MICHAEL AVERY: Discovery slump in free cash flow form worrying

It's not often you get a company trumpeting the highest normalised earnings in its history, crediting its strong operating performance and then deciding to continue withholding its dividend despite most metrics returning to prepandemic levels.

But that is exactly what transpired with Discovery this past week after profit for the year jumped 70.2% to R5.48bn and normalised earnings surged an even more impressive 70.8% to a record R5.82bn...

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