Clicks is nothing if not predictable, but in this increasingly uncertain world, predictable is good. In most of the time that I have analysed this well-managed company, going way back to when June Kritzinger was CEO in the 1980s, it has rarely if ever shot the lights out.

But it has been an incredibly consistent performer and investors have been more than willing to pay up for this boring, yet sustained performance. It is one of the most highly rated retail stocks on the JSE, with a price earnings ratio of 32.6 times. This compares with Dis-Chem on 34.3 and Pick n Pay on 24.

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