Insights category - companies

Companies

We ignore market sentiment and look for businesses we believe are undervalued. We sell them when they reach our estimate of fair value. Here we provide our views on a selection of companies and sectors. 

Articles in "Companies"

Insights category - companies

AB InBev: The king of beer

By Jithen Pillay on 31 Jan 2023

Reading time: 9 mins

The market has several concerns about brewer Anheuser-Busch InBev which are currently weighing on its share price. We believe the company’s fundamentals are...

Insights category - companies

Capitec: The way to build a bank

By Pieter Koornhof on 27 Oct 2022

Reading time: 16 mins

Capitec has been an incredible South African success story in improving access to affordable banking services, and in delivering value for its investors....

Insights category - companies

What has gone wrong with Naspers?

By Tim Acker on 26 Apr 2022

Reading time: 12 mins

For many years, Naspers was the star performer of the South African stock market. The onset of COVID-19 drove the Naspers and Tencent share prices to new...

Insights category - companies

Banking on green shoots at Nedbank

By Siphesihle Zwane on 26 Apr 2022

Reading time: 7 mins

Siphesihle Zwane discusses the green shoots emerging at Nedbank and explains why they may reward investors who have enough conviction to stay the course.

Insights category - companies

Orbis: Global perspectives on Naspers

By Stefan Magnusson and Edward Blain on 26 Jul 2021

Reading time: 12 mins

One of the largest positions in the Orbis Global Equity Fund is Naspers, whose key underlying asset is a 29% stake in the Chinese internet juggernaut Tencent...

Insights category - companies

Understanding the Naspers-Prosus transaction

By Tim Acker on 17 Jun 2021

Reading time: 3 mins

Naspers and Prosus have announced a transaction that changes the group’s financial structure. They hope this will reduce the large discount at which Naspers...

Insights category - companies

Woolworths: Not so down under

By Jithen Pillay on 22 Apr 2021

Reading time: 7 mins

Most of you will be more than familiar with the fashion, beauty, home and food offering of retailer Woolworths, affectionately referred to as Woolies, and on...

Insights category - companies

Glencore: Investigating the decarbonisation opportunity

By Raine Adams and Sean Munsie on 22 Apr 2021

Reading time: 9 mins

In the midst of COVID-19, governments desperate to break the recessionary cycle are focusing on infrastructure programmes, with an expected uptick in demand...

Insights category - companies

To have and to hold?

By Kamal Govan on 27 Jan 2021

Reading time: 9 mins

If the value associated with a holding company is less than the sum of its parts, is it a worthwhile investment? Kamal Govan looks at the drivers of holding...

Insights category - companies

Naspers: It simply doesn’t add up

By Ruan Stander and Stefan Magnusson on 16 Oct 2020

Reading time: 7 mins

The discount between Naspers’ share price and the value of its underlying assets has widened further and now looks quite extreme. Being a large holding in bo...

Insights category - companies

Prosus marches forward: What should investors be looking out for?

By Nshalati Hlungwane on 10 Sep 2019

Reading time: 5 mins

Naspers, the world’s sixth largest internet company by market capitalisation, will list its foreign internet assets separately via Prosus NV, a newly created...

Insights category - companies

An opportunity in television?

By Jacques Plaut on 29 Apr 2019

Reading time: 8 mins

The Top 40 got a new member this quarter when MultiChoice was unbundled from Naspers. MultiChoice owns the dominant pay-TV business in South Africa, DStv, wi...

Insights category - companies

Our Tencent(s) on VIE structures

By Radhesen Naidoo on 11 Mar 2019

Reading time: 3 mins

As at 28 February 2019, Naspers made up just over 18% of the FTSE/JSE All Share Index. Because of its dominance, including or excluding the share will have a...

Insights category - companies

An investment case for Naspers

By Ruan Stander on 17 Oct 2018

Reading time: 9 mins

As at 30 September 2018, Naspers made up 18.2% of the JSE. Whether you are for or against the stock, adequate time needs to be devoted to considering the...

Insights category - companies

Corporate democracy: Moving beyond box-like thinking

By Ricardo Semler on 18 Jul 2018

Reading time: 4 mins

At the 2018 Allan Gray Investment Summit, keynote speaker Ricardo Semler challenged delegates to find new solutions to problems: “We have become box people w...

Insights category - companies

How Allan Gray values a stock

By Andrew Lapping on 18 Jul 2018

Reading time: 6 mins

Allan Gray is a strong proponent of value investing, the mantra famously championed by Warren Buffet. Put simply, value investing is the concept of buying...

Insights category - companies

The benefits of being counter-cyclical in a cyclical world

By Rory Kutisker-Jacobson on 24 Oct 2017

Reading time: 13 mins

“Prediction is very difficult, especially about the future.” – Niels Bohr. In cyclical industries, understanding where we  are in the cycle and acting...

Insights category - companies

The sentiment pendulum

By Andrew Lapping on 01 Apr 2015

Reading time: 4 mins

Investor sentiment is a delicate thing, which changes with surprising rapidity. Kenyan banks… Three years ago Kenya and the Kenyan banks were very out of...

Insights category - companies

An alternative view of commodity demand and supply

By Mark Dunley-Owen on 30 Jun 2011

Reading time: 5 mins

In Quarterly Commentary 1, 2011 Sandy McGregor discussed how high commodity prices are being supported by the mining sector's inability to keep pace with...

Insights category - companies

You win some...

By Delphine Govender on 30 Sep 2010

Reading time: 11 mins

Building and managing a portfolio of investments inevitably includes shares that will prove to be winners but also those that will fail to deliver on their...

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