Ghost Wrap #48 (Rex Trueform | Barloworld | Spar | Capitec | Vukile + Attacq)

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.

In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.

• Rex Trueform has been rather dreary, but the latest acquisition is objectively exciting.
• Barloworld remains a great way to compare industrial business fundamentals to consumer-facing fundamentals, with a particularly shocking outcome when comparing profit trajectory in Russia vs. the local consumer business.
• Spar’s latest results were boosted by the weak rand, with the group now deciding to exit Poland and focus on the core business.
• Capitec is under pressure on the HEPS line, with the efficiency ratio needing to be interpreted very carefully.
• After negative recent outlooks from major property companies, it’s encouraging to see expectations of growth from Vukile and Attacq.