PSG Group, which holds large stakes in Capitec, PSG Konsult and Curro, says it grew earnings by 9% in the year ended February 2019 thanks to “commendable” performances from its main investments. Recurring earnings per share rose 9% to R10.86 as strong performances by financial services firms Capitec and PSG Konsult, and by private schools group Curro, offset weaker showings from start-up investor PSG Alpha and agricultural group Zeder. Zeder impaired its investment in Pioneer Foods owing to Pioneer’s valuation decline on the JSE. PSG, the group founded by Jannie Mouton and headed by his son, Piet, raised its dividend for the year by 10% to R4.56 a share.  Its sum-of-the-parts valuation of R329.73 per share, as of April 18, implies that it is trading at a discount of nearly 20%. PSG’s ordinary shares were 0.9% down at R266.89 on Wednesday afternoon. “Despite obvious challenges, PSG remains positive about SA and the opportunities it presents,” the group wrote in its financial report. ...

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