MTA Trading Statement Bullish
METAIR INVESTMENTS LIMITED - Trading update and trading statement for the six months ended 30 June 2026
Metair Investments Limited
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What this filing means
The headline EPS numbers are more impressive than they look. Metair guides total EPS of 65–75 cents against a 93-cent loss a year ago, a swing that owes largely to a R306m once-off Hesto accounting charge that will not repeat. On continuing operations, HEPS improves a more modest 3–11% from 68 cents — genuine progress, but the underlying quality is uneven: Hesto and Rombat both face revenue declines, AutoZone is still rebuilding and running about six months behind its original recovery plan, an…
Bull case
- EPS reverses from a 93c loss in H1 2025 to an expected 65-75c profit in H1 2026, marking a decisive return to profitability.
- The R3.3bn SA Obligor refinancing extends maturities to five years and converts the R1.6bn subordinated loan into senior debt, removing the June 2027 cliff and ratcheting interest rates lower as leverage declines.
Bear case
- EPS swing from -93c to +65-75c is largely optical: H1 2025 absorbed a R306m once-off Hesto accounting loss that will not repeat, so continuing-ops HEPS only rises 3-11%.
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