The JSE Ltd*, which operates the local stock exchange and other markets, is in the position of having a dividend yield that is higher than its earnings multiple.

At the time of writing the JSE’s yield was sitting at a sumptuous 9% with the earnings multiple at around 8.5 times. The yield is not far off the 10.87% for the Satrix Divi Plus exchange traded fund and British American Tobacco’s 10%. The JSE’s current rating, taken in isolation, would usually be symptomatic of a counter that is going ex-growth...

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