- Nasdaq (650 points), S&P500 (80 points) & Euro Stoxx50 (22 points) trades all closed. FTSE100 still going currently +100 points.
- Old Mutual BEE deal, will go into details, but it only closes in late October so no rush.
- Spur (JSE code: SUR) looking very good.
- PE ±15x and DY ±5%
- From the Spur earnings call “And we know that only 18% of the South African adult population represents 80% of economically viable consumer segment.”
- Revenue at record with space to get margins back to pre-pandemic levels. Net income margin was ±5%, historically over 20%.
Sasol: To answer a separate Q:
The EBIT profit split is:
(Despite the high chemicals contribution, it is amazing to see how closely Sasol’s profit still conforms to the old back-of-a-matchbox calc of 5% of the Rand oil price.)
— Karin Richards (@Richards_Karin) August 23, 2022
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