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MURRAY & ROBERTS HLDGSMURRAY & ROBERTS HLDGSMURRAY & ROBERTS HLDGS

MURRAY & ROBERTS HLDGS

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MUR trade ideas

Our opinion on the current state of M&R-HLD(MUR)Murray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs. It has transformed itself into a "...multinational engineering and construction Group focused on the natural resources market sectors..." with three primary business platforms - underground mining, oil & gas, and power & water. On 27th March 2023, the company announced that it had sold its Australian operations (65% of Insig Technologies) for A$1, disposing of A$7m in liabilities. On 8th December 2023, the company reported that it would be able to reduce its debt from R2bn in April 2023 to R350m as a result of "Cementation Canada Inc's recently renewed banking facility agreement with a Canadian bank will provide for Cementation Canada to pay CAD40 million." In its results for the year to 30th June 2024, the company reported revenue of R13,5bn, up from the previous year's R12,5bn, and an attributable loss of R138m. The company's net asset value fell to 350c per share, down from the previous year's 407c. The company said, "Reduced diluted continuing headline loss per share 24 cents (FY2023: 71 cents loss) - Net cash, including advance payments and working capital improvements R0,4 billion (FY2023: R0,3 billion net debt)." In a trading statement for the six months to 31st December 2024, the company estimated that HEPS would fall by at least 20%. This announcement caused the share price to enter a new downward trend. MUR remains a relatively risky penny stock with high debt levels. On 15th July 2024, the company announced that it had won a $200m multi-year contract in Latin America. However, on 22nd November 2024, the company's board of directors stated that the company met the Companies Act definition of being "financially distressed" and that the best way forward was to enter into business rescue. Accordingly, trading in the company's shares has been suspended on the JSE.
JSE:MUR
by PDSnetSA
Our opinion on the current state of M&R-HLD(MUR)Murray and Roberts (MUR) has had a challenging decade, with its share price declining sharply from its highs due to the sub-prime crisis, reduced construction spending post-2010, and more recently, a weakened South African construction sector. In response, the company has strategically refocused as a multinational engineering and construction group targeting the natural resources sector, with core operations in underground mining, oil & gas, and power & water. The company has been actively working to streamline its operations and reduce debt. For example, in March 2023, it sold 65% of its Australian subsidiary Insig Technologies for A$1, thereby shedding A$7 million in liabilities. By December 2023, Murray and Roberts further reduced its debt from R2 billion to R350 million, assisted by a CAD 40 million payment facilitated through Cementation Canada Inc. In its financial results for the year ending June 30, 2024, the company reported revenue growth to R13.5 billion from R12.5 billion the prior year, although it posted an attributable loss of R138 million. This led to a reduction in net asset value (NAV) from 407c per share to 350c per share. Additionally, net cash increased to R0.4 billion from R0.3 billion in net debt, showing some improvement in its balance sheet. However, a trading statement for the six months to December 31, 2024, projected a further decline in headline earnings per share (HEPS) by at least 20%, indicating continued financial pressures. Despite these risks, Murray and Roberts recently secured a $200 million contract in Latin America, which could contribute positively in the coming years. Currently, MUR remains a risky, low-priced stock with high volatility, but it may appeal to investors looking for exposure to natural resource-related construction and infrastructure projects. The company's debt reduction efforts and recent contract wins provide some optimism, though financial challenges persist.
JSE:MUR
by PDSnetSA
Our opinion on the current state of M&R-HLD(MUR)Murray and Roberts (MUR) has had a challenging decade, with its share price declining sharply from its highs due to the sub-prime crisis, reduced construction spending post-2010, and more recently, a weakened South African construction sector. In response, the company has strategically refocused as a multinational engineering and construction group targeting the natural resources sector, with core operations in underground mining, oil & gas, and power & water. The company has been actively working to streamline its operations and reduce debt. For example, in March 2023, it sold 65% of its Australian subsidiary Insig Technologies for A$1, thereby shedding A$7 million in liabilities. By December 2023, Murray and Roberts further reduced its debt from R2 billion to R350 million, assisted by a CAD 40 million payment facilitated through Cementation Canada Inc. In its financial results for the year ending June 30, 2024, the company reported revenue growth to R13.5 billion from R12.5 billion the prior year, although it posted an attributable loss of R138 million. This led to a reduction in net asset value (NAV) from 407c per share to 350c per share. Additionally, net cash increased to R0.4 billion from R0.3 billion in net debt, showing some improvement in its balance sheet. However, a trading statement for the six months to December 31, 2024, projected a further decline in headline earnings per share (HEPS) by at least 20%, indicating continued financial pressures. Despite these risks, Murray and Roberts recently secured a $200 million contract in Latin America, which could contribute positively in the coming years. Currently, MUR remains a risky, low-priced stock with high volatility, but it may appeal to investors looking for exposure to natural resource-related construction and infrastructure projects. The company's debt reduction efforts and recent contract wins provide some optimism, though financial challenges persist.
JSE:MUR
by PDSnetSA
UPDATE Murray and Roberts - Th big restest in play before upsideSince the last update, M&R was heading up on a smooth trajectory. The bears probably thought it was going up too quickly and too soon. So there is a temporary pause in the uptrend with the inv cup and handle. We are likely to get an uptrend test to see if there are any sellers around that area. If ther price bounces from there or anywhere around the higher low, we could see it continue with the current target at R4.75
JSE:MURLong
by Timonrosso
Our opinion on the current state of M&R-HLD(MUR)Murray and Roberts (MUR) is a large South African construction company that has suffered from the sub-prime crisis and the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs. It has transformed itself into a "...multinational engineering and construction Group focused on the natural resources market sectors..." with three primary business platforms: underground mining, oil & gas, and power & water. On 27th March 2023, the company announced that it had sold its Australian operations (65% of Insig Technologies) for A$1, thus disposing of A$7m in liabilities. On 8th December 2023, the company reported that it would be able to reduce its debt from R2bn in April 2023 to R350m as a result of "Cementation Canada Inc's recently renewed banking facility agreement with a Canadian bank will provide for Cementation Canada to pay CAD40 million." In its results for the six months to 31st December 2023, the company reported revenue of R6,6bn, up from R5,9bn in the previous period. The company made a headline loss of 16c per share, compared to the loss of 27c made in the previous period. The order book fell from R16,1bn to R14,7bn and net debt reduced to R247m from R1,96bn. The company said, "Interest for the reporting period decreased to R75 million (FY2023 H1: R134 million*) and the tax charge was R81 million (FY2023 H1: R65 million*). Interest is expected to not exceed circa R100 million per annum, as from the new financial year." Murray and Roberts remains a relatively risky penny stock, but there are signs that it may be on a recovery path. On 15th July 2024, the company announced that it had won a $200m multi-year contract in Latin America. The company's transformation and recent contract wins suggest potential for recovery, but caution is advised due to its historical volatility and current penny stock status. Investors should monitor the company's performance and news closely for further signs of stabilization and growth.
JSE:MUR
by PDSnetSA
Murray and Roberts big curve pointing up to R4.75?I always feel hesitant making big predictions for Penny Stocks. Especially after they've been through hell and more hell. Well, all I can say is there seems to be some stability around the lows of 49 cents, where the demand and buying keeps pushing the price back up. So if we get a break above the brim of the cup, we could see this market rally to R4.75. There does need to be stronger volume coming in to ignite this stock. ABOUT THE COMPANY Established in 1902: Murray & Roberts has over a century-long history, initially starting as a house builder in the Cape Colony. Global Presence: Today, the company is recognized as a multinational project life cycle group with operations in Sub-Saharan Africa, Europe, Southeast Asia, and the Americas. They focus on resources, industrial, energy, water, and specialized infrastructure market sectors. Transformation and Growth: From 2000 to 2010, the company saw significant growth with its project order book increasing exponentially to R42 billion and revenues quadrupling to R32 billion, partly fueled by the 2010 FIFA World Cup infrastructure investments in South Africa. Operating Platforms: Murray & Roberts operates several platforms, including Power, Industrial & Water, and Mining, providing a wide range of services from feasibility studies to construction and maintenance. Major Projects: The company has been involved in high-profile projects, such as the Gautrain rapid rail link in South Africa and the Jumeira Palm Islands in Dubai. Acquisitions and Divestments: Over the years, Murray & Roberts has made strategic acquisitions like Cementation Africa in 2004 and Clough in 2013, and divested from segments like construction to focus on core areas. Recent Financials: As of 2023, they did not declare dividends for several years, reflecting a cautious financial strategy in response to market conditions.
JSE:MURLong
by Timonrosso
Our opinion on the current state of MURMurray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs. It has transformed itself into a "...multinational engineering and construction Group focused on the natural resources market sectors." with three primary business platforms - underground mining, oil & gas, and power & water. On 19th April 2021, the company announced that it had won a R2,3bn contract for "shaft lining and equipping" at Newmont. On 5th May 2021, the company announced that it had won a R1,1bn contract to do the engineering procurement and construction of the Tallawara power station in New South Wales. This follows the R2,3bn contract which it won from Newmont. On 11th June 2021, the company announced that its 49% joint venture partner, Boipelo, had won a R3,2bn contract from Arnot Coal in Mpumalanga for underground operations. On 3rd of August 2021 the company announced that it had won contracts worth about R1,2bn in America and Canada. On 12th October 2021, the company announced that it had acquired a North American company, J.J. White for R$28,25m (R424m). In an announcement on 22nd March 2022 the company announced that it had won a contract worth about A$1,5bn in Australia to build a 128km section of railway line. On 17th October 2022, the company warned that disruptions to its order book delivery in the USA and Australia would reduce profits by at least 100% in the six months to 31st December 2022. The announcement caused the share to drop sharply. We advised investors to wait until the share broke up through its long-term downward trendline before investigating further. On 8th November 2022, the company announced that it had sold 100% of Clough for A$350m (about R4bn). The sale is significant because before it was announced MUR had a market capitalisation of R4,89bn. The share price rose by over 17%. Then on 5th December 2022 the company announced that the deal had fallen through leading to a fall in the share price. In its results for the year to 30th June 2023 the company reported revenue of R12,5bn compared to R8,8bn in the previous year and an attributable loss of R3,2bn compared with a profit of R135m in the previous year. The company said, "Earnings include a contribution from the Group’s investment in Bombela of R30 million (FY2022: R193 million), which the investment was disposed of during the second half of the year. Diluted continuing headline loss per share was 71 cents (FY2022: 47 cents*)". On 27th March 2023 the company announced that it had sold its Australian operations (65% of Insig Technologies) for A$1 and so disposing of A$7m in liabilities. ON 8th December 2023 the company reported that it would be able to reduce its debt from R2bn in April 2023 to R350m as a result of "Cementation Canada Inc's recently renewed banking facility agreement with a Canadian bank will provide for Cementation Canada to pay CAD40 million." The share, however, continues to wallow close to record low levels (67c) and has become a "penny stock".
JSE:MUR
by PDSnetSA
Our opinion on the current state of MURMurray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs. It has transformed itself into a "multinational engineering and construction Group focused on the natural resources market sectors" with three primary business platforms - underground mining, oil & gas, and power & water. On 19th April 2021, the company announced that it had won a R2,3bn contract for "shaft lining and equipping" at Newmont. On 5th May 2021, the company announced that it had won a R1,1bn contract to do the engineering procurement and construction of the Tallawara power station in New South Wales. This follows the R2,3bn contract which it won from Newmont. On 11th June 2021, the company announced that its 49% joint venture partner, Boipelo, had won a R3,2bn contract from Arnot Coal in Mpumalanga for underground operations. On 3rd of August 2021 the company announced that it had won contracts worth about R1,2bn in America and Canada. On 12th October 2021, the company announced that it had acquired a North American company, J.J. White for R$28,25m (R424m). In an announcement on 22nd March 2022 the company announced that it had won a contract worth about A$1,5bn in Australia to build a 128km section of railway line. On 17th October 2022, the company warned that disruptions to its order book delivery in the USA and Australia would reduce profits by at least 100% in the six months to 31st December 2022. The announcement caused the share to drop sharply. We advised investors to wait until the share broke up through its long-term downward trendline before investigating further. On 8th November 2022, the company announced that it had sold 100% of Clough for A$350m (about R4bn). The sale is significant because before it was announced MUR had a market capitalisation of R4,89bn. The share price rose by over 17%. Then on 5th December 2022 the company announced that the deal had fallen through leading to a fall in the share price. In its results for the six months to 31st December 2022 the company reported revenue from continuing operations of R5,9bn compared with R4,2bn in the previous period and an attributable loss of R2,5bn. This gave them a headline loss of 30c per share. The company said, "During the past three years, culminating in the last six months, the Group suffered the devastating impact of the pandemic and the war in Ukraine. The compounding impact on project progress and ultimately liquidity came to the fore during October 2022, resulting in the placing of Murray & Roberts Pty Ltd (“MRPL”), the Group’s Australian holding company, and its subsidiary company Clough, into voluntary administration on 5 December 2022". In a trading statement for the year to 30th June 2023 the company estimated that it would make a headline loss of between 471c and 477c per share compared with a profit of 31c in the previous period. The company said, "Following the loss of its businesses in Australia, Murray & Roberts emerged as a smaller Group, but we are committed to grow earnings from a pre-pandemic baseline". On 27th March 2023 the company announced that it had sold its Australian operations (65% of Insig Technologies) for A$1 and so disposing of A$7m in liabilities. The share continues to wallow at record low levels and has become a "penny stock".
JSE:MUR
by PDSnetSA
Murray & Roberts (MUR) at Confluence of SupportMurray & Roberts has been in severe downtrend but is now approaching a purple patch (rectangle). In the box is a confluence of support where 4 lines intersect. A weekly swing low from these levels could bring a flurry of buyers chasing the share. How to play the potential: 1. If risk accepting one can open a 50% position at current level (R-2.50-2.70) 2. Deploy balance in 2 tranches at R2.20 & R1.90 or when a visible turn is hammered 3. Hold the share with first target for taking profit being at cross of the dotted pink trendline 4. Ideally this affords taking out initial capital 2x & leave the balance for long-term holding The share can still drop another 30-40% into Feb/March 2023 so know what you are in for. Weak hands are best to buy at Monthly swing low confirmation as the share is shedding those right now, no use playing jump in, jump out. The levels where price has reached allow for smaller amounts of capital deployment with potential large gains so no need to be greedy with gigantic proportion of capital.
JSE:MURLong
by runyamhere
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