reports
- David Talpert
PSG Group | More than a Capitec proxy?
PSG Group has experienced increased concentration risk in its portfolio as Capitec comprises 69% of Group NAV. The discount to NAV has widened to c.23%. We remain positive on Konsult and Curro. However, we are disappointed in returns from Zeder and PSG Alpha. We believe Capitec is expensive despite its growth prospects. In our view, PSG's track record supports a narrower discount (15%). However, we believe Capitec will continue to drive the valuation. Based on our UNDERPERFORM rating on C...
- David Talpert
PSG Group | Opportunity in the discount
PSG Group's discount to NAV has widened to 24%. In our view, PSG has an impressive record of allocating capital. Management has not made poor investments that justify a wider discount. We are concerned about Capitec's elevated rating and its 67% weighting in PSG's SOTP. However, we believe the current discount to NAV offers a sufficient margin of safety. Our short-term investment thesis is based on a narrowing of the discount. Longer-term, we believe PSG can outperform due to growth in the...
1 director bought
A director at PSG Group Limited bought 107,000 shares at 201.830ZAR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- David Talpert
PSG Group | Crowding out the potential growth
PSG Group reported a 9% increase in FY ‘19 recurring earnings per share and a 22% increase in its SOTP value per share. PSG is trading at a 16% discount to its NAV. Capitec's share price appreciation has resulted in Capitec accounting for 66% of PSG NAV (78% of PSG's market cap). PSG has not announced any material new transaction or initiative that will reduce the discount to NAV. With Capitec trading at an elevated valuation, we believe PSG is expensive. We see no catalyst for a narrowin...
- David Talpert
PSG Group | Quality comes at a price
PSG Group has an impressive capital allocation record with a 43% (All Share Index: 14%) annualised total return since listing in 1995. We believe management has demonstrated an ability to identify early stage businesses that have a competitive advantage and that operate in a structural growth market. PSG then supports growth through active management and by providing permanent capital. We believe PSG offers a discounted entry point into the listed portfolio that is growing aggregate earnings ...
- Dave Nicoski
- Ross LaDuke
Int'l Insights: Bullish Stocks
Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below†the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the T...
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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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