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UNSUNG (and underappreciated) packaging group Transpaco hit an all-time high of R24.50 on the JSE yesterday. While it is unexpected for a company inextricably linked to the moribund local economy to be trading at such levels, it is perhaps evenmore surprising to learn that Transpaco’s successes are, to an extent, built on the cast-offs of a much larger rival.Some years ago Transpaco picked up operating assets that packaging giant Nampak deemed noncore or marginal. Shares in Nampak are now trawling at 12 month lows. Although Transpaco’s share has run up 20% in the past six months, the latest interim results suggest there is much scope for the price to shimmy up further.The company fattened its operating margin to close to 10%, which underpins the interim earnings of 190c per share. Should a catastrophe befall Transpaco, leaving its second-half earnings at just half of that earned in the second half last year, the share would still be trading on a forward earnings multiple of less tha...

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