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Diversification in geographies, products and services; an integrated supply chain that protects margins and quality; proprietary software; in-house research and development; annuity-based income; a high cash conversion model; entrepreneurial management; high barriers to entry; and a world that is becoming increasingly driven by technology. It couldn’t get more textbook-perfect for Cartrack, which specialises in fleet management tracking, stolen vehicle recovery and insurance telematics services. However, Africa was an obvious problem in its February 2017 full-year earnings as many countries experienced poor economic growth and currency depreciation. Add to this the sad story of the rand. Cartrack CEO Zak Calisto counters these detractors, giving the assurance that the African business remains operationally sound. Cartrack does not hedge its various currencies as this can be risky and costly, preferring to live with the winds of exchange rates, he adds. In fact, post year-end, many o...

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