Is it time for PSG to unbundle Capitec?
It could be a touchy subject, but PSG may have become nothing more than a proxy for Capitec
There might have been a time, in the not too distant past, when the market eagerly awaited the results of the adventurous PSG Group. But these days — with more than 90% of the sum-of-the-parts (SOTP) value made up of a handful of listed investments — the likelihood of a surprising development is remote.
At last count, PSG’s 35.5-million shares in Capitec Bank accounted for a whopping 70% of the SOTP value.