I make the market discount placed on investment company Reinet’s intrinsic NAV to be about 26% — that being the JSE market capitalisation of about R93bn vs the €6.2bn stated as intrinsic NAV by the group at the end of March. By JSE standards these days, that is a sliver of a discount.

It’s not uncommon to spot discounts of between 40% and 50% (and higher) on investment counters with fairly decent portfolios and longish track records. One can’t but notice that Remgro, Reinet’s corporate cousin in the Rupert family, offers a discount of about 47% on its latest numbers. Remgro has undergone some strenuous changes in a bid to build and unlock value for its shareholders — most notably shifting the portfolio bias heavily towards unlisted investments and a new story around “asset scarcity”...

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