At York Timbers, the company’s history is almost as deep as the discount to NAV. Incorporated in 1916 and listed on the JSE since 1946, these trees have seen many things — including the erratic nature of York’s earnings.

If you are seeking a dependable cash-flow generator, York isn’t for you. It operates in a difficult industry with many exogenous factors and internal risks. Up more than 20% year to date and 60% since the start of 2020, the company has rewarded shareholders who recently went in search of deep value...