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BROKERS’ NOTES: Buy Afrimat, sell Spar

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Anchor Capital’s Peter Armitage on what the smart money is doing.

Peter Armitage, CEO of Anchor CapitalAfrimat has an exceptional management team with a strong track record of buying into South Africa’s small and medium-sized construction companies. The company has done this consistently for many years and it has a strong pipeline of projects. Take the decision to buy multinational cementmaker Lafarge’s local business recently; it has been neglected by the France-based corporation. Afrimat got the local unit for R100m, though it could easily be worth R1bn.

In addition to Afrimat’s construction businesses, its iron ore and anthracite units are also now profitable.Spar has got itself into a real mess. Though its South African businesses are doing reasonably well, Spar sits with a problem regarding its franchise model. The difficulty is that Spar’s head office can’t make a quick decision to revamp a shop in the way competitors such as Shoprite can. In addition, the company bought the loss-making Polish unit, which it is struggling to turn profitable.

 

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