It is refreshing to encounter a good old-fashioned, no-nonsense business such as Afrimat that just gets on with what it is demonstrably good at. Its communications are clear, its results are excellent and even though its construction and industrial mineral divisions suffered during the strict lockdown in March and April, the virtues of a highly diversified portfolio have once more held it in good stead.

Yet the market steadfastly refuses to accord Afrimat a premium rating, seemingly blind to the good news that surrounds it. Perhaps it’s the taint of being associated with the poorly performing construction sector, or scepticism that today’s iron-ore prices can be sustained. Whatever the reason, at some point the market must reward Afrimat with a decent rating...

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