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Shares in Capital Appreciation (Capprec) shrugged off a surge in the fintech company’s interim revenue and operating profit, closing flat on Tuesday, with analysts saying that the counter is undervalued. The first special purpose acquisition company to list on the JSE’s main board, Capprec raised R1bn through a private placement in October 2015. Following a firm focus on the fintech sector, it migrated to the JSE’s software and computer services sector in June. Capprec posted a 129% increase in operating profit to R85.6m for the six months to September, on earnings from its newly acquired trading operations, which were included for the five months from May. Cash generated from operations and investments increased 79% to R60.2m, giving the start-up a "phenomenal" cash conversion rate, said independent analyst Chris Gilmour. Capprec owns two payments companies, African Resonance and Dashpay, and software company Synthesis Software Technologies. The group’s client base includes SA’s ma...

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