The upcoming release of interim results by small investment counter Stellar Capital Partners (SCP) will be keenly awaited by deep-value investors. SCP is a curious mix of investments and, at this moment, it’s difficult to glean any strategic motive — other than an unlocking of the deeply discounted value of the portfolio. SCP is mainly centred on a 48.8% stake in fund manager Prescient, 100% of security technology manufacturer Amecor and 56.8% of JSE-listed Torre Industries. There is also a 48.9% stake in electronics manufacturer Tellumat, 100% ownership of small asset manager Cadiz, a 60% holding in Praxis Financial Services, full ownership of Stellar Specialised Lending and Stellar Credit, as well as small positions in health technology ventures LifeQ and Tictrac. According to SCP’s website, the updated sum-of-the-parts valuation — taking into account the latest Torre share price — is estimated at about 113c/share. That means the SCP share price is offering a discount of more than...
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