EDITORIAL: Brait sweats the assets at Virgin Active
How realistic is the value the investment company accords to the unlisted gym group?
26 June 2024 - 06:00
Investment holding companies have had a tough time on the JSE in recent years, with gaping discounts applied even to portfolios of high-quality assets and where portfolio managers have sterling records of capital allocation.
But Brait, once the darling of the market, has taken the concept of prolonged pain to a completely different level. Those with longer memories might recall the company — which ironically was one of the few investment entities to exit Steinhoff International in good time — trading at about R160 in early 2016. One hundred and sixty rand: that is correct...
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