| There was an update from Harmony Gold yesterday that gave wonderful insights into the world of sustainability-linked financing. As humans are creatures of both habit and self-interest, driving the desired outcomes for the environment becomes far easier when there are financial incentives attached to them.Of course, companies use ESG as an opportunity to come up with beautiful presentations and feel-good hashtags. When it really comes down to it, the numbers actually drive these decisions.
Harmony has announced a phased renewable energy strategy that will save money and reduce reliance on Eskom, which makes absolute sense. By setting "green" targets, the company has also raised debt that comes with interest rate sweeteners if the targets are hit. If they are missed, a penalty rate applies.
These structures allow the banks to take out beautiful billboards at the airport ab out their social conscience and commitment to the planet. They also allow corporates to put pictures of solar farms in the integrated annual report. Leaving aside the joys brought to the marketing teams, they drive reduced emissions, improved operating margins and some independence from a failing state institution that we all hate.
You can read more about these projects and all the other updates from the JSE in Ghost Bites this morning.
As a quick update on the currency markets, Wichard Cilliers (Head of Market Risk at TreasuryONE) reminds us that the US non-farm payroll number is the focus today. British markets were closed for Jubilee celebrations yesterday and the rand traded in a narrow range before breaking below R15.50 when the US markets came into play.
My feature article today is on Capital Appreciation Group, a technology company that is listed right here on the JSE. This group operates in the payments and software verticals, with some rather interesting recent acquisitions in areas like Web 3.0. Despite how exciting this all sounds, the head office is in Sandton rather than Silicon Valley! Learn more about the latest financial result at this link.
As is customary on a Friday, the DealMakers team has dished up great summaries of the corporate activity on the market this week. If you want to learn about some of the more technical elements of the art of dealmaking, there's also a solid article on Companies Act, Competition Commission and tax considerations that are often found in deals, written by Bobby Wessels at AJM Tax Attorneys.
In Magic Markets, there's a brand new podcast in which Mohammed Nalla and I discussed some of the key insights we've unpacked in recent Magic Markets Premium shows. We talked about Lululemon, Nike, Starbucks, Pepsico, Visa, Simon Property Group and Lockheed Martin in this bumper show. If you want a taste of what we do in Magic Markets Premium, be sure to listen to Episode 78 of Magic Markets.
Finally, Primedia Group has made some significant management changes and has placed an article in Ghost Mail to update you on what is happening at the leading media business.
Have a great Friday and an even better weekend! |
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| | | Capital Appreciation Group was the highlight. Harmony Gold showed us that renewable energy has financial benefits too. Oceana, AME and others were also in the news. |
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| Capital Appreciation Group has posted another strong result. This is a dividend-paying tech company trading at a reasonable multiple. |
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| | | Ancillary matters" often creep up on the parties and serve to delay or frustrate matters, with an obvious impact on the price |
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| Just months into his role as Group CEO of the Primedia Group, Jonathan Procter, is making sure that growth is on the horizon for leading media mega-group Primedia. |
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| | | Weekly summary of Merger & Acquisition activity by South African companies |
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| Weekly summary of all Merger & Acquisition activity from across Africa (excluding South Africa) |
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| | | Weekly summary of corporate finance activity by South African exchange listed companies |
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| | | We discuss some of our insights from Magic Markets Premium on companies like Lululemon, Nike, Starbucks, Pepsico, Visa, Simon Property Group and Lockheed Martin. |
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| | | In the Easy Does It podcast, Mohammed Nalla and I go head-to-head in debating US stocks. It's a fun format and we loved it! |
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