In pondering what to write in this month’s column, I had to force myself not to comment too much on the underlying value in the agricultural sector. I have banged this proverbial drum for more than a year.It remains excellent value. Kaap Agri’s results for 2020 were commendable. It was hit by Covid but was still able to report headline EPS down only 2% for the period to 388c a share, showing its resilience. A solid interim result to March was recently reported.Recovery continued in its retail and fuel operations and the farming business remained a bumper one, with fruit and wheat leading the charge. HEPS rose 24% to 300c a share with a 40c dividend.I have a 470c forecast for the 2121 financial year, which places the counter on an attractive p:e of 8.9, based on a current share price of R41.50.Then I see that ZAR X-listed Senwes is back to a crazily low level of R10.10, with a stellar earnings period expected to carry on to its April 2021 year end. I forecast a forward p:e of four fo...
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