Shoprite* Results and Market Comparison

• Discusses the recent Shoprite results, emphasising excellent performance against a high base.
• Highlights Shoprite's significant CapEx spending, customer savings, and market share gains.
• Compares market cap of Pick n Pay and Shoprite, pointing out the latter's cash reserves.
• Reflects on the historical revenue comparison between Shoprite and Pick n Pay over the past 20 years.
• Shoprite's Competitive Position and Stock Analysis
• Questions whether Shoprite is always destined to be an expensive stock.
• Analyzes the current PE ratio, forward PE, and 10-year mean, suggesting that the stock may not be as expensive as perceived.
• Shares consensus forecasts and target prices for Shoprite, indicating a potential undervaluation.
• Expresses the belief that Shoprite at ±R270 might not be as expensive as it appears, drawing parallels with the valuation of Nvidia.
• Shoprite's Success Factors and Pick n Pay's Struggles
• Explores the factors contributing to Shoprite's success, including central distribution centers and efficiency.
• Contrasts Shoprite's strategy with Pick n Pay's challenges, noting a decline in consumer satisfaction.
• Mentions Pick n Pay's recent financial struggles, including a rights issue and debt increase.

Gold and Bitcoin at All-Time Highs

• Addresses the unusual situation of both gold and Bitcoin reaching all-time highs simultaneously.
• Discusses the fears driving gold prices, such as inflation, interest rates, conflicts, and global elections.
• Highlights gold's potential target of $2,500 and the positive impact on gold mining profits.
• Shares the performance of various gold mining stocks over the past three years.

Canal+ Offer for MultiChoice

• Updates listeners on Canal+'s revised offer of R125 per share for MultiChoice, which is currently trading at R113.50.
• Discusses the time value and risk value of the deal, expressing the view that this might be the final offer.

Finance Costs and Corporate South Africa

• Examines the increase in net finance costs for Sea Harvest, attributed to higher interest rates.
• Acknowledges the challenges faced by Corporate South Africa, including Eskom issues, logistic challenges, and rising interest rates.
• Assures listeners that some of these challenges may start to fade away in the future.

* Simon holds ungeared positions.