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SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com.KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com.KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. WINNERS IN LOWER-FOR-LONGER Mike Schüssler wrote a piece about how the pandemic-induced rate cuts are impacting South Africa (Economic recovery: Low rates are playing a starring role).Taking this further, I am going to build a top-down investment shopping list for those who COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to VALUE – SMALLCAPS.CO.ZA Santova: Growing & Undervalued. Posted on 27/08/2020 by Keith McLachlan. OLD ARTICLE – Original posted on October 11, 2017 Santova (SNV) is a non-asset based supply chain manager with more than 65% of its earnings coming from outside of South Africa, including the majority of hard currency in this. Santova put out a H1:18 tradingstatement
DIFFERENCE BETWEEN VALUE INVESTING & BEING A CONTRARIAN In this case, a value investor could quite easily still buy into a stock that has risen, while a contrarian would avoid it. In other words, contrarian’s buy into negative momentum, while value investors buy into the gaps between valuations and share prices. This is a very, very important distinction, as many (including some majorfund
PAGE 2 – SMALL COMPANIES, BIG INVESTMENTS OLD ARTICLE – Originally posted on April 5, 2016 Investment holding (IH) companies insert an extra layer of cost between the underlying assets and the ultimate investor. In theory, this layer of cost includes management which allocate capital like a fund manager, thus generating alpha with the IH company’s capital. SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, new EOH: THE CRACKS APPEARING EOH is one of those things and I previously have written and been quoted on how their script-funded, acquisition-led growth trajectory was compounding their key risk. EOH’s share price is down over two years and -35% year-to-date. It is fast turning from a little sell-off into a disaster, coincidently at the same time that its old CEO has DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
LESSONS: TWO-EDGED BLADE OF AN ANCHOR OLD ARTICLE – Originally posted on January 9, 2020. More than any other directive, human beings act in line with their individual incentives. In the natural world and bleeding into modern-day addictions to drugs, social media and pornography, human beings are predominantly incentivized by dopamines.. In business, though, human beings are typically incentivized with money.SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown).SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown). PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) GENERAL – SMALLCAPS.CO.ZA 02/03/2021. by Keith McLachlan. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balance ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Why Quality Matters for Small Cap Investors. Posted on 26/08/2020 by Keith McLachlan. The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small capbusinesses.
PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, new DISTELL’S WORTH TO HEINEKEN Previously, I highlighted that Distell Group’s (code: DGH) was on a winning wicket coming out of this pandemic (Distell: Quietly Winning).Subsequently, Distell broke the news that Heineken has approached the Group regarding the acquisition of the majority of Distell’s business (see official SENS here).For the purposes of this article, let us ignore the fact that Heineken may only be afterWHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. AFROCENTRIC VS. DISCOVERY Figure 3 show that Afrocentric’s revenue has a far superior 5-year CAGR to Discovery (20% CAGR y/y versus only 10% CAGRy/y) yet the market has only rewarded the Group with a third of its Price-to-Sales (0.4x versus Discovery’s 1.5x). Furthermore, while Discovery’s Price Earnings has been blown out of the water by pandemic adjustmentsand
LESSONS: TWO-EDGED BLADE OF AN ANCHOR OLD ARTICLE – Originally posted on January 9, 2020. More than any other directive, human beings act in line with their individual incentives. In the natural world and bleeding into modern-day addictions to drugs, social media and pornography, human beings are predominantly incentivized by dopamines.. In business, though, human beings are typically incentivized with money.SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown).SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown). PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) GENERAL – SMALLCAPS.CO.ZA 02/03/2021. by Keith McLachlan. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balance ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Why Quality Matters for Small Cap Investors. Posted on 26/08/2020 by Keith McLachlan. The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small capbusinesses.
PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, new DISTELL’S WORTH TO HEINEKEN Previously, I highlighted that Distell Group’s (code: DGH) was on a winning wicket coming out of this pandemic (Distell: Quietly Winning).Subsequently, Distell broke the news that Heineken has approached the Group regarding the acquisition of the majority of Distell’s business (see official SENS here).For the purposes of this article, let us ignore the fact that Heineken may only be afterWHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. AFROCENTRIC VS. DISCOVERY Figure 3 show that Afrocentric’s revenue has a far superior 5-year CAGR to Discovery (20% CAGR y/y versus only 10% CAGRy/y) yet the market has only rewarded the Group with a third of its Price-to-Sales (0.4x versus Discovery’s 1.5x). Furthermore, while Discovery’s Price Earnings has been blown out of the water by pandemic adjustmentsand
LESSONS: TWO-EDGED BLADE OF AN ANCHOR OLD ARTICLE – Originally posted on January 9, 2020. More than any other directive, human beings act in line with their individual incentives. In the natural world and bleeding into modern-day addictions to drugs, social media and pornography, human beings are predominantly incentivized by dopamines.. In business, though, human beings are typically incentivized with money.SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown).SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown). PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) GENERAL – SMALLCAPS.CO.ZA 02/03/2021. by Keith McLachlan. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balance ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Why Quality Matters for Small Cap Investors. Posted on 26/08/2020 by Keith McLachlan. The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small capbusinesses.
PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of DISTELL’S WORTH TO HEINEKEN Previously, I highlighted that Distell Group’s (code: DGH) was on a winning wicket coming out of this pandemic (Distell: Quietly Winning).Subsequently, Distell broke the news that Heineken has approached the Group regarding the acquisition of the majority of Distell’s business (see official SENS here).For the purposes of this article, let us ignore the fact that Heineken may only be after SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, newWHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. AFROCENTRIC VS. DISCOVERY Figure 3 show that Afrocentric’s revenue has a far superior 5-year CAGR to Discovery (20% CAGR y/y versus only 10% CAGRy/y) yet the market has only rewarded the Group with a third of its Price-to-Sales (0.4x versus Discovery’s 1.5x). Furthermore, while Discovery’s Price Earnings has been blown out of the water by pandemic adjustmentsand
LESSONS: TWO-EDGED BLADE OF AN ANCHOR OLD ARTICLE – Originally posted on January 9, 2020. More than any other directive, human beings act in line with their individual incentives. In the natural world and bleeding into modern-day addictions to drugs, social media and pornography, human beings are predominantly incentivized by dopamines.. In business, though, human beings are typically incentivized with money.SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB.KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP) COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB.KEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 DISTELL: QUIETLY WINNING Distell: Quietly Winning. Despite having most of its products effectively banned for a little over a fifth of the reporting period, Distell Group Holdings Ltd (code: DGH) published a sterling H1:21 result. Group revenue grew +3.8% y/y with volume growth of +0.8% y/y, profits and cash flows were equally strong and the Group’s balancesheet
SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. DISTELL’S WORTH TO HEINEKEN Previously, I highlighted that Distell Group’s (code: DGH) was on a winning wicket coming out of this pandemic (Distell: Quietly Winning).Subsequently, Distell broke the news that Heineken has approached the Group regarding the acquisition of the majority of Distell’s business (see official SENS here).For the purposes of this article, let us ignore the fact that Heineken may only be after WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Why Quality Matters for Small Cap Investors. Posted on 26/08/2020 by Keith McLachlan. The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small capbusinesses.
WHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, new SANTOVA: GROWING & UNDERVALUED Santova (SNV) is a non-asset based supply chain manager with more than 65% of its earnings coming from outside of South Africa, including the majority of hard currency in this. Santova put out a H1:18 trading statement yesterday that can be summarised as follows: H1:18 EPS and HEPS expected to between +10% y/y to +15% y/y. PAGE 2 – SMALL COMPANIES, BIG INVESTMENTS OLD ARTICLE – Originally posted on April 5, 2016 Investment holding (IH) companies insert an extra layer of cost between the underlying assets and the ultimate investor. In theory, this layer of cost includes management which allocate capital like a fund manager, thus generating alpha with the IH company’s capital. DIFFERENCE BETWEEN VALUE INVESTING & BEING A CONTRARIAN In this case, a value investor could quite easily still buy into a stock that has risen, while a contrarian would avoid it. In other words, contrarian’s buy into negative momentum, while value investors buy into the gaps between valuations and share prices. This is a very, very important distinction, as many (including some majorfund
AFROCENTRIC VS. DISCOVERY Figure 3 show that Afrocentric’s revenue has a far superior 5-year CAGR to Discovery (20% CAGR y/y versus only 10% CAGRy/y) yet the market has only rewarded the Group with a third of its Price-to-Sales (0.4x versus Discovery’s 1.5x). Furthermore, while Discovery’s Price Earnings has been blown out of the water by pandemic adjustmentsand
SMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP)WHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. NEWSLETTER – SMALLCAPS.CO.ZA Renergen – FY 21 – Nearing Phase One & Derisking Phase Two; Trellidor – Initiation of Coverage – Compounder with Yield & Tailwinds; Sabvest Capital – Initiation of Coverage – Superb Capital Allocator at Unjustified DiscountKEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows ofSMALLCAPS.CO.ZA
07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. PORTFOLIO – SMALLCAPS.CO.ZA General Note: Given that I am active in the market in both a personal and professional capacity, assume that I am biased in everything I write. Disclaimer: Every effort is made to update the below portfolio, though it is a manual process and may have periods of inaccuracy. My Current Stock Portfolio: ADvTech Ltd (code: ADH) Adcock Ingram Holdings Ltd (code: AIP)WHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. NEWSLETTER – SMALLCAPS.CO.ZA Renergen – FY 21 – Nearing Phase One & Derisking Phase Two; Trellidor – Initiation of Coverage – Compounder with Yield & Tailwinds; Sabvest Capital – Initiation of Coverage – Superb Capital Allocator at Unjustified DiscountKEITH MCLACHLAN
15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. JSE-LISTED PREFERENCE SHARES Table 1: JSE-listed Preference Shares. Source: Various market sources & own workings & assumptions; Ignoring Steinhoff, Nampak & Northam preference shares. Relative to a cash account’s measly 0.5~3.0% per annum return, achieving an 8~10% yield on a relatively safe investment is attractive. Even after we take out Dividend Withholding Tax of 20 COMPANY VALUATIONS: WHY FIRST PRINCIPLES MATTER MOST Company valuations: Why first principles matter most. ‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management. I sometimes write better than I speak. Especially at 6am.. For the last answer of this interview, the key point I was trying to WINNERS IN LOWER-FOR-LONGER Sources: Profile Media & my workings, assumptions & subjective deletion of certain stocks. Finally, in a lower-for-longer scenario, consider how attractive high real yields might be too? This topic alone is worthy of another article but for brevities sake, you can see my JSE Power Hour over here on finding income on the JSE ().ORIGINAL ARTICLE APPEARING ON MONEYWEB. PROFITING OFF DELISTINGS Profiting Off Delistings. Posted on 24/03/2021. 15/03/2021. by Keith McLachlan. All shares prices on all stock markets around the world are minority valuations. They reflect what markets think an investment with out control is worth. The moment an investor takes control of a company, though, they can—effectively—access the cash flows of ABOUT – SMALLCAPS.CO.ZA About. SmallCaps.co.za is my blog about small cap equity investments and related subjects. LinkedIn – Keith McLachlan. Twitter – @KeithMcLachlan. Email – keith.mclachlan@gmail.com. SMALL CAPS & OTHER STOCKS 07/05/2021. by Keith McLachlan. A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billion dollar empire. This slick operation has amassed an estimated 20 million brokerage accounts and attracted alast
WHO EATS WHOM
The current debate of whether inflation is transitionary or structural has a sub-argument that references rising soft commodity prices, food inflation and struggling consumers and argues that food producers will be caught in the middle. WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Why Quality Matters for Small Cap Investors. Posted on 26/08/2020 by Keith McLachlan. The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small capbusinesses.
HOW IS SOUTH AFRICA DOING (RIGHT NOW)? How is South Africa Doing (right now)? Posted on 22/03/2021. 15/03/2021. by Keith McLachlan. Earlier this week, Stats SA published a bleak GDP update for South Africa that saw the domestic economy shrink -7.0% y/y in 2020. Perhaps a little better than expected but still a huge contraction. But that was last year and is old news now. SAFER THAN HOUSES: STOR-AGE PROPERTY With an internal ManCo and tech-enabled platform, Stor-Age services 71 self-storage properties with 448,600m 2 gross lettable (split about two-thirds in South Africa and one-third in the UK). This portfolio offers thousands of individuals and SMEs flexible self-storage space, often conveniently located, and collectively handles enquiries, new PAGE 2 – SMALL COMPANIES, BIG INVESTMENTS OLD ARTICLE – Originally posted on April 5, 2016 Investment holding (IH) companies insert an extra layer of cost between the underlying assets and the ultimate investor. In theory, this layer of cost includes management which allocate capital like a fund manager, thus generating alpha with the IH company’s capital. HOW MUCH COULD EASYEQUITIES BE WORTH? A combination of boredom, lack of dopamine alternatives, stimulus cheques and the gamification of markets led the USA-based online stockbroker, Robinhood, from relative obscurity into a multi-billiondollar empire.
SANTOVA: GROWING & UNDERVALUED Santova (SNV) is a non-asset based supply chain manager with more than 65% of its earnings coming from outside of South Africa, including the majority of hard currency in this. Santova put out a H1:18 trading statement yesterday that can be summarised as follows: H1:18 EPS and HEPS expected to between +10% y/y to +15% y/y. TRELLIDOR: BUILDING UP TO A RALLY The Group—that manufacturers and distributes Trellidor security doors, Taylor blinds and a range other home improvement products—has a share price that is -30% over the last twelve months. Much like Cashbuild and the other retailers, Trellidor had a tough period till the end of June 2020 (i.e. the hard part of the hard lockdown).↓
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LESSONS: MINING IS (DAM) COMPLICATED Posted on February 10, 2020by
Keith McLachlan
I’ve been invested directly in a growing, junior coal miner for going half a decade, amongst a number of other mining-related investments. Likewise, I’ve followed a wide range of mining companies closely for even longer and previously was invested in … Continue reading → Posted in Daily Market, Daily News
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ASTRAL FOODS: QUALITY WITH CONVERGING POSITIVES Posted on February 4, 2020by Keith McLachlan
As a well-run, ungeared domestic poultry stock, Astral Foods (code: ARL) has two major variables that largely dictate its fortunes: What cost must it pay to raise its chickens?What price can it sell its chicken products at? Firstly, Astral’s long-term … Continuereading →
Posted in Daily Market, Daily News
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Tagged food , jse
, pick
, south africa
, stock
, stock tip
LESSONS: NARROW DOORS MAKE FOR TRICKY THOROUGHFARE Posted on January 27, 2020by Keith McLachlan
As a fund manager of a small cap fund, I am keenly aware of liquidity in the stock market. It is not just a constraint but a risk that needs to be managed on both a granular and an aggregate … Continue reading→
Posted in Investor Education, Investor
Education
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LESSONS: MANAGEMENT OVER-VALUE THEMSELVES Posted on January 16, 2020by Keith McLachlan
Per Wikipedia’s definition, “…illusory superiority is a condition of cognitive bias wherein a person overestimates their own qualities and abilities, in relation to the same qualities and abilities of other people.“ People tend to think that they are of above-average … Continue reading → Posted in Investor Education, Investor
Education
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Small Cap Strategy
WHY QUALITY MATTERS FOR SMALL CAP INVESTORS Posted on January 10, 2020by Keith McLachlan
The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, … Continue reading → Posted in Daily Market, Daily News
, Small
Cap Strategy
LESSONS: TWO-EDGED BLADE OF AN ANCHOR SHAREHOLDER Posted on January 9, 2020by Keith McLachlan
More than any other directive, human beings act in line with their individual incentives. In the natural world and bleeding into modern-day addictions to drugs, social media and pornography, human beings are predominantly incentivized by dopamines. In business, though, human … Continue reading → Posted in Investor Education, Investor
Education
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Small Cap Strategy
LESSONS: OVER-RELIANCE ON MANAGEMENT Posted on January 7, 2020by
Keith McLachlan
The last couple of years have been very hard on those that invest in South African small cap stocks. Unfortunately, me, the Alpha Prime Small & Mid Cap Fund and my (incredibly resilient) investors have been no exception to this. … Continue reading → Posted in Investor Education, Investor
Education
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Small Cap Strategy
| Tagged investing , lessons , management, small caps
SANTOVA: GLOBAL BUT WITH A DOMESTIC RATING… Posted on December 4, 2019by Keith McLachlan
Santova Logistics (SNV) has been a core holding in the ASM Fund since its inception due to its unique, capital-lite business model with global reach and the potential for a compounding network effect across its operations. In brief, Santova offers … Continue reading → Posted in Daily Market, Daily News
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Tagged logistics , randhedge , santova
, small cap
METROFILE – POTENTIAL 3RD-PARTY OFFER Posted on November 4, 2019by
Keith McLachlan
Below is an extract from the Alpha Prime Small & Mid Cap Fund’s investor letter, published 4 November 2019: “In September Metrofile issued a cautionary over itself as it was engaging in discussions with a third-party for the potential acquisition … Continue reading → Posted in Daily Market, Daily News
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Tagged MFL , takeover LOOKING BEYOND THE NUMBERS Posted on September 29, 2019by Keith
McLachlan
When analyzing a listed company for investment purposes, its financial statements are obviously a key variable to work through. If you have to ask ‘why’, then I kindly refer to this series of short webinars I did a few years … Continue reading → Posted in Daily Market, Daily News
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| Tagged fundamentals ,retail , shoprite
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