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A year ago IM wrote that though economic growth was an investment risk factor, the 22% fall in the share price at the time justified putting AECI on the investment radar due to its cheap fundamentals on most valuation metrics.

IM also alluded to the fact that AECI is a good rand hedge. Though the rand has been relatively strong during the current reporting period (averaging R14,54/$ for the first half of 2021 relative to R16,65/$ for the first half of 2020), the company has returned over 15% on its share price over the past year and 570c a share in the form of dividends (100c a share interim payout and a 470c a share final). Not a spectacular performance — but still a solid return for any investor...

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