Restaurant franchisor Spur Corp, which originally listed on the JSE in 1987 as Spur Steak Ranches and Spur Holdings, is a robust brand. Its share price has fallen almost 40% this year, and the share appears cheap on most valuation metrics — with the current share price back at 2012 lows and discounting a great deal of negative news.

The group trades through 600 franchisee outlets and five company-owned restaurants and has strong brands such as Spur Steak Ranches, Panarottis Pizza Pasta, RocoMamas and The Hussar Grill. It has exposure to the rest of Africa, Australasia, Mauritius and the Middle East...

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