• Since our last report in June 2024, the share price has increased by 18% from R3.8 to R4.5.
• Although the upside to our intrinsic value has decreased, we maintain our buy recommendation due to our view that there should be a further outperformance indicating an upside as high as 15% in our bull case.
• Since then, there hasn’t been any significant new information prompting a change in our intrinsic value or change in recommendation.
• Bond yields, however, have decreased from 11.75% to 10.71% in line with our expectations of yield level depression towards the long-term average of 9.50%.

The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.