Ghost Wrap #16 (Transaction Capital | Sun International | AngloGold + Gold Fields | Hyprop | Sabvest Capital | STADIO | Caxton | Balwin)
Unlock the Stock: Afrimat and Spear REIT
Afrimat’s track record is spectacular. Spear REIT is a highly respected property fund. On Unlock the Stock, you can learn about both companies.
RCL is far more than just a chicken business
RCL is far more than just a chicken business these days, which isn’t a bad thing.
Bidvest: strong trading profit growth in every division
Bidvest closed 3.8% higher after releasing results for the six months to December 2021.
Liberty Two Degrees: reversions continue to bite
Liberty Two Degrees holds stakes in some of the most iconic properties in the country
Alviva: 20% revenue growth excl. Tarsus
After teasing the market with a trading statement, Alviva has now released all the details of the interim results for the six months ended December 2021.
PSG Group and the Great Value Unlock
This is one of the biggest news stories on the JSE that we’ve seen in a while
JSE Limited: a cash cow in a shrinking field
You may not be aware of this, but the JSE Limited is listed on the JSE. You’re right in thinking that this sounds like the financial version of the movie Inception
Capital Appreciation on the deal train
The company has announced the acquisitions of three technology companies in South Africa and a 20% stake in a company in the Netherlands.
Woolworths won’t miss 2021
as released results for the 26 weeks to 26 December 2021. The share price rallied 6% despite a fair share of negative commentary on Twitter.
Cashbuild’s negative sales momentum continues
Cashbuild released its interim results for the six months ended 26 December 2021
Welcome to Ghost Wrap. It’s fast. It’s fun. It’s informative.
In this week’s episode of Ghost Wrap, we cover:
- Transaction Capital is evidence of why I prefer diversification to concentration, with SA Taxi having blown a hole in the balance sheet (and many portfolios, including mine).
- Sun International is shining brightly, with a strong recovery across the business segments and EBITDA running ahead of pre-pandemic levels.
- With gold miners rallying hard in March as the gold price benefits from the banking worries, Gold Fields and AngloGold announced a joint venture to create the largest gold mine in Africa.
- Hyprop has enjoyed busy shopping centres, yet there is no interim dividend despite a substantial jump in earnings.
- Sabvest Capital is an excellent example of an investment holding company that has worked well for investors, especially those who bought when the discount to NAV was wider.
- STADIO’s detailed results showed the seasonality in the business, suggesting that the market may have prematurely panicked about a slowdown in student growth – the high dividend payout ratio is also worth a mention!
- Caxton & CTP has a great story to tell about its business, especially when the company isn’t writing silly SENS announcements focused on its fight with Mpact.
- The outlook for Balwin is worrying and the narrative doesn’t do the company any favours, making it clearly that the company tries to smooth out volumes in each year.
The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.
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Comments (3)
Dr. Christian Nägele
22 Mar 2023Thank you for your daily ghost wrap, I‘m enjoying it!
Just one thing I picked up today, that you mentioned (inadvertently) that AngloAmerican and GoldFields merged their mines in Ghana. For info: AA is no longer a shareholder in AngloGold (AG) as they have fully divested from Gold years ago.
On another note I wonder whether you can give your comments on how AG can close its valuation gap to other global Gold miners as stated as a goal by its CEO for this year.
Kind regards
Dr. C. Nägele
The Finance Ghost
22 Mar 2023Gosh, that is poor. You are 100% right. I first mentioned AngloGold and then Anglo American. I’m going to need to fix that! RE: the AG value gap, I’m unfortunately just not close enough to the details to comment, but some of it must be the hangover of the poor recent production performance that has only just started to turn the corner?
The Finance Ghost
22 Mar 2023Ok – fixed in the recording! Seriously, thanks so much for picking that up.