These would include Spur Corp, Bowler Metcalf, Mediclinic International and Combined Motor Holdings. The common thread is corporate consistency — a relenting focus on enhancing cash-generative attributes of the core business and reinforcing brand or service strengths. What is conspicuously absent from the business models is wild and woolly diversification efforts or expensive acquisition sprees. One other graduate from this school of hard knocks is low-key consumer electronics distributor Nu-World Holdings. It has been around for more than 70 years and has never been too flush, but its consistent longer-term profit generation is enviable in a consumer environment that, at times, has been frustratingly fickle. The company distributes Ideal, Sunbeam, Goldair, Telefunken, JVC, Nutec and Palsonic products. It is worth recording the earnings and dividends posted over the past five years. In financial 2012 (end August) Nu-World showed earnings of 179c/share and paid a dividend of 56c/shar...
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