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Interesting numbers on the order book actually, sitting around R8bn last update which is decent cover for where revenue's been running. Stefanutti's been rebuilding after some rough years but the energy and infrastructure play is real, rand weakness helps on export contracts. Fwiw at R6.75 the multiple isn't crazy if they can sustain margins through the next couple of cycles.
SSK sitting at R6.75, construction stocks getting hammered but the infrastructure tender pipeline is still solid. Compare to Aveng, they're doing the same work but SSK's margins look better on the last set of numbers. Long-term view hasn't changed, load-shedding means more grid upgrades, more work for these guys.
SSK sitting at R6.45 is basically construction play roulette at this point. Balance sheet's been hammered by eskom delays and the whole infrastructure pipeline feeling dodgy, but if they actually land some of those water projects the upside could be there. problem is you're betting on govt actually paying invoices on time which is comedy gold.
SSK's been taking it in the neck on the construction side but the order book's still there, just slower execution. Compare to WBHO, they're sitting on similar margin pressure but at least have the scale. Don't even check the SP, come back in 6 months, this outfit's not going anywhere if they can just get through the load-shedding chaos and land the infrastructure tenders everyone knows are coming.
SSK's been getting hammered on the back of load-shedding anxiety and the broader construction slowdown, but the order book is still solid if you look at the detail. Thing is, when infrastructure spending picks up again, these guys have the mechanical and electrical chops to win work that Murray & Roberts or Aveng won't touch. Long-term view hasn't changed, just waiting for the macro to stop being so rubbish.
Picked up some SSK at R6.46 this morning on the dip, reckon the construction cycle's got legs left in it despite today's weakness.
SSK catching a bit of momentum today at R6.55, though need to see if this holds above the recent resistance or if it's just noise.
SSK's been hammered but they're still landing decent contracts in energy and infra. At R6.78 the risk reward looks better than it did at R10. Load-shedding driving demand for their mechanical side, ngl.
Do you think SSK can actually turn the ship around without landing some proper mega contracts. Been following their order book and it's looking thin compared to where they were couple years back. Not sure about this recovery narrative if they keep chasing small jobs in this economy.
SSK sitting at R6.78 but balance sheet still looks thin for a construction outfit. Order book dried up or just slow to announce, who is 'they' waiting on. Long term play if they land those infrastructure tenders but ngl that's a big if.
closing at r6.78 puts valuation pretty stretched if you look at the order book depth though. construction plays are getting hammered but stefanutti's got actual infrastructure pipeline coming. patience looks like a real good idea here, catalysts moving forward on those energy contracts should shake things loose.
SSK getting hammered cause construction is properly struggling right now, load-shedding killing projects and margins are thin as it is. R6.69 is painful to watch but the real question is whether they can land some of the infrastructure tenders coming through, otherwise gonna be stuck here for ages.
pulled the latest sens filing, debt's still heavy but order book holding up
key clarification here, the order book actually grew to R2.8bn in the last results but margins are getting squeezed on energy contracts. if load-shedding delays keep piling up the delivery timeline blows out and you're stuck holding stock while cash flow gets worse. compare that to Murray and Roberts who at least have diversified geos, SSK is basically betting the farm on SA infrastructure spending in the next 18 months.
SSK's been getting hammered but fundamentals aren't that broken. Leverage is high ja, but infrastructure spend cycle isn't dead yet, just dormant. Problem is they need revenue to turn before the market cares again, and that's a waiting game at R6.69.
SSK's been battered down to these levels but the construction cycle does eventually turn around. At R7.17 the yield isn't doing much but if they can land decent contracts and get margins back on track over the next 18 months, there's upside potential from here.
SSK pushing through R669 on modest volume, but the construction exposure has me concerned relative to peers like Aveng. The civils cycle is deteriorating and SSK's order book doesn't offer the same cushion you'd find in more diversified industrials, which is precisely why my larg
Current R 6,55 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.