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Argent Industrial, which can broadly be described as a steel-based manufacturer, has over the past five years given a master class in the art of unlocking value without sacrificing profit growth.

Five years back, Argent stated its tangible NAV at R11.35 a share, compared with a share price that ranged between 356c and 520c.  That means the market placed a discount of between 64% and 68% on Argent — a business that had been perennially profitable and paid regular dividends...

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