Ghost Wrap

Ghost Wrap

By The Finance GhostBusinessInvesting
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Ghost Wrap episodes

  • Ghost Wrap #49 (Famous Brands vs. Spur | Sibanye-Stillwater | De Beers | Mondi | Life Healthcare | Datatec | Fortress)
    Welcome to Ghost Wrap, your regular update on the most interesting company news in the South African market.

    In this episode of Ghost Wrap, I recapped a week's worth of news across a variety of sectors:

    • Famous Brands vs. Spur is becoming a very interesting battle indeed, with the latter as my pick.
    • Sibanye-Stillwater has given the green light to the next phase of the Keliber lithium project.
    • De Beers is really struggling with demand for diamonds at the moment.
    • Mondi has managed to exit Russia, with letters of credit securing the final two payments from the buyer of the asset.
    • Life Healthcare announced a deal for Alliance Medical Group, reflecting what looks to me like a modest investment return on that asset since 2016
    • Datatec is proof that you can find fast-growing companies on the local market, if you know where to look.
    • Fortress has proposed a rather clever way to get rid of the dual-class structure in its shares, by using a portion of its stake in NEPI Rockcastle.

      • The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.

      7 min
    • Ghost Wrap #48 (Rex Trueform | Barloworld | Spar | Capitec | Vukile + Attacq)
      Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.

      In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.

      • Rex Trueform has been rather dreary, but the latest acquisition is objectively exciting.
      • Barloworld remains a great way to compare industrial business fundamentals to consumer-facing fundamentals, with a particularly shocking outcome when comparing profit trajectory in Russia vs. the local consumer business.
      • Spar's latest results were boosted by the weak rand, with the group now deciding to exit Poland and focus on the core business.
      • Capitec is under pressure on the HEPS line, with the efficiency ratio needing to be interpreted very carefully.
      • After negative recent outlooks from major property companies, it's encouraging to see expectations of growth from Vukile and Attacq.

        • The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.

        7 min
      • Ghost Wrap #47 (Capital Appreciation vs. PBT Group | Mustek | Bidvest | Hyprop vs. Growthpoint | Astral Foods and Quantum Foods | Trellidor | Southern Sun vs. City Lodge)
        Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.

        In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.

        • Capital Appreciation's share price has done anything but appreciate this year, with sector peer PBT Group also under pressure.
        • Mustek is proof of how low expectations can help in this environment.
        • Bidvest is executing a bolt-on acquisition in Australia, a traditionally tough market for SA corporates.
        • Hyprop's outlook for distributable income is as bearish as Growthpoint's outlook, yet the share price performances are completely different because of relative valuation.
        • Astral Foods is in a perfect storm for the poultry industry, just like sector peer Quantum Foods.
        • Trellidor gave earnings guidance that really disappointed the market.
        • Southern Sun shows that swimming with the tide is much easier than swimming against it, with City Lodge finding things are a lot harder in its traditionally business-focused hotel footprint.

          • The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.

          8 min
        • Ghost Wrap #46 (Libstar | Gemfields | FirstRand | Metair | Growthpoint)
          Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.
          In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.
          Libstar is a great reminder of why I'm bearish on SA consumer stocks.
          Gemfields has reminded the market that the risks extend beyond just the rubies.
          FirstRand isn't aiming for heroics in this environment, but the share price is demanding more growth.
          Metair could well be the unluckiest company on the local market.
          Growthpoint is a perfect example of how tough things are in the property sector right now.
          The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.
          7 min
        • Ghost Wrap #45 (Bell Equipment | Transaction Capital | Capitec | Caxton & CTP | City Lodge | Sun International)
          Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.
          In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.
          Bell Equipment has released really strong results, but watch the cash.
          Transaction Capital's nightmares continue, with news of the departure of David Hurwitz and underlying earnings in a tough spot, sending the share price back below R6.
          Capitec found some love in the market despite modest HEPS growth.
          Caxton & CTP is a tale of two segments right now, with heavily discounted look-through exposure to Mpact making it interesting.
          City Lodge's occupancies are higher, but the market is looking for pricing power and that is lacking.
          Sun International's resorts and hotels segment boosted the group in the latest result, with gaming revenue also moving higher.
          The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.
          6 min
        • Ghost Wrap #44 (Bowler Metcalf | City Lodge | Shoprite | The Foschini Group | Bidvest | AVI)
          Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.
          In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.
          Bowler Metcalf is evidence of how share buybacks can turn financial water into wine.
          City Lodge was permanently damaged by the pandemic, but at least the company is profitable again.
          Shoprite's astonishing performance was blunted by Eskom, which means share price performance is also well off where it should be.
          The Foschini Group's trading update reflects the impact of pressure on like-for-like sales, a drop in gross margin and debt on the recent acquisition.
          Bidvest's second half of the financial year was all about generating cash, which was helpful for the dividend payout ratio.
          AVI's results look good provided you exclude I&J, which tells us something about the different segments in the group.
          The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.
          7 min
        • Ghost Wrap #43 (Fortress | Truworths | Woolworths | Bidcorp | Cashbuild | KAP | Motus)
          Welcome to Ghost Wrap, your twice-weekly update on the most interesting company news in the South African market.
          In this episode of Ghost Wrap, I looked at some of the more interesting stories in a busy few days of news.
          Cher once asked us if we believe in life after love. I'm not sure about that, but we can believe in life after REIT based on the latest numbers from Fortress.
          The recent results from Truworths need a careful read based on important and justifiable adjustments, with the core results revealing a decent period for the company.
          Load shedding really hurts food retail, as evidenced by comparing Woolworths' Food business to its Fashion, Beauty and Home business.
          Bidcorp's numbers for the year ended June are practically faultless.
          Cashbuild is in a perfect storm right now, with ongoing difficulties in this trading environment.
          KAP may need to rebrand to KLAP, because that's exactly what the company got given in the latest period by Safripol and Unitrans.
          Motus is a reminder that you always need to read to the bottom of the income statement, with finance costs eating up growth in operating profit.
          The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.
          7 min

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