As the grandson and son of farmers I’ve always had a deep interest in agriculture. These roots have developed to the point where I am probably the only sell-side analyst who covers agriculture companies as well as the better-known JSE food processing counters.My real passion is the bigger agricultural co-operatives, which have adapted to contend with the economic challenges in SA.Many are 100-year-old businesses that have annual revenues of billions and deep tentacles in their operating areas. They are asset rich with conservative balance sheets.This column highlights three stocks that have been in the investment shadows for too long.Kaap Agri (R34) trades on the JSE, while Senwes (R13) and TWK (R30) trade on ZAR X. Many people have no idea how big these businesses are, or how profitable.Kaap Agri reported headline EPS (HEPS) of 388c per share in Covid-affected FY2020, a decline of less than 2% year on year. It has a market value of R2.5bn and in 2020 had revenues of R8.5bn and prof...

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