Tuesday, May 21, 2024

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Barloworld (BAW ZA)

SUMMARY

Position: LONG

Upside target: R104.00

Reward / risk ratio: 2.4: 1

Recommended stop-loss: R78.00

RECOMMENDATION: BUY

Barloworld (BAW) is an industrial processing, distribution, and services company with two primary areas of focus: Industrial Equipment & Services, and Consumer Industries (food and ingredient solutions).  The company is a market leader, with internationally recognised brands including Caterpillar and Hyster.

We expect an uptick in fixed investment expenditure, which has been underwhelming in the public and private sectors, will be beneficial to the Equipment business.

The share price is currently testing its 78.6% Fibonacci retracement level (see the reference to some of the important Fibonacci retracement levels chart).  When a share is testing this level, it is approaching a critical level of support (if retracing from a recent high) or resistance (if retracing from a recent low).

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