Nu-World has a cult following among small-cap investors. Faithful shareholders have enjoyed solid and dependable returns from a well-managed business that is short on frills.

That said, the Nu-World review in the February edition of IM was perhaps a tad too bullish, though at the time it was difficult to believe the local economy would stagnate further. IM pencilled in a target price of R51, a bridge too far under the circumstances. Nu-World occasionally breached the R45 mark (even spiking to R50 briefly), before retreating below R40 after the release of the year-end results...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now