Ghost Wrap #17 (Remgro | Steinhoff | York Timber | RFG Holdings | CA Sales Holdings | Master Drilling | Bell Equipment | Gemfields | Astoria)

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

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

• Remgro reminds us that impressing most local financial commentators really isn't difficult: just increase the cash dividend, regardless of other capital allocation opportunities.
• Steinhoff shareholders are throwing the dice one last time, hoping for a better-than-zero outcome, one that was almost guaranteed under the proposed creditor settlement.
• York Timber has seen earnings fall faster than the trees in the forest, proving once more than this company really struggles to reward shareholders consistently.
• RFG Holdings seems to be coping under inflation, though the proof will be in the pies rather than the pudding.
• CA Sales Holdings is posting really strong numbers in its life after PSG, making a strong case for itself as an attractive mid-cap on the local market.
• Master Drilling is almost literally the shovel in the gold rush, benefitting from increased activity in the mining sector.
• Bell Equipment is also on the right side of the mining story, with an exceptional rally in the past week as the market realised how cheap the traded multiple was.
• Gemfields really is a gem, achieving results in 2022 that are just as beautiful as the emeralds, rubies and wildly overpriced eggs at Fabergé.
• Astoria has a story to tell, boasting a portfolio mostly comprised of assets that you can't get access to anywhere else.

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.