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Good Morning Voornaam,

Learn how to do your own research by reading and listening to Magic Markets Premium, where Mohammed Nalla and your favourite ghost unpack global stocks across a variety of industries. For R99/month or R990/year, you get access to the entire library covering more than 60 companies, with a new report each week. Subscribe here>>>

What do they give the Kaap Agri management team for breakfast?

We know how difficult things are out there, but you would be forgiven for thinking we are in a bustling economy if you read Kaap Agri's quarterly update.

Like-for-like revenue? That was up 17.8%. Recurring headline earnings per share? 19.8% higher, accompanied by a strong working capital performance that drove an improved return on investment.

Perhaps most impressively, like-for-like expenses grew just 2.5%. It's like inflation hasn't made its way to the platteland yet (except we know that it has).

Aside from Kaap Agri's banging update, we saw results from ArcelorMittal and British American Tobacco, along with trading updates from Emira and Spur (a particularly interesting one). Steinhoff's share price plummeted as the Pepkor placement played out on the market. Again, I have no idea why anyone is buying Steinhoff shares at any price.

Get all the details this morning in Ghost Bites>>>

Let's see what happens after SONA...

As a rule, I don't watch the State of the Nation Address. I enjoy the jet booming over my house (a truly incredible noise) and that's about it, choosing to keep my head down on what I can control instead. Today, we will see how the rand reacts to SONA, after a soft dollar gave the rand a boost ahead of the circus in Cape Town.

TreasuryONE also highlights that treasury yields in the US dipped after the weekly US jobless claims release, which was a slight contraction from the recent payroll numbers that caused the dollar to surge.

It's Friday, which means DealMakers is ready for you

Aside from the excellent summaries of local M&A and other corporate finance activity, DealMakers recently announced the Ince Individual DealMaker of the Year finalists ahead of the annual gala awards later this month. There's also a piece from the team at Webber Wentzel on ESG reporting and particularly the risks of false or misleading disclosure by companies.

Don't fall behind on podcasts

Before fresh podcasts hit you next week, make sure you're up to date by listening to:

Siyabulela Nomoyi from Satrix talking about the importance of China to our local economy and several stocks on our market. Find it here>>>
Jonti Osher and Brent Blankfield from Westbrooke Alternative Asset Management talking about what makes a business investable for Westbrooke, a wonderful discussion for founders and finance enthusiasts alike. Listen to it here>>>
The latest Ghost Wrap episode, which ensures you didn't miss the recent updates from Nampak, Pepkor, Shoprite, Super Group, Ellies, MTN and RCL. Brought to you by Mazars, this podcast is perfect for busy people. Enjoy it here>>>

May your weekend be less of a state of disaster than South Africa. And if you can't achieve that, at least take pictures!

Ghost Bites (ArcelorMittal | British American Tobacco | Emira | Kaap Agri | Spur | Steinhoff)

ArcelorMittal releases annual results. British American Tobacco is still a cash cow. Emira's earnings are up. Kaap Agri posts a terrific quarter. Spur is up strongly. Steinhoff tanks further.

Ince Individual DealMaker of the Year 2022

Meet the individuals shortlisted for the Ince DealMaker of the Year 2022 award. The winner will be announced on 21 February, 2023.

Who's doing what this week in the South African M&A space?

Weekly summary of Merger & Acquisition activity by South African companies

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

Thorts: ESG reporting begins with honest and verifiable statements

An increased focus on ESG reporting has heightened the risk that stakeholders may take actions against a company for making false or misleading claims.

Ghost Stories #5: The Importance of China (Siyabulela Nomoyi, Portfolio Manager at Satrix)

In this episode of Ghost Stories, Siyabulela Nomoyi (Quantitative Portfolio Manager at Satrix) joined me to talk about the importance of China not just to our market, but to global markets in general. We also talked about how to invest in Chinese assets.

Listen Now

Magic Markets Ep110: Investable Businesses for Westbrooke

Jonti Osher and Brent Blankfield joined us to talk about how they assess private company investments. There are many great insights in this show for entrepreneurs and those interested in corporate funding.

Listen Now

Ghost Wrap #10 (Nampak | Pepkor | Shoprite | Super Group | Ellies | MTN | RCL)

Welcome to your whirlwind update on the most interesting stories on the JSE in the past week, brought to you by Mazars.

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