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Textainer (TXT) is one of the world's largest lessors of containers with 3,5m twenty-foot-equivalent units (TEU) in its fleet. It is listed on the New York Stock exchange and on the JSE. The company supplies dry freight, specialised and refrigerated containers to 250 customers all over the world and sells more than 140 000 units each year. The company has 14...

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South 32 (S32) was spun out of BHP Billiton in 2015 and contained all of BHP's South African coal assets. It is, in its own right, a diversified miner of base metals and minerals such as zinc, coal, aluminium, silver, lead, nickel and manganese. It operates in South Africa, South America and Australia. The company has separated out its coal assets in South Africa...

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Reinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal...

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Datatec (DTC) is an international IT and telecommunications company operating in more than fifty countries. It operates in the United States, South America, Europe, Africa, the Middle East, and Asia. Its business is divided into three main divisions - technology distribution through Westcon International, integration and managed services through Logicalis, and...

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Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa. About 50% of the company's profits are directly linked to the oil price. It has two main growth areas - its 50% stake in an ethane cracker plant in Louisiana, America, known as "Lake Charles...

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Santova (SNV) is an international logistics company with 19 offices in 7 countries. The company designs, implements, coordinates, controls and monitors international supply chain activities. Through a virtual client-centric information system the company facilitates inventory management to provide far more than simple tracking and tracing services. The company has...

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This is a ferrochrome operation controlled by Glencore which operates mines, furnaces and smelters in Mpumalanga and Limpopo. The Glencore-Merafe joint venture can produce up to 2,3m tons of ferrochrome per annum. Merafe gets 20,5% of the proceeds and the balance goes to Glencore. The problem is electricity supply, because smelters require huge amounts of current....

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Finbond (FGL) is a micro-lending and insurance operation which operates in South Africa and America. This company wants to expand in the US to the point where 70% to 80% of its income is derived from that country within 3 to 5 years. It already has 66% of its income coming from the US and believes that the US offers significant growth opportunities. Including...

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Coronation (CML) is one of South Africa's largest asset managers and the only one listed on the JSE. Founded in 1993, the company grew very well until 2015. At that point, the founding CEO resigned and a new CEO, Adrian Pillay, took over. Pillay is eminently well-qualified for the job, but things have not done well since he took over. The company was heavily...

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Jubilee Metals Group (JBL) is a diversified metals recovery company which re-processes mine waste and surface materials. It is listed both on the London AIM market and on the JSE's Alt-X. It has operations in South Africa, the UK, Madagascar, and Australia - and it is involved in a joint venture in Zambia to produce lead, zinc and vanadium. The company primarily...

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Mondi (MNP) is a massive international paper and packaging company that started in South Africa, but now has interests in 30 countries and employs 26000 people at about 100 sites. It has businesses in the full spectrum of packaging, and it is extremely professionally managed. It owns and runs forests, produces wood pulp, paper, and plastic films for the production...

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Vunani (VUN) is a black-owned financial services group with interests in asset management, investment, banking, property and stockbroking. It also has an interest in coal mining which has been performing well with the rise in coal prices. In its results for the six months to 31st August 2023 the company reported revenue up 4% and headline earnings per share (HEPS)...

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Quilter Plc (QLT) is a company spun out of Old Mutual as part of that group's "managed separation" process. It was admitted to trading on the London Stock Exchange (LSE) and has had a secondary listing on the JSE from 25th June 2018 following the issue of a prospectus on 20th April 2018. Quilter is a UK financial services group which offers asset management in the...

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Ninety-One is an asset management company spun out of Investec and separately listed on Monday 16th March 2020. The listing occurred just as the corona epidemic was causing world stock markets to crash so the shares fell more than 40% below their pre-listing range on the first day. There was no initial public offer (IPO). In our view this massive blue chip share...

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Pick 'n Pay (PIK) is a retail grocery chain with 1858 stores, mostly in South Africa, but also in the rest of Africa. The company was started by Raymond Ackerman in 1967 and became the dominant grocery retailer over time, before being displaced by Shoprite/Checkers. Pick 'n Pay was in a slump when Richard Brasher took over as CEO in early 2013. Since Brasher took...

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Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to...

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Zeder (ZED) is PSG's listed, 43,7%-held, investment holding company in agriculture. Zeder sold its stake (28,6%) in Pioneer Foods (PFG) with a sum-of-the-parts (SOTP) value of R10,7bn to PepsiCo for which Zeder got about R6,41bn - and Zeder declared a special dividend of 230c as a result. Zeder's largest investment now is its 98% stake in Capespan which markets...

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Adcorp (ADR) is an employment company with subsidiaries operating in South Africa and Australia. Managerially, efforts have been made in (1) defining and focusing on the core business (2) reducing costs (3) strengthening the brand and (4) transforming the culture. In its results for the year to 28th February 2023 the company reported revenue up 6,5% and headline...