70 replies to this topic

[SouthAfricanMi.com]

PSG's cash war chest to buy something or develop something has been going to rights issues lately. Most noticeably to COH.

 

PSG Group believes that this is their next Capitec. So they backing COH to hill!

 

Still one of the best shares to buy and hold and wait for their value unlocking to take place.

 

http://www.southafri...-group-psg.html

 

 

[Saints]

PSG continuing moving upwards on the back of Capitec and smaller contributions from Curro, Zeder et al. One wonders what is in that incubator that could be the next big thing and if this is driving the price up.. A few articles of late speculating on the next big PSG move.

[SoleTrader]

What an arrogant little queen he is! He tends to go very quiet on incorrect calls and minces all over TV when things are going well

[SoleTrader]

What an arrogant little queen he is! He tends to go very quiet on incorrect calls and minces all over TV when things are going well

[Jakkals]

Absolutely Soutie.
Aptly pointed out on BDTV last night that the huge management fee is crazy.
Better to buy the Pioneer share itself. The unlisted holdings only make up 24% of Added.

Pioneer has been in my long term portfolio since March. I think there is more upside, farmers are struggling and weather conditions aren't looking great for weeks to come.

[Sam]

Typo... Read Zeder

[Sam]

Absolutely Soutie.
Aptly pointed out on BDTV last night that the huge management fee is crazy.
Better to buy the Pioneer share itself. The unlisted holdings only make up 24% of Added.

[soutie]

PSG's management fee is a lot.....for me rather buy PSG especially with this years rumblings around lack of rain.

[Sugafoot]

Any thoughts/ articles on future of Zeder? Not sure how the markets took the results!? Kind of surprised that the discount has closed

[Sugafoot]

Apparently Anthony Clark published an opinion piece to his clients on the discount, but I can't seem to find it on the net...<br />Id love to grow a pair and add to my position though

[Geko]

Any further opinions / news here? Zeder now off over 20% from its highs in May

 

But what is more odd is that the share price is moving further and further away from the SOTP value... Surely this gap is way too large with 75% being PFG? Or is there negative news out on some of their other holdings?

[HendrikB]

Hi Hendrik,

 

Just wondering how you got to 10.75? Accoding to it's website the SOTP is 9.92 as of today. What else are you factoing in?

Positives - I do agree it should be trading closer to this value simply because of the percentage of its listed holdings. Also, I dont think the Pioneer divi is reflecting in cash (although this wont make a huge difference). And I agree with you regarding Capespan.

Negatives - Pioneer is currently 73% of the total value and this has had a very good run of late as Sugafoot mentioned...

 

R10.65 on the website today, in line with my calculations.

[Sac1]

The  CapeSpan deal is going to be a slight dilute Zeder's NAV but this off course does not take into consideration the R400m CapeSpan spent on expansion and acquisitions.Remember Capespan also acquired a 25,1% share in Good View and formed the May Fresh joint venture in Turkey. SOTP after dilution should be around R9.66

 

 

Zeder NAV with 100% ownership of CapeSpan

 

Asset/Liability Share price ® Value  % of total (Rm) Pioneer Foods* 180.65 10523 70.0% Capespan ++   2032 13.5% Zaad ++   977 6.5% Kaap Agri ++   662 4.4% Agrivision Africa ++   589 3.9% Quantum Foods * 3.27 201 1.3% Other +   42 0.3% Agri Voedsel +       Capevin Holdings +       Total Investments   15025.9444 100 Cash and cash equivalents   13   Other net liabilities   -364   SOTP value   14674.9444           Shares in issue (net of treasury shares) (m)   1519   SOTP value per share ®   9.66092458  

 

[Geko]

Hi Hendrik,

 

Just wondering how you got to 10.75? Accoding to it's website the SOTP is 9.92 as of today. What else are you factoing in?

Positives - I do agree it should be trading closer to this value simply because of the percentage of its listed holdings. Also, I dont think the Pioneer divi is reflecting in cash (although this wont make a huge difference). And I agree with you regarding Capespan.

Negatives - Pioneer is currently 73% of the total value and this has had a very good run of late as Sugafoot mentioned...

[HendrikB]

Zeder's NAV is currently at R10.75. This means the share is trading at more than 25% discount. I suspect this discount will be reduced when Zeder's Capespan buyout goes through in the coming months. Its a BUY.

Edited by HendrikB, 17 July 2015 - 05:17 PM.

[Sugafoot]

Any thoughts on Zeder currently?<br />Market commentators believe it is fully valued due to Pioneer's good run, while others believe the other businesses will come to fruition.<br /><br />Any thoughts and insights?

[Sac1]

According to my calculations Capespan shareholders are being screwed over. I guess the discount will compensate for the lack of liquidity.

Sent from my SM-G800F using Sharenet Sharechat mobile app

[Sugafoot]

Zeder has made an offer to Capespan for 68 Zeder shares for every 100 Capespan shares.<br />Will this offer dilute our current shareholding?<br />If it does, what are the prospects for the share price in the near term?

[stayob]

Hi<br />I see a sens is out.any comments<br /><br />

[Sugafoot]

Boom!!!<br />I look up and it's at 850c. Six months from now and it will be at 950.