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.
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Listen to the podcast below:
Thank 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
Gosh, 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?
Ok – fixed in the recording! Seriously, thanks so much for picking that up.