Key message: as part of its strategic plans to grow market cap and improve liquidity towards SAPY/ALPI index inclusion, Spear has ambitions to grow its investment property portfolio from ZAR4.5bn at present to >ZAR10bn within the next five years. We explore its potential inorganic growth pipeline in this note.
Key message: despite a good set of results for FY22 and stable guidance for FY23, Equites’ share price has experienced a sharp de-rating since Apr-22. We think this has opened relative value and presents a rare opportunity to build a position in the counter
Key message: a stronger than expected dividend for FY21 and solid progress on reducing LTV has justified Redefine’s share price recovery and material re-rating through 2021. The potential EPP transaction will be favourable for Redefine shareholders in our view, but faces hurdles before execution can be certain.
Key message: Sirius’ strong core performance and vigorous inorganic growth pipeline, well-supported by capital markets, combine for highly compelling growth potential. However, this is fully reflected in the share price and its extensive premium rating relative to peers in our coverage.