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Argent Industrial

April 17, 2024
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Anthony Clark
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Anthony Clark

Review of FY2023 results, forecast FY24 earnings + target price upgrade

Small-cap Argent Industrial released year end results to March 2023 recently. Yet again they showed this resilient industrial counter that has spent the past five years reinventing itself - and mostly ignored by the wider institutional market justifiably deserves its stellar share price gains which have smashed the JSE ALSI and Small Cap Index.

Recent YE2023 results were the tenth successive period of growth in HEPS and prospects into FY2024 remain sound.

Argent in now securely a Rand Hedge stock with 58% of earnings derived offshore and growing and the company continues to refine its South African portfolio, sell low-margin local assets and recycle the money towards exports and niche acquisitions overseas, mainly in the United Kingdom. 

In this comprehensive results note on Argent I report back on the past year, forecast the year ahead as well as the future direction of the company.

I also maintain my BUY on the stock, a buy recommendation I have had unchanged since March 2019 at 352 cents when I first upgraded the counter. Every price target since has been met and exceeded. My current price target is raised from 1800 cents to 2200 cents.

https://drive.google.com/file/d/1HJqKdIFtwTwp2HXIbW1SudchBP3Ai0Ff/view?usp=sharing

 

 


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