MARC HASENFUSS: Unsung hero Argent
Few SA-focused industrial counters have rewarded brave investors with growth of more than 60% over the past nine months than Argent
Few SA-focused industrial counters have rewarded brave investors with growth of more than 60% over the past nine months. In fact, investors would be hard-pressed to find many industrial counters growing by 6% over what has been a tremulous period on the markets and in the local economy.
But unsung small cap Argent — which has tinkered away in the shadows of more illustrious industrial counters like Hudaco and Invicta — has done just this. In spite of the share price push from around 331c in October to around 535c now, Argent still looks like decent value on a trailing earnings multiple of about five times. And it offers a discount of nearly 50% on (my calculation of) "hard" NAV of about R10.50 a share...
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