Bidvest — the perennial poster child for earnings and value-accretive corporate action — is at an intriguing juncture after navigating the disruptions of the pandemic in the first half of 2020.Some might argue Bidvest’s best days are behind it. Others might hold that the group’s well-oiled operational cogs could spin solid returns for the foreseeable future. IM decided to do a deep dive to see if this diversified services conglomerate is worth accumulating at current levels.First, some historical context. Bidvest was founded in 1988 by serial entrepreneur Brian Joffe when he bought food service company Chipkins. The business has since grown into a JSE-listed company with a market cap of close to R61bn, and consisting of many diversified moving parts.The food service business was unbundled to shareholders and separately listed in 2016 (now trading on the JSE as Bidcorp). Bidvest, however, remains a diverse business with exposure to many parts of the SA economy. It employs more than 1...

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