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| | Thursday 1 July 2021 | |
| | Good morning Voornaam,
I must say, the stories I have for you this morning are juicier than usual. There's never a dull moment in the small- and mid-cap space on the JSE and yesterday was particularly interesting.
Perhaps because of my background in corporate finance, I found the Mpact announcement to be the most fascinating. The company has found out about a planned takeover by Caxton CTP Publishers and Printers in the most bizarre way I've ever seen. For that reason, this is the lead story.
Then we have Nutritional Holdings, a circus that still hasn't sorted itself out. The directors are attending the JSE induction programme and the annual audit is going to be later than required under JSE rules. The company's listing therefore remains suspended.
If you walk through large office buildings at the moment, you'll notice that there's a lot of empty space. Most funds are reporting office vacancies of 15% and higher. That doesn't seem to bother Accelerate Property Fund, which is valuing the office portfolio based on a long-term vacancy rate of 2.3%.
After a year of remote working and clear downsizing by companies, the fund believes that rate can be justified as being 10bps better than last year, when it used 2.4%.
Accelerate trades at a gigantic discount to net asset value (NAV). When assessing company share prices against NAV per share, remember to ask yourself whether you agree with the assumptions behind the NAV in the first place. Maybe you do and maybe you don't.
Finally, there's a stunning earnings update from ArcelorMittal, which has posted an incredible share price performance this year. If you went into 2021 holding shares in this company, I'm sure you can't wipe the smile off your face.
With a new Magic Markets episode set to be released later today, make sure you stay up to date by listening to Episode 31 if you haven't done so already. With my co-host Mohammed Nalla, we gave a yield masterclass that will help you understand the impact of the yield curve on your share portfolio.
Good luck in the markets today!
The Finance Ghost
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| | Local and Offshore Market News | |
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| | Caxton impacts the Mpact share price
Caxton is making a play for Mpact, with the Mpact board finding out in the strangest way imaginable. Read More |
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| | The cannabyss continues
Nutritional Holdings remains fully committed to a "better late than never" disclosure strategy. Read More |
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| | Accelerate Property Fund believes long-term office vacancies are just 2.3%
Accelerate's office property valuation is based on long-term vacancies of 2.3% - a lot lower than current market realities. Read More |
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| | ArcelorMittal SA stuns the market
After a really tough few years and a major restructure, AMSA is reaping the benefits of high global steel prices. Read More |
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| | Company Notices and Announcements | |
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| | Marshall Monteagle Public Limited Company >> Fairvest Property Holdings Limited >> Adapt IT Holdings Limited >> Northam Platinum Limited >> Crookes Brothers Limited >> | |
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