Monday, March 5, 2012

WBHO half-year results out

WBHO published its half-year results in February 2012. Its revenue was up 16.5%, while earnings per share down 8.6%. The market expects the full-year earnings to be down from last year, about 1260 cents per share. At less than 10 times forward PE, it is still relatively cheap compared to the market.

The geographical split of the order book is 61% foreign and 39% local, indicating the company becoming more international.

We continue to rate the company a BUY at the current price of around R119.

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