Ghost Wrap #20 (Aveng | PSG Konsult | De Beers + Richemont | Alphamin | Universal Partners | Stor-Age | Sappi | Glencore)

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

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

• Aveng is a nasty reminder that every construction company is just one bad project away from financial disaster.
• PSG Konsult is an excellent business, growing AUM strongly in a year that was poor for markets. As an added kicker, the dividend payout ratio is higher too!
• Within Anglo American, De Beers noted that demand for luxury goods in China has picked up. This was echoed internationally by LVMH during the week, with an obvious read-through benefit for Richemont.
• Alphamin reported an exceptional quarter, driven by solid production and a major jump in tin prices.
• Nobody likes the dentist, except perhaps Universal Partners based on the returns generated in Dentex.
• Stor-Age has put together a smart deal in the UK that optimises return on equity.
• Sappi needs to find a new buyer for its three European graphic paper mills, after the sale to Aurelius fell through.
• Glencore is still trying to woo the board of Teck Resources in Canada, with a revised offer still not finding favour.

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.