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Lewis (LEW) is a retailer specializing in furniture and electrical appliances, operating through 840 stores under the Lewis (498 stores), Beares (150 stores), Best Home (170 stores), Bedzone (12 stores), and United Furniture Outlets (39 stores) brands. Of these, 138 stores are located in neighboring countries. The company conducts 59.9% of its business on credit,...

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AYO is a black-owned technology company spun out of AEEI, which still holds a 49.4% stake in the business. The company has faced significant controversy, particularly surrounding a massive R4.3 billion investment by the Public Investment Corporation (PIC). This investment has been the subject of legal action, which was finally settled on 31st March 2023, with AYO...

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Reinet (RNI) is an investment holding company whose primary asset was a 2.12% holding in British American Tobacco (BAT), valued at approximately $1.8 billion, which accounted for 31% of its net asset value (NAV). This figure has decreased significantly from 85% ten years ago, largely due to a decline in BAT's share price. This decline reflects increasing legal...

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The Foschini Group (TFG) is an international retailer with a portfolio of 28 fashion brands. The company operates 4,083 trading outlets in 32 countries worldwide, including divisions in London, Australia, and a substantial presence in South Africa. One of TFG’s standout achievements has been its ability to establish a successful business in Australia, where many...

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Sasol (SOL) is a large international chemicals and energy company with roots in the oil-from-coal technology developed during apartheid-era South Africa. Approximately 50% of the company’s profits are tied directly to the oil price. Sasol’s two main growth areas are its 50% stake in the ethane cracker plant in Louisiana, America, known as the Lake Charles Chemical...

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BHP is a global commodities company headquartered in Melbourne, Australia, with operations focused on minerals, oil, and gas. It employs approximately 62,000 people, primarily in the Americas and Australia. The company produces copper, iron, coal, oil, and gas, and holds significant stakes in some of the world's most prominent mining and resource projects. BHP...

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Clicks (CLS) describes itself as a retail-led healthcare group and operates several well-known brands, including Clicks, GNC, and The Body Shop. The Clicks chain has 782 stores, of which 585 include pharmacies, making it the largest pharmacy chain in Southern Africa. While more retail outlets are incorporating pharmacies, Clicks' main competitor remains the listed...

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Thungela (TGA) represents Anglo American's former coal assets, which were unbundled and separately listed on the JSE and LSE to align with Anglo's policy of divesting from carbon-based fossil fuels. Anglo sold its final 8% stake in Thungela on 25th March 2022 for R1.67 billion. Thungela is a significant exporter of thermal coal in South Africa, employing over...

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South32 (S32) was spun out of BHP Billiton in 2015, inheriting all of BHP's South African coal assets. It has since established itself as a diversified miner of base metals and minerals, including zinc, coal, aluminium, silver, lead, nickel, and manganese. The company operates in South Africa, South America, and Australia. In 2020, South32 separated its South...

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Murray and Roberts (MUR) is a large South African construction company that has faced significant challenges over the years, including the sub-prime crisis and a slump in construction spending following the 2010 World Cup. These issues caused the share price to fall from a double-top formation around R100 per share to a low below R5 in May 2020. 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 2.3 million 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...

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Previously known as "Go Life International" (GLI), Numeral is a company listed in Mauritius with a secondary listing on the JSE's Alt-X market. The company operates in the "nutraceuticals" sector, focusing on products associated with alternative medicine. These products are not pharmaceuticals but claim to provide health benefits. Numeral was established to...

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Richemont (CFR) is the world's second-largest supplier of luxury goods, controlled by the Rupert family in Stellenbosch. Its sales are entirely overseas, making it an excellent rand-hedge. The company owns a prestigious portfolio of luxury brands, including Mont Blanc, Cartier, Lancel, Jaeger-LeCoultre, Van Cleef, and Piaget. Richemont has successfully expanded...

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PPC is a leading manufacturer and supplier of cement, aggregates, ready-mix, lime, limestone, and fly-ash in Africa. The company operates eleven cement factories located in South Africa, Botswana, the DRC, Zimbabwe, Rwanda, and Ethiopia, with a combined production capacity of 11.5 million tons. It produces aggregates at its Mooiplaas quarry in Gauteng, the largest...

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Cartrack was restructured into a new international listing under the name Karooooo (KRO) on 21st April 2021. The company operates in the vehicle recovery, insurance, telematics, and fleet management sectors across 24 countries. With a 92% recovery rate, Karooooo claims to lead the industry. The company has shown remarkable organic growth, with its subscriber base...

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

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Northam (NPH) is a fully empowered platinum mining company operating in the Bushveld Complex. In the current difficult legislative environment, where the third mining charter is regarded as unfriendly from an investment point of view, Northam stands out as the only mining house actively acquiring new properties. It has come to an arrangement with Anglo American to...

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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...