Ghost Wrap #26 (Pan African Resources | HCI Group | Southern Sun | Datatec | Poultry (Astral + Quantum Foods) | Lewis Group | Trematon)

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

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

• Pan African Resources shareholders are licking their wounds, with a major sell-off in the share price after a reduction in production guidance.
• The Hosken Consolidated Investments (HCI) group of companies reported this week, with a vastly different picture at the mothership vs. underlying listed companies Deneb, eMedia and Frontier Transport.
• Southern Sun's earnings tell an interesting story vs. pre-Covid levels, particularly when assessed against occupancy levels.
• Datatec has unfortunately found the "adjusted EBITDA" button, a metric that global technology groups just love using.
• The poultry sector is in disarray, with Astral and Quantum Foods both reporting horrific drops in profitability despite increasing revenue - and that's before the impact of the avian flu outbreak in April!
• Lewis Group can't rely on share buybacks forever, with the trend in cash sales vs. credit sales being cause for concern.
• Trematon's intrinsic net asset value per share is under pressure from Generation Education in particular, with worrying metrics in that business.

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.