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Piet Viljoen on undervalued JSE gems Lewis and Sabvest 

Counterpoint’s Piet Viljoen talks all local and global topical investment-linked issues, with the payment fund supervisor giving perception into some of his most-preferred investments. Furniture retailer Lewis Team and investment maintaining firm Sabvest are mentioned; both within the news for the full accurate reasons. Lewis launched a solid pickle of results, which sent its shares on a trail, because the retailer continues to construct market portion among plenty of other tailwinds. Sabvest, led by shrewd capital allocator Chris Seabrooke, announced it would rob lend a hand its like shares, an organization motion extinct to magnify shareholder payment. Dresses retailer Mr Tag is furthermore mentioned at length, with the full clothing retailers rising out of the pandemic stronger amid extra healthy than anticipated user quiz. Justin Rowe-Roberts

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Piet Viljoen on Lewis Team results:

Lewis is a in fact attention-grabbing firm. It’s a well-escape industry that caters to a segment of the market the put there isn’t big opponents at this point. There extinct to be extra opponents nonetheless a complete lot of capital has withdrawn from that market. So, there would possibly perchance be much less opponents around and in addition they’re doing very well by manner of the merchandise they offer to their purchasers. On top of that, you are going to be ready to rob this well-managed industry at a lower payment to its fetch most modern asset payment. In other words, you are buying for it at lower than liquidation payment. It’s one extra South African firm that is hugely discounted and it offers very juicy prospects of long-term returns in whichever currency you settle to hold to measure. 

On Sabvest:

Sabvest would possibly perchance presumably perchance be an even greater yarn. Sabvest is escape by a in fact factual capital allocator, by the title of Chris Seabrook. He has a protracted-term song file of producing very excessive returns on capital. Gain asset payment per portion has grown at a excessive price. He sold some impossible agencies over time and now he’s buying for lend a hand his like industry. The industry [he] is aware of handiest. Some other time, at a tag that reductions the resources he owns vastly. It’s factual extra factual capital allocation from Chris Seabrook and I net the shareholders are all enjoying the glide.

On Mr Tag and the clothing retail industry:

Surprisingly, I net you’ll catch clothing at the head of the record of many other folks’s funds (laughs). A well-escape retail industry is impossible and a well-escape clothing retail industry is even greater because it preys on folk’s emotions. You know, folk love wearing new and like dresses. I net it’s a fundamentally sound and factual industry model. Whenever you happen to’ll be ready to present fashion at the payment point Mr Tag does, I net you are on a factual wicket, as they’ve confirmed within the final 25 or 30 years. It’s a expansive industry.

I know we had the pandemic final 365 days and in addition they had been closed and also you couldn’t store there for some time, nonetheless within the background, a complete lot of clothing retailers’ results are factual 365 days on 365 days because they’re coming off a low sinister within the prior corresponding duration. Additionally, you must remember they’ve been feeding effectively off the carcass of Edgars, which has long previous backwards. It extinct to be the greatest clothing retailer within the country. So, the full guys that hold outperformed Edgars had been feeding off that and it has boosted the returns to boot. 

On his manner to a imaginable fourth wave of Covid-19:

Initially, I deem lockdowns are no longer a factual manner of managing the disaster and assemble no distinction at all. I net what does assemble a distinction is your personal hygiene and maintaining your distance from other folk. You know – safe social distancing, which I reasonably love after all – I haven’t obtained an scenario with that. Dazzling being vivid, I mean, diseases had been with human beings by the eons and in addition they’ll be with us in due course to boot. For some reason, we’ve change into very anxious of this one. It has had a death price greater than customary nonetheless there are a complete lot of other issues that slay folk, which we are vital much less anxious of. So, I fight to realise the difficulty around this. I net a complete lot of it is being driven by the media that desires to sell a yarn. 

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