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Transaction Capital is a rare phenomenon on the JSE: its shares have powered ahead by more than 25% in a year that has returned just 7.7% on the JSE’s all share index. In part, that’s due to a growing track record of outperformance: headline earnings are up a compound 20% per year over five years while dividends have grown a compound 31%. The business has two legs: SA Taxi, which finances, sells, and repairs minibus taxis; and Transaction Capital Risk Services, a debt collection service that accounts for almost half its earnings and which is flexing its muscles abroad. We asked CEO David Hurwitz how big the collections market is in SA and Australia.

DH: In Australia, there are three listed participants that do what we do in SA, and then there are probably about 500 or 600 [other] participants. Most debt is collected through what they call a principal model: where a bank or a telecom will sell their nonperforming loans to a collector, and the collector would try to collect that...

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