Sabvest Capital keeps delivering

2022/01/24 11:05:00

An investment holding company that ticks five key boxes.

Moneyweb, Investing

Keith McLachlan shares the filter that he applies to investment holding companies – so-called HoldCos – to see whether it may be worth digging deeper into them. Moneyweb Investing

An investment holding company that ticks five key boxes.

I have a filter that I apply to investment holding companies – so-called HoldCos – to see whether it may be worth digging deeper into them: Sabvest in focus Since simplifying its N-share structure in 2020, Sabvest Capital (SBP) has released a series of good updates – the most recent being last week’s excellent preliminary trading statement where the group expects: At the time of writing this, Sabvest Capital was trading at 6 021cps or a 32% discount to the bottom end of its NAV guidance (this guidance is uncapped and final NAV could come in higher).Saturday 22 January 2022 - 12:00pm The commemoration of the Battle of Isandlwana is underway in KZN.Competitions COLUMNS ","category_class":"child-of-news","time_ago":"10 mins ago","premium":true,"gallery":false,"excerpt":"Few of the players in this governmental soap opera actually wrote any of the articles attributed to them, writes Hagen Engler.Sunday 23 January 2022 - 4:15pm ANC President Cde Cyril Ramaphosa delivers the closing address on conclusion of the ANC NEC Lekgotla.

Read: Special report: The big discounts on holding companies Discount problem continues to haunt holding companies Now let’s apply my above HoldCo filter to Sabvest Capital: 1. Is there an external ManCo? No. He has delivered his maiden speech at the commemoration of the Battle of iSandlwana. Sabvest Capital CEO Chris Seabrooke manages the group (internal ManCo) and is materially invested in the group (in other words, he is aligned with shareholders as a beneficial shareholder).co. 2. His Highness said,"there are a few that are against us. How expensive is the HoldCo structure? Sabvest Capital’s HoldCo has averaged a reasonable 2.

4% of NAV growth per annum (compare this with the top performing domestic general equity unit trust’s total investment cost of 2% to 4%, depending on the period)." "His legacy will live on, we will continue with tradition.co. Also, this cost is dropping as NAV grows (returns to scale from an internal ManCo), and is currently closer to 1.5% per annum." "And I want to say that I give my utmost and vow that everything that my father taught us, every tradition and different ones, we shall continue preserving and practicing. Source: Author 3.citizen. What discount does Sabvest Capital trade at against NAV? As mentioned above, Sabvest Capital shares are currently trading at a 32% discount to NAV. I know you many have questions about where will I take the nation but I want to say I will take the nation forward to wherever you want me to take you.

If final NAV comes in higher, though, this discount will be higher too. 4.” Source.jpg","image_src_narrow":"https:\/\/media. How are its unlisted assets valued? Sabvest’s major unlisted investments have not seen multiple expansions in their valuations recently. In fact, there have been multiple contractions. This implies that NAV growth has been driven by underlying businesses growing their profits, which is exactly what we want to see.za\/wp-content\/uploads\/2022\/01\/Lab-monkeys-escape-after-road-crash-300x200.

Source: Author 5. Is NAV growing? Sabvest Capital’s NAV has compounded by around 19% year on year over the last decade and a half. So yes, Sabvest is certainly growing.co. Source: Author In a recent interview with Simon Brown on MoneywebNOW, I expressed how Sabvest Capital is one of my favourite investment companies on the JSE. Hopefully the detail provided in this article helps unpack the group and adds contextual background to this statement.

Listen to that MoneywebNOW podcast with Simon Brown (or read the transcript here): Content hosted by iono.fm Keith McLachlan is investment officer at Integral Asset Management. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { event.preventDefault(); jQuery('html, body').

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I have a filter that I apply to investment holding companies – so-called HoldCos – to see whether it may be worth digging deeper into them: Sabvest in focus Since simplifying its N-share structure in 2020, Sabvest Capital (SBP) has released a series of good updates – the most recent being last week’s excellent preliminary trading statement where the group expects: At the time of writing this, Sabvest Capital was trading at 6 021cps or a 32% discount to the bottom end of its NAV guidance (this guidance is uncapped and final NAV could come in higher).Saturday 22 January 2022 - 12:00pm The commemoration of the Battle of Isandlwana is underway in KZN.Competitions COLUMNS ","category_class":"child-of-news","time_ago":"10 mins ago","premium":true,"gallery":false,"excerpt":"Few of the players in this governmental soap opera actually wrote any of the articles attributed to them, writes Hagen Engler.Sunday 23 January 2022 - 4:15pm ANC President Cde Cyril Ramaphosa delivers the closing address on conclusion of the ANC NEC Lekgotla.

Read: Special report: The big discounts on holding companies Discount problem continues to haunt holding companies Now let’s apply my above HoldCo filter to Sabvest Capital: 1. Is there an external ManCo? No. He has delivered his maiden speech at the commemoration of the Battle of iSandlwana. Sabvest Capital CEO Chris Seabrooke manages the group (internal ManCo) and is materially invested in the group (in other words, he is aligned with shareholders as a beneficial shareholder).co. 2. His Highness said,"there are a few that are against us. How expensive is the HoldCo structure? Sabvest Capital’s HoldCo has averaged a reasonable 2.

4% of NAV growth per annum (compare this with the top performing domestic general equity unit trust’s total investment cost of 2% to 4%, depending on the period)." "His legacy will live on, we will continue with tradition.co. Also, this cost is dropping as NAV grows (returns to scale from an internal ManCo), and is currently closer to 1.5% per annum." "And I want to say that I give my utmost and vow that everything that my father taught us, every tradition and different ones, we shall continue preserving and practicing. Source: Author 3.citizen. What discount does Sabvest Capital trade at against NAV? As mentioned above, Sabvest Capital shares are currently trading at a 32% discount to NAV. I know you many have questions about where will I take the nation but I want to say I will take the nation forward to wherever you want me to take you.

If final NAV comes in higher, though, this discount will be higher too. 4.” Source.jpg","image_src_narrow":"https:\/\/media. How are its unlisted assets valued? Sabvest’s major unlisted investments have not seen multiple expansions in their valuations recently. In fact, there have been multiple contractions. This implies that NAV growth has been driven by underlying businesses growing their profits, which is exactly what we want to see.za\/wp-content\/uploads\/2022\/01\/Lab-monkeys-escape-after-road-crash-300x200.

Source: Author 5. Is NAV growing? Sabvest Capital’s NAV has compounded by around 19% year on year over the last decade and a half. So yes, Sabvest is certainly growing.co. Source: Author In a recent interview with Simon Brown on MoneywebNOW, I expressed how Sabvest Capital is one of my favourite investment companies on the JSE. Hopefully the detail provided in this article helps unpack the group and adds contextual background to this statement.

Listen to that MoneywebNOW podcast with Simon Brown (or read the transcript here): Content hosted by iono.fm Keith McLachlan is investment officer at Integral Asset Management. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { event.preventDefault(); jQuery('html, body').

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