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.

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