually look at it. Long term play if you've got the stomach for it, not a get rich quick thing.
Pulled the latest results. AFT's aggregate volumes holding up despite load-shedding headwinds, positioned perfectly.
Current R 26,79 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.