Theresa Weitz to resign as Bidvest Executive Director … after company records poor financial results

Theresa Weitz is set to give up her position of executive director at Bidvest shortly after the company recorded poor results.

It is not yet clear what prompted the move.

Meanwhile Simonis Storm Securities updated their forecasts after Bidvest Namibia Limited (BVN) released its HY18 results on the 23rd of February 2018. 

The firm further adjusted its FY18/19/20 headline earnings forecasts by -37.7%, -68.7% and -109.5% to 9.29 cents, 5.36 cents and -2.11 cents, respectively. 

Analyst Megameno Shetunyenga said, “Our adjustments were mainly driven by an additional downward adjustment on revenue, upward adjustment on opex and once off items such the N$ 48.8 million capital profit from the sale of another vessel reported.”

"Our three year HEPS CAGR forecast is now -109.4% given the sharp downturn brought on by the slowdown in the economy as well as the dire state of the fishing business. Should the fishing business be disposed of successfully (as has been disclosed on SENS), then our HEPS forecast for FY19E and FY20E will increase to between 8.00 and 15.00 cents per share,” he added. 

PSG Namibia also said the company’s results were worse than expected while investors will remain cautious to trade given the announcement that Bidvest Namibia is still in the process of disposing of its interest in Bidfish, excluding certain assets.

“No interim dividend was declared. Our target price and recommendation will be updated with our full results review report,” said the firm.