Ghost Wrap #16 (Transaction Capital | Sun International | AngloGold + Gold Fields | Hyprop | Sabvest Capital | STADIO | Caxton | Balwin)

Welcome to Ghost Wrap. It's fast. It's fun. It's informative.

In this week's episode of Ghost Wrap, we cover:

• Transaction Capital is evidence of why I prefer diversification to concentration, with SA Taxi having blown a hole in the balance sheet (and many portfolios, including mine).
• Sun International is shining brightly, with a strong recovery across the business segments and EBITDA running ahead of pre-pandemic levels.
• With gold miners rallying hard in March as the gold price benefits from the banking worries, Gold Fields and AngloGold announced a joint venture to create the largest gold mine in Africa.
• Hyprop has enjoyed busy shopping centres, yet there is no interim dividend despite a substantial jump in earnings.
• Sabvest Capital is an excellent example of an investment holding company that has worked well for investors, especially those who bought when the discount to NAV was wider.
• STADIO's detailed results showed the seasonality in the business, suggesting that the market may have prematurely panicked about a slowdown in student growth - the high dividend payout ratio is also worth a mention!
• Caxton & CTP has a great story to tell about its business, especially when the company isn't writing silly SENS announcements focused on its fight with Mpact.
• The outlook for Balwin is worrying and the narrative doesn't do the company any favours, making it clearly that the company tries to smooth out volumes in each year.

The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.