Independent deep-dives on JSE-listed companies.

A bed-licence-moated, cash-generative SA hospital operator at an all-time nominal low, carrying the same NHI risk as a peer that has re-rated hard. The de-rating is a fixable, company-specific margin problem the market has priced as permanent decline.

A lease-honest sum-of-the-parts puts a high-quality retailer at roughly fair value — richly priced for the quality at the demanding end of a defensible discount rate, with the NKD/Europe optionality coming cheaply. A good company, fully priced.

A cyclical business with a defensive core, fairly valued after a full round-trip from R67 to R49 and back. The upside from here is a specific bet on a Gulf-of-Mexico fish; the downside is a structural decline in South Africa's local resource.