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Sabvest and Remgro both released numbers yesterday. One just had its worst year in 20 years and the other has turned beer into tears of pain. What's going on out there? Brait successfully increased the Premier placement and Transaction Capital didn't get the price it hoped for with WeBuyCars, but still achieved a solid price in my view. Also look out for Copper 360, all available in Ghost Bites, brought to you by Fedgroup. -
Can you take matters into your own hands with your investing journey? Of course you can! In a brand new article, Duma Mxenge of Satrix gives some excellent tips around how to do exactly that. Read it here>>> -
Fedgroup is going front-foot on tax free savings account information this year and I love that approach, as a TFSA should be part of your plan every year. It shouldn't be a last-minute panic in February! Find out how Fedgroup thinks about TFSA strategies in this article>>> -
Investec has launched the Investec Nikkei 225 Autocall, a structured product that references the Japanese market. You can get all the details in this Ghost Stories podcast with Brian McMillan. For those who prefer to read, there's also a brand new article on this product available here. -
Westbrooke achieved a record year in 2023, showing why private debt is becoming an increasingly popular asset class for investors seeking higher yields. To understand why equities tend to underperform when rates are high and whether bonds make up for it, read this insightful article>>> -
WeBuyCars recently joined Unlock the Stock to talk about the strategy and financial performance of the business ahead of the listing in April. It was a terrific session with a lot of great questions from attendees. The recording is available here>>> -
The creative rut at Disney continues and there's little sign of things improving. Dominique Olivier loves the movies, so she couldn't help but contrast Disney and Studio Ghibli as a perfect example of quantity vs. quality. Read this great piece here>>> -
There's a brand new episode of the Ghost Wrap podcast thanks to Mazars, which means you need just a few minutes to get the latest on Mustek, Curro, Sea Harvest and Quilter - available here. -
A brand new episode of the Magic Markets podcast gives you the latest on Saudi Aramco and Broadcom.
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Events: -
Attention: founders, venture capitalists and investors in startups. How on earth do you value a startup? Well, it's not easy, I'll tell you that much. When the numbers are on a whiteboard rather than in a balance sheet, a leap of faith (or two) is required. At bizval, in which I am a co-founder and responsible for our product development, we've put a lot of work into valuations of startups. On Wednesday 27th March, we will be hosting a webinar to talk about our approach. Join us, ask questions and engage! You can register for free here>>>
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READ: Dive into your DIY investing adventure
(by Duma Mxenge of Satrix) |
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Yes, you can take investing into your own hands - you just need a sensible approach to it.
In this excellent article, Duma Mxenge gives sensible, easy-to-follow tips on how to get more involved in your wealth creation journey. |
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LISTEN AND READ: The Investec Nikkei 225 Autocall
with Brian McMillan of Investec |
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Brian McMillan of Structured Products at Investec talked to me about the Investec Nikkei 225 Autocall.
It offers exposure to the Nikkei 225 index over a period of up to five years with an enhanced return of up to 17% per annum in ZAR or 11.5% per annum in USD. Importantly, there is 100% capital protection provided the index does not drop by more than 30%.
Listen to this podcast to find out more. Alternatively, you can read this article about the product. |
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READ: A record year for private debt
(by Westbrooke) |
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Westbrooke achieved a record year in 2023 in Westbrooke Yield Plus. Private debt is becoming an increasingly popular asset class for investors seeking higher yields.
In this article, you can learn why equities tend to underperform in a high rates environment and whether bonds make up for it. You can also learn about the portfolio of private debt exposure at Westbrooke. |
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READ: Disney goed nie
(by Dominique Olivier) |
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The creative rut at Disney continues and shows no sign of improving.
As a perfect example of the trouble with quantity over quality, Dominique Olivier contrasts the recent Disney films against the approach taken by Studio Ghibli with The Boy and the Heron. |
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Local company news:
Ghost Bites is brought to you by Fedgroup.
Sabvest has a strong reputation and an exceptional track record of value creation. Over 15 years, the net asset value per share has achieved compound returns of 17.2% excluding the reinvestment of dividends, or 18.5% including reinvestment. That's rather wonderful, right?
Things are tough out there. They got caught out by Transaction Capital (like so many of us did) and one of the private companies in the portfolio is also struggling. The result? The first annual decrease in NAV per share in over 20 years.
Remgro doesn't have anywhere near Sabvest's reputation for value creation. The numbers don't lie. Recent dealmaking doesn't seem to have improved things either, with Mediclinic delivering uninspiring numbers. That's mild in comparison to Heineken Beverages. I can't comment on turning water into wine, but that company has managed to turn beer into losses. Something has gone badly wrong in the aftermath of the Distell transaction.
On a fascinating day of news, we also saw Brait with a successful placement of Premier shares (they even upsized the placement based on demand). In contrast, Transaction Capital didn't get the price they hoped for with WeBuyCars, though I felt that the offering price was cheeky. The price they achieved implies a perfectly reasonable market cap for WeBuyCars in my view, so the market has now spoken on what that business is worth. To help you form your own view on the value of WeBuyCars, you can watch the recording of their recent appearance on the Unlock the Stock platform.
You can get all the details on these juicy stories, as well as the acquisition by Copper 360 and a host of Little Bites, in Ghost Bites at this link>>>
Check out the most recent episode of the Ghost Wrap podcast, made possible by Mazars. It takes just a few minutes to get the latest on Mustek, Curro, Sea Harvest and Quilter. Get it here>>>
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READ: Private credit - the bold "bank heist"
(by Harris Gorre, Grovepoint Investment Management LLP) |
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The US market has seen substantial growth in the private credit market. But what is the right approach to investing in this space?
Harris Gorre of Grovepoint Investment Management walks you through his strategy in this article. |
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LISTEN: Magic Markets podcast |
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In Episode 166 of Magic Markets, we latched onto the concept of whether chips are the new oil. How better to do this than by covering chips and oil?
It's not as tasty as covering chips in oil, but we still enjoyed ourselves. I covered Saudi Aramco (a name you'll know from Formula One) and Mohammed Nalla dealt with Broadcom as one of the lesser-known names in the tech and semiconductor space.
Magic Markets is a great way to expand your reach to global opportunities. Listen to the show here.
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Currencies, commodities and rates: TreasuryONE Market Update The dollar is on a firm footing ahead of today's FOMC meeting, with markets expecting rates to be kept on hold. They will watch Fed Chair Jerome Powell's press statement after the meeting.
The risk-off mood is keeping emerging market currencies on the back foot. The rand is a touch weaker this morning ahead of local CPI data due later today, with headline inflation estimated to be 5.5% year-on-year vs. last month's 5.3%.
Gold, PGMs and Copper all retreated yesterday as traders trimmed positions ahead of the FOMC.
Key indicators: USD/ZAR R18.93; US 10-year 4.29%; Gold $2,157; Platinum ZAR R16,865; Brent Crude $87.22 |
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LISTEN: The ETF product design process
with Siyabulela Nomoyi of Satrix |
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| | Delving into the ETF product design process and with a discussion on the latest ETF product launches at Satrix, Siyabulela Nomoyi joined me for this insightful conversation.
Don't miss it! |
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International company news:
Bentley has seen the light, or at least the truth about the hype in EVs. The company is pushing back plans to be all-electric by 2030. They blame "changing market conditions" and a delay in its first EV for this change.
Guess what? The plan is to offer plug-in hybrids past 2030, catering to those times in your life when being stuck with a flat battery in even a Bentley isn't the glamorous day out that you hoped for.
The future is hybrid. We discussed this at length in a recent Magic Markets Premium research report on Toyota, which is part of the library that you can access for just R99/month. It pays to know what's going on out there - literally.
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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.
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