Good morning Voornaam,
Happy Tuesday! You're one day closer to being on leave. It feels good, doesn't it?
Before we go any further, I want to remind you that you can still register for the TreasuryONE webinar this morning at 9am. The team will be reflecting on the year that was and looking ahead to 2024. If you want to learn more about the rand, interest rates and macroeconomics in general, then this is for you. Attendance is free of course, but you must register here.
The great feedback keeps on coming for Dominique Olivier and her love of telling stories about businesses and industries. The latest piece focuses on Zildjian, surely one of the most interesting family-owned businesses in the world. Get out the drum sticks and enjoy this article at this link>>>
With holidays around the corner, AA Inform wants you to be as safe as possible. Although South Africans (and particularly Joburgers) are extremely safety-conscious out of necessity, it's always good reviewing the basics. If you have friends coming from overseas, this is also a pretty handy article to share with them. Get AA Inform's tips for safe travel at this link>>>
Speaking of travel, there are a couple of podcasts to keep you busy in the car.
You could get on top of local company news by listening to Ghost Wrap, brought to you by Mazars and covering the latest from Purple Group, Spar, Pepkor, Bidvest and Attacq. You need just six minutes to learn about these businesses. Enjoy it here>>>
If you want to learn more about streaming and how the entertainment industry works, then the latest Magic Markets episode on MultiChoice and Comcast will be useful. Thanks to B2IT, you can get through the entire podcast in your drive to work and you'll certainly know a lot more on the other side. Enjoy it here>>>
I have a not-very-fun procedure booked for tomorrow morning, but I'm aiming to still get your Ghost Mail to you at the normal time tomorrow. If for some reason it is late, now you know why.
Have a great Tuesday! |
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BRAND NEW: Magic Markets podcast |
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In Episode 153 of Magic Markets, we looked at entertainment and streaming companies MultiChoice and Comcast.
We looked at key strategic drivers, recent performance and other nuances related to investing in these companies.
This show is brought to you by international data and automation specialists B2IT. |
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BRAND NEW: Son of a cymbal maker (by Dominique Olivier) |
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In her latest column, Dominique Olivier tells the story of Zildjian, a music industry stalwart that has been passed down through multiple generations.
As family businesses go, this one is worth learning about. |
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BRAND NEW: Ghost Wrap podcast
(Purple Group | Spar | Pepkor | Bidvest | Attacq) |
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| | The latest Ghost Wrap podcast covers five important and interesting groups, giving you insights across multiple sectors in the space of just a few minutes. Ghost Wrap is brought to you by Mazars. |
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LATEST: Unlock the Stock with TWK Investments |
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TWK Investments returned to the Unlock the Stock platform to share insights into the recent numbers and the strategic outlook.
You can watch the recording here, thanks to our partner A2X. |
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LATEST: Unlock the Stock with Karooooo |
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| | Karooooo joined the Unlock the Stock platform for the first time to share insights into the recent numbers and the strategic outlook both locally and abroad.
You can watch the recording here, thanks to our partner A2X. |
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Travel tips with AA Inform |
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South Africa is an absolutely gorgeous country, but of course it does require you to respect the fact that it isn't as safe as we would like it to be.
With that in mind, AA Inform has released this article on travel tips within South Africa.
It's a useful reminder for locals and a great article to share with family and friends coming to visit from overseas. |
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LATEST: Ghost Stories podcast with Anoop Ninan, CEO of Mazars in South Africa |
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| | Hot on the heels of the news of a landmark network deal with Forvis in the USA, Anoop Ninan (CEO of Mazars in South Africa) joined me to explain the deal and to talk about the general business landscape in South Africa. Don't miss this one! |
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LATEST:
Why rules-based funds will continue to dominate future flows |
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The team at Satrix celebrates the ten-year anniversary of the Satrix Balanced Index Fund and explains why they believe that rules-based funds will dominate future flows. |
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DAILY: TreasuryONE Market Update The dollar had a rough few weeks, as the market became increasingly convinced that the Fed is done with interest rate hikes. That may still turn out to be true, but there's also a view forming that the ECB may be forced to flinch first. Poor data out of the Eurozone in the last couple of days has added momentum to this view, driving a stronger dollar at the expense of the euro and other currencies.
Along with renewed conflict in the Middle East, this has pushed the rand above the R18.80 mark.
Gold's exciting rally was short-lived in the end. Although it traded above $2,100 at a stage, it is currently all the way back down at $2,032. Importantly, Brent Crude is now below $78, with the supply cut failing to give support to the price.
To cap off the year, TreasuryONE is hosting a webinar this morning at 9am. Attendance is free, but you must register here. Don't miss it! |
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| | Get the latest on Alexander Forbes, Aspen, Capital Appreciation, Capitec - Sanlam, Datatec, Ellies, Glencore, Lighthouse, Nampak and Sygnia. This is all available with a single click in Ghost Bites. |
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African forex issues tend to Nam-pak a punch Nampak recently raised R1 billion from investors in a rights offer. It looks like around R40 million was spent on the costs of that raise and then another R335 million on advisory costs for the debt restructuring. No, your eyes are not deceiving you.
As frightening as that is, it might be more palatable if the underlying business was starting to do better. It's difficult to know for sure whether things are improving at operational level, but an increase of just 2% in trading profit for the year ended September 2023 certainly isn't going to do it. Once you include forex losses and finance costs, the group is still wildly loss-making. The share price is now below the rights issue price and I personally don't see why things will get much better for Nampak.
When results don't quite go to plan, the important thing is to unpack why that is the case. Unlike at Nampak, the recent dip in HEPS for Capital Appreciation is due to factors that seem likely to improve in the near-term. In the latest numbers, I think the most impressive thing is how annuitised the EBITDA in the Payments business is.
There were other really interesting stories yesterday, like Capitec taking a major strategic step with funeral insurance and Ellies finally giving a critical update on the Bundu Power deal, with the company somehow managing to raise enough debt to do that transaction without a rights offer.
You also definitely want to read about Sygnia, where cost growth seems pretty high for a group that punts low-cost investment products. The dividend has gone sideways despite a small uptick in HEPS.
In addition to all these stories, you can read about numbers from Alexander Forbes, a fascinating deal between Aspen and Sandoz, an acquisition by Datatec, deals closing at Glencore and Lighthouse giving a pre-close update.
And of course, you get Little Bites as well, which includes director dealings.
Everything is available to you in Ghost Bites at this link>>>
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Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
Whilst every care is taken, we accept no responsibility or liability for any errors or omissions in any of our content.
The views, thoughts and opinions expressed in our content belong solely to the author or quoted individuals and/or entities, and not necessarily to the author's employer, organisation, committee or other group or individual, or any of our affiliates or brand partners. |
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