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Banking, Earnings drivers subdued
Banks - 4 June 2019

We have updated our estimates and valuations for the big four banks. The banks are not particularly pricey by historical metrics and do offer value to a greater or lesser extent, with FirstRand retaining a premium rating, ABSA the least expensive and Standard and Nedbank making... Read More

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Louisiana Blues
Oil & Gas Producers - 24 May 2019

The enormous Lake Charles Chemical Project in the United States is almost five years in the making, over budget and behind schedule. Revised estimates mean the final cost of close to $13 billion, assuming this is the final cost, would be 45% higher than in 2014... Read More

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Politics-proofing your portfolio - Part 2
Mining - 22 May 2019

Prior to 8 May, we observed that the general and provincial elections could be a harbinger of continued socio-economic decay or possible hesitant recuperation. Or worse. Hesitant recuperation my get a chance following the outcome, with the ANC retaining a diminished majority. Nevertheless, it is prudent... Read More

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On the pricey side
Mining - 16 May 2019

BHP continues to focus on maximising cash flow and keeping capital discipline, which will be positive for long term shareholders. Strong iron ore prices, helped by supply disruption, are supportive of earnings. The share has had positive momentum year-to-date but has retreated from recent elevated levels... Read More

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Politics-proofing your portfolio - Part 1
Mining - 7 May 2019

The general and provincial elections on 8 May could be a harbinger of continued socio-economic decay or possible hesitant recuperation. Or worse. Regardless of the outcome, it is prudent to keep hedging your bets and have a good proportion of SA politics-proof stocks

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Deferred compensation
General Retailers - 29 April 2019

The subject of the deferred shares is contentious but there is merit in the proposed transaction to acquire and cancel Shoprite deferred shares together with an issue to new ordinary shares

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The mechanics of the Oceana unbundling
Food Producers - 17 April 2019

Tiger Brands shareholders will own Oceana shares directly

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Pain at the pump, gain on the share
Oil & Gas Producers - 8 April 2019

Recent oil price trends are positive for earnings – and shareholders

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