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Nampak (NPK) is Africa's largest packaging company, operating in South Africa and ten other African countries. About 60% of its turnover comes from South Africa, but only 36% of its trading profit. The rest of Africa accounts for 59% of trading profit and only 31% of turnover. The company also has small interests in the UK and Ireland. Nampak produces four...

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Primary Healthcare Properties is a real estate investment trust (REIT) that owns a portfolio of 513 healthcare properties in the UK, worth GBP2,8bn. The company describes its market as a "low-risk, long-term, non-cyclical market with development opportunities on-site and in the immediate pipeline, with further emerging in the UK." It highlights that most of its...

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Sabvest Capital (SBV) is an investment holding company that listed on the JSE in 1988. Previously, the company had both ordinary and "N" shares, which were very thinly traded. To rectify this situation, a new company was registered called Sabcap, and the shares of Sabvest were swapped out for Sabcap shares. This happened on 12th May 2020. Sabcap has investments...

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Safari (SAR) is a real estate investment trust (REIT). The company owns seven operational properties in South Africa—eight retail outlets and one daycare center—with a total value of R3,46bn and a vacancy rate of 3,03%. Six of the seven retail outlets are in Gauteng. The group's gross lettable area (GLA) in South Africa is 175,167 square meters, with arrears of...

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Salungano, previously Wescoal, engages in the mining and trading of coal. The company began production in 2021, producing coal from its Moabsvelden mine for Eskom. Today, the company produces 300 million tons from five coal mines. Mining accounts for 82% of revenue, but it owns 50% of the Arnot Mine and is looking to broaden its business into other parts of...

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Thungela (TGA) is Anglo American's coal assets which has been unbundled into the hands of Anglo shareholders and separately listed on the JSE and the LSE because of Anglo's policy of moving away from carbon-based fossil fuels like coal. Anglo sold its last 8% of Thungela on 25th March 2022 for R1,67bn. Thungela is a major thermal coal exporter in South Africa....

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Harmony (HAR) was probably South Africa's most marginal gold mine until it got Mponeng gold mine working effectively. The development of this mine and its processing plant are expected to cost around US$2,8bn – and Harmony does not at this stage have its share of that cash (about R20bn). During 2021, the company purchased Mponeng gold mine for R4,2bn. Mponeng is...

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Impala Platinum Holdings (IMP), or Implats, is the world's third-largest platinum group metals (PGM) producer. It has been suffering over the past seven years from aggressive union action and legislative uncertainty. The CEO says that they are focused "...on developing a portfolio of long-life, low-cost, shallow, modern, mechanised mining assets." This is similar...

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Motus (MTH) was unbundled from Imperial (IPL) and separately listed on the JSE on 22nd November 2018. It is a company that owns motor dealerships in South Africa, the UK, and Australia. The company has four divisions – import and distribution, retail and rental, motor-related and financial services, and aftermarket parts. It imports and sells more than 80,000...

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OUTsurance (OUT) took over the listing of Rand Merchant Insurance (RMI) with effect from 7th December 2022. RMI unbundled its stakes in Discovery (DSY) and Momentum (MTM) and sold its 30% stake in Hastings Plc for R14,6bn. By March 2023, all that was left was the insurance business of OUTsurance. In its results for the year to 30th June 2024, the company...

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Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918, demutualised in 1998, and then listed on the JSE and the Namibian Stock Exchange. It has operations in South Africa, the UK, America, Europe, India, and Australia, as well as a range of other African countries. Its product range includes general...

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Spar (SPP) runs a chain of supermarkets across Southern Africa with 2,402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. Additionally, it has operations in Southern Ireland under the name "BWG," which operates through 1,392 stores, as well as the Spar chain of 388 stores in Switzerland. As a group, Spar...

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Truworths (TRU) is a clothing, footwear, and accessories retailer that operates in Southern Africa and the UK and is listed on the JSE and the Namibian Stock Exchange. It makes 70% of its sales in South Africa on credit, making its credit management strategies critical. The company operates in a highly competitive industry where numerous retailers, including...

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Redefine (RDF) is the second-largest real estate investment trust (REIT) in South Africa (after Growthpoint), with assets worth R72,9 billion against a market capitalization of R25,1 billion. The company primarily holds industrial and office properties, with investments in Poland, the UK, and Australia. In our view, this is a massive REIT with significant...

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Putprop (PPR) is a property company that was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in the industrial, retail, and office sectors, with a gross lettable area (GLA) of 97,601 square meters and a total value of R1,095 million. In its results for the year to 30th June 2024, the company...

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Nepi-Rockcastle (NRP) is a R124bn real estate investment trust (REIT) which operates more than 56 shopping malls in 9 central and eastern European countries, mostly in Poland (24%), Romania (35%), Slovakia (9%), Bulgaria (8%), Croatia (5%), and Hungary (11%). The share fell with the rest of the Resilient group (as a result of the 360ne report in January 2018)...

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Grindrod (GND) is an international freight and financial services company which operates in twenty-eight countries. In mid-June 2018, Grindrod unbundled and separately listed its loss-making shipping division (Grinship - GSH). This accounts for the "cliff" in the share price at that time. The company is now focused on its two remaining divisions - freight and...

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Curro (COH) is a private education group that concentrates on building and running schools for children up to matric. Their tertiary division was unbundled with effect from 3rd October 2017 and separately listed on the JSE as Stadio (SDO). Curro has taken advantage of the general decline in government education since 1994. It is a spin-off from PSG (which now...