Steinhoff International’s share price continued to plummet in heavy trade on Wednesday as fears mounted of long drawn-out investigations by regulatory authorities in Europe, the US and locally in SA. By the close of trade on Wednesday, the share price had recovered from the day’s low of just less than R14, but few analysts were prepared to recommend either a buy or sell. "Nobody knows the extent of the fraud, the extent of the revisions that will be needed or the extent of the fines that are on the cards from any of a number of jurisdictions," said one shocked analyst. It was impossible to know how to value Steinhoff right now, he said. "It could be anything from R25 to minus R2. At the very least you have to deduct goodwill and intangible values, and then there are the debt covenants to consider," he said. Fair Tree Capital’s Jean Pierre Verster said it was not a foregone conclusion that the company would not drop to zero.The company had R100bn of debt and it was impossible to know...

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