MARC HASENFUSS: Crookes is a mixed bag, but may ripen nicely
While the short-term prospects for Crookes might be bittersweet, diversification efforts are bearing fruit
Crookes Brothers — which, even though, with eyes half-shut, has a structural resemblance to the shambolic Tongaat Hulett — remains a fascinating value play for the patient punter.
I see Crookes as an operating agribusiness, as opposed to an agribusiness investor in the vein of PSG’s Zeder. Crookes executives and the large(r) shareholders might disagree. Nevertheless, Crookes has a hard NAV of R75 a share compared with a share price of about R40 — which means prospective investors are being offered a discount of more than 45% on (admittedly small) operations that span sugar, bananas, deciduous fruit and macadamias. ..
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