Our opinion on the current state of ENXGROUP(ENX)
The enX Group (ENX) is a "...diversified industrial group that provides branded products and services to the petrochemical, fleet management, logistics and industrial sectors." It includes Austro, which distributes wood-working equipment and tooling. Finally, it includes New Way Power, which manufactures, installs, and maintains diesel generators. Its fleet division engages in fleet management and logistics as well as vehicle tracking. Then ENX Petrochemicals produces and markets oil lubricants, plastics polymers, rubber, and specialty chemicals in Southern Africa. The company disposed of the EIE group with effect from 1st April 2022.
On 15th July 2019, the company announced that it had sold Eqstra, a fleet management company, to Bidvest for R3.1bn. On 15th April 2021, the company announced that it had sold its British fork-lift and container business for GBP31m. The proceeds will be used to pay down debt. This is clearly a company that will benefit directly from any improvement in the South African economy, but which is making acquisitions both locally and in the UK to ensure growth, no matter what happens.
On 4th April 2022, the company announced a special dividend of 200c per share as a result of the sale of its subsidiary, EIE. On 1st August 2022, the company announced a special dividend of R1.50 per share as a result of the disposal of Impact Forktrucks and EIE Group.
In its results for the year to 31st August 2023, the company reported revenue up 26% and headline earnings per share (HEPS) from continuing operations up 16%. The company said, "The results for the year ended 31 August 2023 reflect continued strong performance in all our business units notwithstanding the challenging economic conditions experienced."
In a trading statement for the six months to 29th February 2024, the company estimated that HEPS would be between 192c and 200c compared with 70c in the prior period.
The share is trading an average of R108,000 worth of shares changing hands each day, which makes it practical for private investors. It has also been in an upward trend recently.
On 15th July 2019, the company announced that it had sold Eqstra, a fleet management company, to Bidvest for R3.1bn. On 15th April 2021, the company announced that it had sold its British fork-lift and container business for GBP31m. The proceeds will be used to pay down debt. This is clearly a company that will benefit directly from any improvement in the South African economy, but which is making acquisitions both locally and in the UK to ensure growth, no matter what happens.
On 4th April 2022, the company announced a special dividend of 200c per share as a result of the sale of its subsidiary, EIE. On 1st August 2022, the company announced a special dividend of R1.50 per share as a result of the disposal of Impact Forktrucks and EIE Group.
In its results for the year to 31st August 2023, the company reported revenue up 26% and headline earnings per share (HEPS) from continuing operations up 16%. The company said, "The results for the year ended 31 August 2023 reflect continued strong performance in all our business units notwithstanding the challenging economic conditions experienced."
In a trading statement for the six months to 29th February 2024, the company estimated that HEPS would be between 192c and 200c compared with 70c in the prior period.
The share is trading an average of R108,000 worth of shares changing hands each day, which makes it practical for private investors. It has also been in an upward trend recently.
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