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MARC HASENFUSS: Rare feat for PSG
How possible would it be for PSG to achieve stellar returns like it has in the past?
I doubt there is a company on the JSE — with the possible exception of Brimstone — that works harder to make its AGM an engaging and enlightening affair for shareholders than does PSG Group (and its listed investments). Founder and chairman Jannie Mouton traditionally reminds shareholders of the current value of just R100,000 invested in PSG in November 1995 (when the old PAG shell was acquired). I remember breaking the PSG/PAG takeover story for Business Report, but not buying shares (which were at 35c, I seem to recall). It pains me that a R100,000 investment is now worth R500m — a compound annual growth rate (CAGR) of 48%. PSG endured some rough times after the A2-rating banking crisis in the early 2000s, and even needed to fend off (with a little help from Markus Jooste) a hostile takeover from Absa. In 2004 PSG’s shares had collapsed to just 289c, after peaking at R17 in 1998. Still, a 48% CAGR is a feat that will take some matching. Mouton, though, cautions that, given PSG’s s...
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