Raubex FY25 (Feb YE) results: Revenue +21% YoY (Consensus: +25.2%) and HEPS increased by 26% YoY (Consensus: +23.7%). SANRAL contributed 21% to FY25 revenue, and Chrome-ore sales from Bauba increased 12% YoY, accounting for c. 13% of Group turnover. There were some notable movements below the line; net finance costs halved during the period. And last year, RBX had to share R226m of its profit with minority partners in Empa Structures and Bauba. During FY25, it bought out the last 30% in Empa, and Bauba slipped into a small loss, so only R13m went to minorities. That swing meant almost all the profit stayed with RBX’s ordinary shareholders, increasing HEPS even though operating profit was only up 1% YoY. Management is focused on operating margin improvement; however, RBX increased the full year dividend by +28% YoY to 198cps/5% dividend yield; and flagged a healthy order book and encouraging Australian and renewables work. I estimate that RBX is trading at c. 5.5x forward P/E with double-digit earnings growth likely over the next two years + a c. 5% dividend yield. There is a call tomorrow morning which will give more colour on the outlook. If South Africa does “turn into a building site”, RBX is well placed to capitalise.