MARC HASENFUSS: Grindrod firing on all cylinders
Grindrod’s results mean that this still lowly rated rail and ports company should trade at a much fatter price on the JSE, reckons Marc Hasenfuss
Turnarounds can sometimes stretch into oblivion, and really test the endurance of investors. But a company like Grindrod, for me, has finally done the hard yards and a smoother road should lie ahead. Some investors might have agreed with me last week when the share price steamed to a 12-month high of 638c (levels last seen in mid-2019) following the release of encouraging numbers for the year to end-December.
Disappointingly, the share subsequently pulled back to 560c, though it was flickering higher as I wrote this. With geopolitical ructions rumbling louder, the skittishness is perhaps understandable. But there is a clearer course for the business, notwithstanding some noise around the sale of remaining noncore assets as well as the "distraction" of Grindrod Bank...
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