Hosken Consolidated Investments (HCI), unlike other investment companies, does not exactly go out of its way to help investors value the underlying portfolio. The latest interim results provide performance measures in the form of revenue, earnings before interest, tax, depreciation and amortisation (ebitda), profit before tax and headline earnings — as well as commentary on the various investments.

But what is not provided is a detailed breakdown of the investment portfolio’s NAV. What HCI refers to as the “net asset carrying value per share” is reflected at R232.60 a share, which means the share price — at the time of writing — was offering a discount of about 25%. That is perhaps relatively palatable, considering that the default investment company, Remgro, has seen a much wider discount in recent months...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.