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Aveng Ltd (AEGJ)

Johannesburg
Currency in ZAR
425
+4(+0.95%)
Closed·

AEGJ Comments

Fraser should kickstart the whole Aveng corporate restructuring with primary listing on Aussie bourse and secondary JSE one to take care of Tshipi etc. Then there is also the exciting possibilty of teaming up with BEE consortium later in SA to start construction again - LTA/Grinaker was always top notch in SA
That would be great, if Aveng could get back in SA construction and have moolmans under JSE listing and McConnell with Built on Aussie listing this would be awesome but I highly doubt Aveng would get back into SA construction.
So by the looks of things it's another waiting game for the next 6 to 12 months....hopefully in profits.
If R904Mn (Aus79Mn) turn around in the last period, new CEO and some de risking it may be worth the wait. They must just do it again and maybe improve on the numbers further?
Agree lets see and New CEO has a great track record on projects... hopefully aveng will improve on sens updates as well.
Fraser new group CEO internal appointment!
He sounds like the right guy to leadthe group, based on his NZ record....holding thumbs now!
Was there any mention of ASX listing? See a few people mentioning it
No change really. Basically just remains on the cards.
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Is there a clip of the presentation available, Frikkie?
The presentation slideshow is on their website.The webcast will be loaded later today.
Based on the presentation, the future of the company is rosy... Time will tell whether the market feels the same
Future will be rosy IF they can deliver...
Glad that they are winding down their Southeast Asian Operations.
New SENS with some changes to the board and new CEO.
This is what shareholders want - new ideas, fresh management and a PLAN for the future - at last!
Changes to the board and a new CEO most certainly a step in the right direction.
I also think we cut thru R5 and lets see what the strategy next week with a listing on the Aussie bourse. Frikkie is quite negative for all the right reasons but new board strategy could turn the company around.
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Any thoughts on AEG price direction next week? I think we break 5!
Cannot see the share price rising a single cent based on these results, let alone to R5
NET ASSET VALUE R 15,29
Exclude deferred tax of R1.1b and suddenly the NAV drops to R6.60. The deferred tax is only an asset if the can turn a profit, which they are finding very hard to do. The current share price fairly reflects the performance of the company.
Results are dismal to say the least. The only glimmer of hope is, Group returned to operating earnings before capital items of A$19.3Mn (R221Mn),compared with an operating loss before capital items of A$60.4Mn (R693Mn) in 2025, a 914Mn swing! Please guys register and pepper the board with Qs raised! We need shareholders to represent our interests!
Methinks Aveng can trade out of the negatives (justified) and become a force again with these encouraging results - so here we go!
I admire your optimism, Brian
Cash is a big warning light. Net cash fell by approximately A$90m during H2. And Kidston cash outflows will continue into FY2027. AEG says its Australian liquidity pool can fund Kidston and J108. Might not quite be a liquidity crisis (yet), but the reported net cash is operating capital and project-risk protection - it is not surplus cash awaiting distribution. Note also how the balance sheet contains R1.171bn of deferred tax assets. If one conservatively removes both goodwill and the entire deferred tax asset, remaining equity is only about R745m, or R5.68 per share. The discount to a conservative asset value is therefore much smaller than the headline NAV suggests.
There seems to be some genuine operational recovery in parts of Aveng, but forecasts of the final losses on problematic contracts have repeatedly proved insufficient. Frustrating!
Spot on De Wet. These results really do not invoke a warm and fuzzy feeling. I don't think the turnaround has happened as planned and I honestly don't think the share is worth more than the current trading price.
Incompetence if you ask me.
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Sens out...
Cash in hand down 28%. Work in hand down 7%. Legacy projects still ongoing and Tshipi dispute not resolved. My preliminary view is that these results justify the enormous pressure that the SP has experience. Do not expect the pressure to abate as a consequence of these results.
Typical so market can't react to poor performance, any hope at the end of this tunnel?
seems like built environs is the gem in the basket
Based on what ?
Aveng's market cap of A$32m is less than the purchase price of an entry level trophy home in Sydney. That speaks volumes! Management should be held accountable for this continuous exceptionally poor performance.
Am with you on this but trading at massive discount to NAV and any private deal should take this into account?
Yes, but let's see on Monday what new skeletons are in the closet that may have a negative impact of the cash and NAV.
Who's accumulating who's selling? Results day soon? Any questions anyone wants asked as registering presents that opportunity, to ask questions, Post Q's here, I can try to ask them?
When they are planing to make profits and they need to improve on margins/ estimate correctly with proper T&C
I would like to know 1. why they have so little confidence in their own company that they are not willing to buy back even a small number of shares, 2. Is there any truth to the speculation that they are sitting by idly to simplify a potential future private equity deal at a lower price at a later stage.
And thirdly, do they intend respecting the rights and interest of the minority shareholders in the event of a disposal, or will the minority shareholders be ambushed by a complete lack of information and communication maintaining the approach to which we have become so accustomed?
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Today, as all other days. a concerted effort will be made to close lower than yesterday.
Well on its way to do just that.
The seller at R4.25 is really persistent.
Management has no interest in the views of the shareholders. A robust and frank discussion will not occur under any circumstances. There will be plenty of lip service, kak stories and the like.
So basically the status quo is maintained.
Oh yes, and don't forget the procrastination award shares for long service to be dished out to the geriatric directors rewarding them for nothing other than staying alive....
This should definitely be asked about at the results presentation. A few people should ask to get the point across. The board is getting paid millions in salaries and bonuses plus getting shares at nil value to dilute our own. There should at least be a strike price to purchase the shares, not just given away.
Everyone. Register for the results presentation and ask your questions. Management needs to face the difficult questions. It sucks that they can moderate your questions to protect management. Not like the good old days when you could shout at them 😂
I have just registered. Management are useless and must be replaced.
Where do we register is it on computershare?
We can't share that info here, unfortunately. I've tried
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At least the share price hasn't crashed further after the trading update - the market has already priced it in - hopefully, please let this be the bottom! :(
We say this EVERY YEAR!! 😂
In the last few results we've often heard statements like "future losses accounted for" - simply adds to frustration when statements like these are then received of yet more losses.
Like, when does 'fully provided for' actually mean fully provided for? And when the infrastructure portfolio's risk profile was described as 'significantly improved', what does that actually mean when these are the results we get. New management? Unfortunately they still speak the same language it seems.
You should ask this at the results presentation
A Narrow Loss of 1.5 Australian $ Million
At least try to be accurate with comments. The expected loss is between A$14.4m and A$17.6m
Apologies Frik,I quoted the incorrect number
Improved trading results are welcome but the real mccoy will be the corporate restructuring to come on 24th August or a bit later - then the Aussies can have there Mcconnell Dowell listing on their turf
They will list in Aus when they are still making losses. They said as much with the interim results. However it would be good if there was some news on Moolmans resolving Tshipii and progress on selling the company.
Sorry should read They will Not list.
As I see it, there are to options. 1 - sell and rid yourself of the frustration. 2 - accumulate and hold over the next 4 years. It is unlikley that there will be any corporate action in this 4 year period. No dual listing, sale of moolmans or share buy backs.
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High volumes today lol alot of sellers and buyers
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