The portfolio of Zeder Investments, the agribusiness conglomerate controlled by PSG Group, has taken on a more balanced look — albeit courtesy of a marked drop in the market value of its core investment in JSE-listed Pioneer Foods. Interim results to end August released on Tuesday show Pioneer now makes up around 53% of Zeder’s sum-of-the-parts (SOTP) value of R10.7bn. SOTP is the method used to evaluate a conglomerate to determine what its aggregate divisions would be worth if they were to be disposed of. The group’s SOPT per share has reduced to 623c as at the start of October, well off the 785c per share recorded at the end of February 2018.

It was only two years ago that Pioneer accounted for between 70% and 80% of Zeder’s SOTP value, with many market watchers regarding Zeder as a proxy for the staple foods giant...

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