Like so many JSE companies, Cashbuild grew steadily in the years after the global financial crisis, before market euphoria hit in 2015/2017. It rocketed to R500 a share by March 2018, trading on an earnings multiple of 25.

By the start of 2020, interim headline earnings were down 25%, yet the share price had fallen by 60%. There’s nothing quite as painful as watching a multiple unwind in your portfolio (from 25 to 13)...