Tag:
NEPI Rockcastle
Ghost Bites
Ghost Bites (Brait | Merafe | MTN Nigeria | Northam Platinum | Vukile Property Fund)
MTN Nigeria had a great year in 2025, but nothing comes close to the positive swing at Northam Platinum. Vukile is acquiring its first property in Madrid. Brait has sold R1 billion worth of shares in Premier. Merafe's 2025 numbers were horrible, as is to be expected when smelters were gathering dust.
Ghost Bites
Ghost Bites (Discovery | Fortress Real Estate | KAP | Libstar | Nedbank | OUTsurance | Spur | Tiger Brands | Truworths)
Strong numbers came through from Discovery, Fortress Real Estate, Libstar and Spur. Tiger Brands is doing as well as they can in a deflationary environment. KAP is doing better on margins, but has much work to do on revenue. OUTsurance had a tough period in Australia, but decent numbers overall. Nedbank is struggling to find growth, while Truworths remains reliant on the UK.
Ghost Bites
Ghost Bites (African Rainbow Minerals | Altron | NEPI Rockcastle | Octodec | RCL Foods | Redefine Properties | Super Group)
Altron's strategy is working beautifully, while Super Group's strategic pivots have changed the trajectory of the business. RCL Foods has given tighter guidance on its sugar troubles. NEPI Rockcastle and Redefine Properties gave important updates. Octodec is selling Killarney Mall. African Rainbow Minerals was boosted by the PGM business.
Ghost Bites
Ghost Bites (Mr Price | NEPI Rockcastle)
Mr Price isn't backing off on the NKD deal, despite the absolute hatred for the transaction from the market. NEPI's pre-close update shows the importance of looking at per-share growth.
Ghost Bites
Ghost Bites (Anglo American | ASP Isotopes | DRDGOLD | Jubilee Metals | Nedbank | Schroder European Real Estate | South32)
ASP Isotopes will shortly implement the Renergen deal. Nedbank has finished the sale of Ecobank. Anglo American got another regulatory approval for Teck. Schroder European Real Estate has a tenant problem, South32 has an energy problem and DRDGOLD has a mining unions problem! Jubilee Metals looks ahead to a much better FY26 (hopefully).
Ghost Bites
Ghost Bites (CMH | Ethos Capital | HCI | Metair | SA Corporate Real Estate | Stefanutti Stocks | Valterra Platinum)
Metair's luck goes from bad to worse. Ethos Capital and HCI are busy with major deals, while Stefanutti Stocks has closed a disposal. SA Corporate Real Estate grew the distribution ahead of inflation. CMH repurchased over 7% of its shares. Valterra Platinum has an investment grade credit rating.
Ghost Bites
Ghost Bites (Araxi | Fortress Real Estate | Octodec | Tiger Brands | Vukile Property Fund)
Tiger Brands is executing a stunning turnaround. Fortress, Octodec and Vukile delivered interesting property updates. Araxi is hoping that investors will focus on normalised numbers.
Ghost Bites
Ghost Bites (Burstone | Life Healthcare | Momentum | NEPI Rockcastle | RFG Holdings | Southern Sun)
Momentum goes from strength to strength. Southern Sun has great occupancy, but cost pressures are evident, Life Healthcare is complex, but growing. NEPI Rockcastle and Burstone are doing all kinds of exciting things, yet earnings growth is relatively tame. RFG Holdings was dragged down by the International segment.
